Apex committee decides on plan to attract foreign investors

ISLAMABAD: Federal Minister for Planning Development and Special Initiatives Ahsan Iqbal Wednesday announced that the Apex Committee of the Special Investment Facilitation Council (SIFC) has prepared a roadmap for the national development and foreign investment in different sectors in the country.

According to a private media outlet, the federal minister briefed the media persons in a news conference about the decisions in the SIFC Apex Committee meeting held under the chair of Prime Minister Shehbaz Sharif in Islamabad on Wednesday. The meeting was attended by Chief of Army Staff (COAS) General Asim Munir, federal ministers Ahsan Iqbal, Khawaja Asif, Marriyum Aurangzeb, Tariq Cheema and other officials. ISI Director General Nadeem Anjum also attended it. The participants of the Apex Committee meeting were briefed on the security situation at the borders and inside the country.

Addressing the media, Ahsan Iqbal said the Apex Committee decided to take different actions to attract foreign investors in the potential sectors of the country. Iqbal said that introducing Pakistan as an export-led country in the world is the first priority of the government. The minister said a country could develop only through foreign direct investment and every developing country was now exploring this avenue to expand its exports, he said. He said the government formed this council to promote direct investment in Pakistan, adding that the FDI volume in Pakistan was $1.5 billion now.

The China-Pakistan Economic Corridor (CPEC) became a tool to attract investments of up to $28 billion to Pakistan, he said. “We were derailed due to the negative agenda of 2018 and now the world’s trust is being established in Pakistan again.” He said the IMF agreement is having positive effects on Pakistan and now the country has a chance to take off again.

Ahsan said foreign investors will be given all facilities under one roof in five potential sectors. Under the SIFC, foreign investors would be facilitated in five sectors, including defence production, agriculture, information technology, minerals and energy. Agriculture is also a sector under this project.

The government will bring investments in modern farming and technology in the agriculture sector, he said. The prime minister will inaugurate the Agricultural Information Management System on July 7. Our priority is to shift energy from fossil fuels, while incentives will be given in solar energy, he said. He said that information technology is also a potential sector where youth can make a huge contribution to the economy.

The minister said the government’s main focus is to increase exports in the IT sector and hoped that there will be rapid development in the IT sector in Pakistan. We need to pay attention to the mineral sector to maximise our exports.

Ahsan said that Pakistan will go for a road show to invite the mining companies to enhance production. “We have really good infrastructure [of defence production] … and we see the potential of exports here,” he said, adding that by initiating exports in this sector, “our investment here will fulfil our defence needs while being a source of earning foreign exchange”.

He said the government is willing to introduce the Soft Visa regime and it will be revised to address difficulties in businessman’s visas. The interior ministry had been asked to prepare and submit a report on this within two days, he said. The government intended to transform ties with friendly countries under the SIFC so that they invest in Pakistan rather than provide aid.

Meanwhile, expressing his views to a global audience during “Beyond IMF Agreement: Challenges and Opportunities for Pakistan” Twitter space organized by the planning ministry, Ahsan Iqbal conveyed satisfaction over the recent IMF package, which averted an immediate default. However, he emphasized that the deal should be seen as a temporary relief and merely as a breather rather than a lasting solution. The minister described it as the much-needed respite that restored investor confidence. However, he emphasized structural reforms to ensure long-term sustainability and to capitalize on this breathing space.

Ahsan warned that if the business continued as usual, the positive momentum could be lost. He stressed the necessity of implementing structural reforms to guide the country to a sustainable path and achieve the desired long-term results. These policies should be maintained regardless of which government is in power, he stressed.