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- Special Investment Facilitation Council helped Pakistan sign billions of dollars of deals with Kuwait, UAE last year
- The SIFC reviewed progress on various measures taken by government to improve Pakistan’s investment climate
ISLAMABAD: Pakistan’s top investment body reviewed the country’s economic engagements with Middle Eastern states on Wednesday, focusing on mechanisms to implement recently signed memoranda of understanding (MoUs) and agreements in the region at the earliest.
The Special Investment Facilitation Council (SIFC), a civil-military hybrid forum, was established in July last year to fast-track decision-making and promote investment from foreign nations, particularly from the Gulf countries.
The council has helped the country sign billions of dollars of deals with countries like the United Arab Emirates and Kuwait where Pakistan’s official delegation was led by Caretaker Prime Minister Anwaar-ul-Haq Kakar in November while looking for economic opportunities and foreign investment.
Kakar also chaired the 8th meeting of SIFC’s Apex Committee to examine progress on projects carried out in key economic sectors and determine plans for timely realization of the envisaged investments.
“The Committee appreciated the enhancing level of economic engagements with friendly countries including finalization of Bilateral Investment Treaty with Kingdom of Saudi Arabia and Qatar as well as signing of MoUs and Framework Agreements with United Arab Emirates and State of Kuwait respectively,” said an official statement released by the Prime Minister’s Office after the meeting.
“The forum gave directions to convert these sovereign commitments into economic reality at fast pace,” it added.
The SIFC reviewed progress on various measures taken by the government to improve the investment climate while approving policy level interventions, such as strengthening of domestic dispute resolution mechanism, to facilitate investors.
It also examined progress on privatization process and appreciated the collaborative approach of various stakeholders.
The participants of the meeting expressed firm resolve to act against smugglers, hoarders and market manipulators, saying such elements had negatively impacted the country’s economic trajectory.
Chief of Army Staff General Asim Munir, who is part of the committee, assured the unwavering support of the armed forces to help the government in its endeavor to strengthen the national economy.
The prime minister directed all stakeholders to vigorously pursue various SIFC initiatives to ensure their accomplishment within the stipulated timeframe.