ISLAMABAD: Pakistan’s top investment body on Tuesday said it had finalized plans to resolve key issues related to the country’s economic sectors of agriculture, information technology, minerals and energy.
Pakistan in June set up the SIFC — a civil-military hybrid forum — to fast-track decision-making and promote investment from foreign nations, particularly from Gulf Cooperation Council (GCC) nations. The council has pinpointed five key sectors for attracting investment: agriculture, mining, information technology, defense production, and energy.
The South Asian country established the council as it grapples with a serious economic crisis that has seen its currency weaken against the US dollar over the past one year amid staggering inflation. Pakistan is also facing an acute balance of payments crisis amid increasing foreign debt.
The SIFC’s executive committee held its fifth meeting on Tuesday to review measures for improving the investment environment in the country, a statement from the body said.
“After healthy debate, the Committee formulated workable options, by drawing consensus among stakeholders, to resolve key impediments to investment environment in the country,” the SIFC said. “The plans were also finalized to resolve issues related to four key sectors (Agri, IT, Minerals and Energy) besides, adding new projects to the forum.”
Last week, Pakistan’s Caretaker Prime Minister Anwaar-ul-Haq Kakar, during his visit to New York to attend the UN General Assembly, met business and thought leaders and stakeholders to pitch the forum to them and made the case for improved business climate in Pakistan together with its potential for foreign direct investment in a range of sectors.
Earlier this month, Kakar confirmed Saudi Arabia and the United Arab Emirates (UAE) would invest $25 billion each in cash-strapped Pakistan within the next five years as part of projects under the SIFC.
Saudi Arabia has also explored investment opportunities in Pakistan’s mining sector and contributed $500 million to modernize Pakistan’s agricultural sector through the Land Information and Management System Center of Excellence (LIMS-CoE). This continued financial backing from Gulf allies is crucial for Pakistan’s economic stability.
Pakistan moves to remove investment impediments in agriculture, IT, mining and energy sectors
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Pakistan moves to remove investment impediments in agriculture, IT, mining and energy sectors
- Pakistan in June set up Special Investment Facilitation Council, a civil-military forum, to attract foreign funding
- SIFC’s executive committee meets to review measures to improve Pakistan’s investment environment
Karachi survivor recounts ‘doomsday’ mall inferno as records show warnings ignored
- Fire engulfed Karachi’s multi-story Gul Plaza on Jan. 17, killing at least 73 people
- Survivors say escape was hampered by locked doors, poor ventilation, crowded corridors
REUTERS, KARACHI: Muhammad Imran did not take the fire seriously at first, thinking it was another small spark at the Karachi mall that would be quickly extinguished by fellow shop owners.
But smoke seeped through ducts and blackened the air in seconds. The lights went out soon after and phone flashlights turned useless, people could no longer see their own hands, he said.
Imran, who has diabetes and has undergone heart surgery, managed only a few steps before nearly giving up.
“It felt like doomsday,” he said. “I felt my lungs collapsing. I could not breathe.”
The blaze would rage for nearly two days and reduce Gul Plaza, a multi-story complex of 1,200 family-run shops selling children’s clothes, toys, crockery and household goods, to ash.
At least 67 people were killed, with 15 still missing and feared dead, police official Asad Ali Raza said, in the January 17 blaze, the Pakistani port city’s largest in over a decade.
Imran’s escape from the inferno, along with more than a dozen others who spoke to Reuters, was hampered by locked doors, poor ventilation, and crowded corridors. When they eventually got out, the survivors watched Gul Plaza crumble as rescue efforts faced delays and poor resources.
Police said the fire appeared to have started at an artificial flower shop and may have been caused by children playing with matches. They added that all but three of the 16 exits were locked, which was routine practice after 10 p.m.
Documents reviewed by Reuters showed Gul Plaza, located on a major artery in Karachi’s historic city center and built in the early 1980s, had violated building regulatory standards for over a decade, with authorities warning the situation was dire in the last review two years ago.
Gul Plaza’s management did not respond to repeated requests for comment.
Records from the provincial Sindh Building Control Authority showed court cases filed over Gul Plaza’s lack of safety compliance in 1992, 2015 and 2021, as well as records of unauthorized construction.
The files reviewed by Reuters do not detail the outcomes of those cases, including whether fines were imposed or whether violations were fully remedied. SBCA did not respond to queries on enforcement action taken.
A Nov. 27, 2023, survey by the fire department, covering more than 40 commercial buildings in the area, cited inadequate firefighting equipment, blocked escape routes, faulty alarms, poor emergency lighting and a lack of fire safety training for occupants and staff.
A follow-up audit by the fire department in January 2024 placed Gul Plaza among buildings that failed to meet regulations, with inspectors marking key safety categories, including access to firefighting equipment, alarm systems and electrical wiring conditions, as “unsatisfactory.”
Separately, documents describing inspections by Karachi’s Urban Search and Rescue teams in late 2023 and early 2024 that were reviewed by Reuters also showed Gul Plaza was among several markets and commercial buildings flagged for deficiencies in one or more fire safety categories.
“Young boys aged 12, 13, 14, they were coughing and fainted. I was trying to encourage them. Those young boys had almost given up,” Imran said.
Others smashed doors and locks as they moved through the darkness, holding hands and forming human chains to avoid getting lost.
With no way down, they ran to the roof, where 70 people, including families and children, were trapped for nearly an hour, survivors said. The smoke was even worse there, funneled upward by the building’s design, making it impossible to see even the neighboring buildings.
Then the wind changed.
A sudden gust pushed the smoke aside, revealing Rimpa Plaza next door. Young men crossed first, found a broken ladder and began ferrying people across one by one, Imran said.
An ambulance from the Edhi Foundation charity was waiting on the other side.
Many survivors said the response by the fire brigade was delayed and inadequate. Imran and other shop owners said they had escaped from the building and watched Gul Plaza turn into a molten inferno as the first firefighters arrived.
“Light was gone and the doors were closed. Where could people go? The fire brigade came late,” Imran said.
The first emergency call came at 10:26 p.m. from a teenager, with two fire vehicles reaching the site within 10 minutes and classifying the blaze as a Grade 3 fire, “the highest category for an urban area,” said a provincial government spokesperson Sukhdev Assardas Hemnani.
A citywide emergency was declared by 10:45 pm, triggering the mobilization of resources from across Karachi, he said.
“As soon as the first call was received, two fire vehicles had reached the site within 9 minutes. At 10:45 we announced in fire brigade group that two fire vehicles were not sufficient classifying this is a Category 3 fire, “the highest category for an urban area,” he said.
Shopkeepers said the first engine soon ran out of water and left to refill but Hemnani said those allegations were inaccurate.
Firefighters used “water, foam, chemicals and sand,” he said, adding the blaze was difficult to control because the building contained more than 50 gas cylinders and flammable material such as perfumes, generator fuel and car batteries.
Many of the shops were stocked to the brim because of the holy month of Ramadan in February-March, Pakistan’s biggest shopping season.
The first fire truck was not delayed, Hemnani said, but later arrivals were slowed by heavy traffic on a busy Saturday night and a crowd of over 3,000 people that had gathered outside the mall.
The fire department did not respond to requests for comment.
Survivors said many of the missing were shop employees and traders who tried to help others escape — or went back inside looking for family members.
“We thought it was a small fire and will extinguish soon. But this is not understandable that it spread all over within 5, 10 minutes. This is not understandable how it engulfed all shops within 5 minutes,” said shop owner, Mohammad Amin, speaking at the site.
Several shopkeepers said the losses have scarred the market’s tightly knit community.
“All of this keeps replaying in front of my eyes. Those children, those shopkeepers who died, May Allah forgive them and raise their place in heaven. I cannot sleep. I still feel the bitter taste of toxic smoke in my mouth,” said Imran.










