The newly formed Special Investment Facilitation Council (SIFC) is currently doing miracles in resetting the trajectory of the derailed economy, reviving new life in national institutions, and revitalizing a ray of hope in the nation, that was lost due to ever-rising inflation and rumours of an imminent economic collapse of the fragile nation.
During a recent session of the apex committee of the SIFC, the forum reviewed the existing level of collaboration with partnering nations and unanimously approved various initiatives to be broached with friendly countries through the fast-track implementation of various projects conceived under the initiatives.
Pakistan, a 240 million-strong nation with plenty of employed and untapped resources, diverse weather conditions, vast cultivated lands, and a talented workforce slid into an acute economic nemesis and institutional degradation which pushed an affluent developing nation to the edge of bankruptcy and economic default. Current day Pakistan faces diverse problems such as economic volatility, food insecurity, a lack of healthcare and quality education, poor law and order situation, and flourishing terrorism, along with non-deliverance of the national institutions that practically choked the South Asian nation The government struck a unique puzzle in that the government institutions failed to deliver to the masses, failing the government to maintain the writ of the law and implement policy decisions in the country.
Finally, the previous government in collaboration with Military leadership conceived the idea of a high-power national forum of the Special Investment Facilitation Council (SIFC) to steer the country out of prevailing economic chaos and degradation.
The SIFC conceived a nationwide strategy to bring reform in each nook and corner and clear the yearslong baggage of each institution including removal of the Kunda system and recovery of bills in WAPDA and OGDCL, curbing money laundering and smuggling of currency, along with putting a cap on bad practices and manipulation of forex market which successfully controlled rupee volatility and brought stability in the national economy.
Historically, the SIFC played an important role in restoring investors’ trust in the local market along with attracting and facilitating local/foreign investment in the country. It successfully streamlined bureaucratic processes, eliminated red tape, and resolved issues faced by investors and traders in the country. The SIFC aims to improve the overall investment climate in Pakistan for businesses to thrive thereby providing a conducive environment for businesses, traders, entrepreneurs, and investors to ensure sustainable economic growth and development in the country.
Currently, the Special Investment Facilitation Council (SIFC) is engaged with several friendly nations including Saudi Arabia, UAE, Bahrain, China, Malaysia Qatar, Kuwait, Turkey, Iran, and Iraq, along with engaging Pakistani diaspora abroad for future investment in Pakistan while ensuring them all essential facilities, the safety of their investment and return of profit. In fact, the functions being carried out by the most prestigious and powerful platform are the key jobs of certain ministries, and departments in the country which they did not perform due to a lack of interest, slackness, and incapability of their highups. The same is the case with the flourishing of extremism and terrorism in our society, which is now being dealt with by the federal government and Pakistan military after local and provincial governments failed to address the challenge. Such behaviour and recurrent negligence are highly denounceable and merit stern accountability from political leadership.
Unfortunately, such extraordinary setups like SIFC could not function permanently in parallel with formal multi-layer administration in the country. Therefore, the federal government must introduce reforms in each sector and every institution so the government departments operate mechanically and their failure must be checked accordingly to set standards, promote nationalism, and lay the foundations for a civilized society and better Pakistan.
