Ever since its inception in June of last year, Special Investment Facilitation Council (SIFC)- the joint forum comprising civil and military leadership, is proving itself a pivotal platform in not only addressing the problems of local businesses but also attracting investment from some friendly countries.
The credit for the establishment of the forum goes to none other than the strategic foresight and vision of Army Chief General Syed Asim Munir because of whose efforts some important MOUs of late have been signed with United Arab Emirates (UAE) and Kuwait. These represent a significant step towards translating the council’s vision into practical initiatives, removing barriers that have hindered investments.
Furthermore, after nearly two decades of anticipation, Pakistan and Saudi Arabia have reportedly reached a consensus on investment modalities, setting the stage for the long-awaited ratification of a free trade agreement with the Gulf Cooperation Council (GCC). This development is poised to strengthen economic ties between Pakistan and the GCC, ushering in new opportunities for trade and investment. SIFC’s proactive efforts to attract Saudi investments, particularly in crucial sectors like minerals, are significant steps towards alleviating the country’s economic challenges.
Also in line with SIFC’s proactive measures, the government has also recently launched a new visa regime, streamlining the approval process within 24 hours for short-term (1-3 years) and long-term entry visas (five years). This seamless approach, requiring minimal documentation, is expected to attract entrepreneurs from various countries, further catalyzing foreign investment in Pakistan.
We believe the creation of SIFC was essential to navigate Pakistan out of economic challenges, particularly the existing debt trap. Collaborative efforts between civil and military leadership, as exemplified by SIFC, demonstrate an effective approach to addressing challenges. The results of these collaborative efforts is also visible in enhanced economic activity and the bullish trend that currently prevails at the Pakistan Stock Market. It would not be wrong to say that the SIFC has instilled confidence in both domestic and foreign investors.
The expanded scope of the joint forum, encompassing performance reviews of ministries, dispute resolution, gas allocation, water supply schemes, circular debt settlement, and curbing oil smuggling, illustrates its dynamic and impactful role.
SIFC’s focus on previously neglected sectors, notably agriculture, is evident in its measures to achieve food security, boost exports, and empower farmers.
Addressing the farmers’ convention the other day, the Army Chief also shared some of the measures envisioned for the agriculture sector, which has the potential not only to help achieve the cherished objective of food security but also produce an enormous surplus for exports. The concept of agricultural malls, to be set up at the district level, is a step in the right direction as these would be instrumental in extending all agriculture-related facilities to farmers. At the same time, the provision of easy agricultural credit, cold storage chains, climate change-resistant seeds, and genetically engineered livestock will be ensured for the farmers.
With a strategic focus on diverse sectors and an unwavering commitment to facilitating investments, SIFC is emerging as a beacon of hope for the economic rejuvenation of Pakistan. The unfolding success stories, particularly in the realms of investment agreements and sectoral development, are testaments to the belief that, with concerted effort, the country can not only navigate economic challenges but also emerge as an engine of growth and opportunity in the region.
