ISLAMABAD: Pakistan’s top investment body said on Tuesday that it has cleared regulatory hurdles to pave the way for seven new cement plants in the country worth a total investment of $700 million, stating that the move is expected to boost output, curb imports and enhance exports.
The Special Investment Facilitation Council (SIFC) is a hybrid civil-military body formed in 2023 to fast-track decisions related to international investment in critical sectors such as tourism, livestock, agriculture and mines and minerals. It has been central to Pakistan’s efforts to attract foreign investment and streamline regulatory approvals amid recurring balance-of-payments pressures.
Jameel Qureshi, the SIFC’s federal secretary, shared a report by English-language newspaper ‘The News’ on X that said the body had granted approvals to longstanding hurdles for seven new cement plants in coordination with the government in Punjab and other relevant stakeholders. The report said the approvals were fast-tracked for seven industry stakeholders, namely the Flying Cement Company Limited, Lucky Cement Limited, Bhutta Cement, Asian Precious Minerals Limited, Orient Cement (Private) Limited, Dandot Cement Company Limited and Maple Cement.
“SIFC clears the long-standing regulatory hurdles, paving way for 7 new cement plants with $700million investment,” he wrote on X. “This initiative will create jobs, boost domestic output, curb imports, save our important forex & expand export capacity.”
The report quoted officials as saying that the new cement plants are expected to generate jobs across manufacturing, logistics and energy sectors, while stimulating downstream sectors tied to infrastructure development.
The approvals come as Islamabad intensifies its outreach to Middle Eastern, Central Asian and other regional allies for business partnerships. Pakistan’s economy has stabilized under an International Monetary Fund (IMF) program, with the government actively seeking foreign investment and collaborations to boost growth, improve exports and ease pressure on foreign exchange reserves.
The SIFC was established in 2023 after Pakistan came to the brink of a sovereign default before a last-gasp IMF deal save it. Prime Minister Shehbaz Sharif’s government has since then pushed for an export-led growth and attempted to take macroeconomic reforms which include privatizing loss-making state assets and broadening the tax base.
