SIFC resolves to attract foreign investment by removing obstacles

F.P. Report

ISLAMABAD: The Special Investment Facilitation Council (SIFC) reiterated on Thursday its resolve to attract foreign investment by removing the obstacles.

According to details, Prime Minister Shehbaz Sharif presided over a meeting of the apex committee of the SIFC in Islamabad. The military leadership, chief ministers, and the Azad Jammu and Kashmir prime minister attended the session.

The meeting reviewed strategies regarding the council’s objectives and future plans. Ministries briefed the forum on the performance of special economic zones and the national mineral harmonisation policy.

Meanwhile, the participants decided to accelerate investment in agriculture, information technology, mining, and tourism sectors.

The committee reaffirmed its commitment to boost economic activities across the country. It emphasised the establishment of a network of special economic zones. Officials utilised technology to identify suitable locations for these zones.

The forum stressed the need to simplify laws governing economic zones. Sources revealed that the committee also reviewed matters related to mining and recommended amendments to federal and provincial laws.

The committee reiterated its resolve to attract foreign investment by removing obstacles. It expressed satisfaction over improvements in economic indicators. Participants agreed to expedite measures to generate employment opportunities across various sectors.

PM Shehbaz stressed that economic development was directly connected to political stability as the strength of a country’s economy relied heavily on its political framework.

The premier said the country’s macroeconomic indicators had improved due to the consistent efforts of the economic team. He expressed confidence that 2025 would bring prosperity and growth in the country.

The prime minister noted that inflation eased to 4.1% for the first time since 2018, while foreign remittances increased by 34%. He said exports also rose, and foreign exchange reserves climbed from $4 billion to $12.5 billion. Highlighting monetary policy, he stated that the current policy rate stood at 13% and had potential for an 8% reduction based on the inflation rate.

Regarding foreign investment, the prime minister emphasized that Memorandums of Understanding (MoUs) worth billions of dollars had been signed with Saudi Arabia, Qatar and UAE. He said economic stability had now shifted to a growth phase and stressed that achieving economic development required a focus on export-led growth.

PM Shehbaz praised the efforts of the Federal Board of Revenue and the economic team for collecting an additional Rs72billion under the advance-to-tax ratio (ADR).

He said this achievement had nearly fulfilled the government’s tax revenue target for December 2024.

The prime minister highlighted that the faceless interaction facility reduced container inspection times by 39% and provided 89% relief to businessmen.

He added that sugar smuggling through Afghanistan was eliminated, benefiting the economy. He informed that $0.5 billion was earned from sugar exports, while rice exports reached $4 billion.

Addressing security concerns, the prime minister said law enforcement agencies were fully committed to countering terrorism. He described security as a major challenge and emphasized that eliminating terrorism was essential for progress.

The prime minister also congratulated stakeholders on reaching an agreement between tribes to normalize the situation in Kurrum. He expressed sorrow over the loss of innocent lives in the area.