SIFC would unlock ease of doing business in Pakistan: Masood

F.P. Report

WASHINGTON : Pakistan’s Ambassador to the United States Masood Khan says Pakistan’s Special Investment Facilitation Council will act as a single window to facilitate investors, establish cooperation between all Government Ministries and Departments, and fast-track project development.

Addressing a day-long “Future of Everything Summit” organized by Organization of Pakistani Entrepreneurs Chicago; he said the core objectives of the SIFC include revitalization of our economy, integrating it with international capital markets, and ensuring steadiness and continuity of policies by adopting best practices and providing salutary investment milieu.

The Ambassador identified five areas ripe for investment in Pakistan – IT, energy, agriculture, mining and defence production.

He said SIFC will shorten lengthy business processes, develop a whole of the government approach and tap Pakistan’s potential in key sectors of information technology, energy, mining, agriculture and defence production by generating and attracting foreign direct investment,” he continued.

Masood Khan said Pakistan and the United States have strong strategic and economic ties for the past 76 years and this partnership continues and we foresee brighter prospects for its growth.

He said both sides are enhancing the space for economic partnership encompassing trade, investment, energy, climate change, health-care, education, agriculture, technology and people to people exchanges. He said this is an ideal time to invest in Pakistan and to promote Pakistan’s products and services in the United States.

The Ambassador said in 2018 the venture capital funding for Pakistani startups was merely $10m a year while now it should be more than $1b year.

He said Pakistan is rich in many minerals, especially in cooper, gold, lead, zinc, iron ore, coal, lithium, rare earth, aluminum, chromite and nickel. Precious and semiprecious stones include ruby, emerald, topaz, tourmaline, quartz, peridot and aquamarine.

He said Pakistan has the expertise for manufacturing semiconductor chips for various electronic devices but does not have the resources. It has substantial lithium reserves, a key ingredient for battery production that would contribute to future sustainable energy solutions.

Masood Khan said that we urge the American sovereign wealth funds and investors in general to invest in IT, energy, mining and agriculture project for big wins.