he government recently established the Special Investment Facilitation Council (SIFC), a collaborative effort between the government and the army, aimed at reviving the economy through foreign investment. This civil-military project, referred to as the unified approach by the former prime minister, seeks to ensure policy predictability and effective implementation.

The army has been assigned a significant role; the army chief is a member of the apex committee. His institution is the national coordinator for both the apex and the executive committees.

The establishment of a Special Purpose Company has also been approved recently to hire professionals for the SIFC. The SPC will administer the project and ensure its smooth functioning by engaging technical advisors in sectors like agriculture, mining and minerals, information technology, defence production and energy.

To attract foreign investment in the IT sector, the SIFC should consider establishing specialised zones, such as technology parks. These zones should provide uninterrupted power supply and high-speed connectivity. It’s also important to have a regulatory framework that offers incentives, tax breaks and streamlined processes. Pakistan’s biggest strength in the IT sector is its young population.

64 percent of the country’s population is under 30 years of age. This makes it an attractive destination for investors, particularly in emerging technologies like artificial intelligence and block chain. Therefore, we should partner with educational institutes to train a skilled workforce that meets the needs of today’s rapidly changing world.

The SIFC should actively network with international organisations including IT and venture capital firms to attract potential investors. Collaborating with other tech hubs can also facilitate knowledge-sharing and business partnerships, leading to innovation and growth.

Taking inspiration from successful specialised zones like Dubai Internet City in the UAE, Shenzhen Industrial High-Tech Park in China and Silicon Valley in the US, the SIFC can help promote technological advancements to attract investment.

Pakistan’s potential in agriculture makes it an attractive destination for foreign investment. Given its fertile land, abundant labour force and diverse agro-climatic zones, the country offers favourable conditions for investment in agriculture. We need investments in post-harvest handling, food processing and preservation technology. We should also focus on agro-based industries. By providing farmers with training in value addition we can enhance the quality and market value of agricultural produce.

The SIFC should establish specialised agri-tech incubators to attract foreign investment in this sector and offer extensive support to startups. There is a huge potential in vertical farming that requires investment in water management systems, research and development and climate control technologies.

Taking inspiration from successful specialised zones like Dubai Internet City in the UAE, Shenzhen Industrial High-Tech Park in China, and Silicon Valley in the US, the SIFC can help promote technological advancement to attract investment. 

The SIFC can also establish organic farming zones to attract investors who are interested in organic produce. Additionally, implementing a specialised training programme for the labour force on vertical and organic farming techniques would be of great benefit. To support startups, the government must ensure that there are no barriers to entry and facilitate startups in accessing credit from lenders.

Pakistani mango is known for its unique taste, while kinnow, basmati rice, spices and cotton textile products have also gained global recognition.

To capture a larger share of the global market, we must prioritise our strengths and invest in expanding the production capacity. This can be achieved by implementing efficient supply chain management and effective marketing and branding strategies. We must also focus on international trade partnerships and provide support to farmers and manufacturers. Pakistan can further enhance its reputation for these sought-after products by focusing on these areas.

Pakistan has significant shale gas reserves, yet it struggles to attract foreign investors for exploration and extraction. We lack the advanced technology and expertise to explore and extract these reserves. On top of that, political instability and security concerns deter investors from investing in this sector.

The SIFC should collaborate with international energy companies and research institutions. By leveraging these partnerships, Pakistan can access advanced technology and expertise to unlock the potential of Shale gas reserves. This can contribute to the economic revival of the country. It can also create more jobs, attract foreign investment and generate substantial revenue. Moreover, it can provide a sustainable source of energy and end the energy crisis.

Mining and minerals have a significant role in Pakistan’s economy, given its rich sources of coal, copper, gold and gemstones. However, challenges such as regulatory hurdles like strict mining laws and complex licensing procedures and inadequate infrastructure discourage investors.

To attract investment, Pakistan should implement investor-friendly regulations, enhance infrastructure and leverage modern technology for accurate geological surveys. The SIFC can have a role in launching an investor outreach programme. They can collaborate with industry experts and financial institutions to organise conferences and road shows. Such events can provide information on licensing procedures and highlight attractive returns.

To promote the Made in Pakistan initiative and attract foreign investment, the SIFC should leverage the connections and networks of executives who work with international organisations. These executives can serve as ambassadors, promoting Pakistani products and facilitating business partnerships with foreign companies. They can advocate for Pakistani goods to be included in their supply chains. Executives in trade associations can organise events to showcase Pakistani products to potential investors. By utilising these connections, Pakistan can enhance its global image and presence and provide opportunities for investment.

The setting up of Special Investment Facilitation Council is a remarkable step towards attracting foreign direct investment. This civil-military project can be a game changer for Pakistan’s economic growth and help unlock Pakistan’s business potential.

The writer is a certified business and financial analyst with a bachelor’s in economics and law. He can be reached at ca_numan@yahoo.com