The Special Investment Facilitation Council (SIFC) on Thursday reiterated its resolve to attract foreign investment by removing obstacles.
According to details, Prime Minister Shehbaz Sharif chaired the meeting of the SIFC apex committee in Islamabad. The meeting was attended by military leadership, chief ministers and prime minister of Azad Jammu and Kashmir.
The meeting reviewed strategies regarding the council’s goals and future plans. The ministries briefed the forum on the performance of special economic zones and the national mineral harmonization policy.
Meanwhile, the participants decided to accelerate investments in agriculture, information technology, mining and tourism.
The committee reaffirmed its commitment to support economic activities across the country. It emphasized the creation of a network of special economic zones. Officials used technology to identify suitable locations for these zones.
The forum emphasized the need to simplify laws governing economic zones. Sources revealed that the committee also reviewed mining-related matters and recommended changes to federal and provincial laws.
The committee reiterated its determination to attract foreign investment by removing obstacles. He expressed satisfaction over the improvement in economic indicators. The participants agreed on accelerated measures to create job opportunities in various sectors.
Prime Minister Shehbaz emphasized that economic development is directly linked to political stability as the strength of a country’s economy strongly depends on its political framework.
The Prime Minister said that the macroeconomic indicators of the country have improved due to the continuous efforts of the economic team. He expressed confidence that the year 2025 will bring prosperity and growth to the country.
The Prime Minister noted that inflation has decreased to 4.1% for the first time since 2018, while foreign remittances have increased by 34%. According to him, exports also increased and foreign exchange reserves climbed from 4 billion dollars to 12.5 billion dollars. He highlighted monetary policy, saying the current policy rate stands at 13% and has the potential to be cut by 8% based on the rate of inflation.
In terms of foreign investment, the prime minister highlighted that memoranda of understanding (MoU) worth billions of dollars have been signed with Saudi Arabia, Qatar and the United Arab Emirates. He said that economic stability has now moved into the growth phase and stressed that achieving economic development requires a focus on export-led growth.
Prime Minister Shehbaz appreciated the efforts of the Federal Revenue Authority and the Economic Team to raise an additional Rs 72 billion under the Advance to Tax Ratio (ADR).
He said the achievement almost met the government’s December 2024 tax revenue target.
The prime minister emphasized that the device for anonymous interaction reduced the time of container inspection by 39% and provided 89% relief to entrepreneurs.
He added that smuggling of sugar through Afghanistan has been eliminated, which has benefited the economy. He informed that sugar exports earned $0.5 billion while rice exports reached $4 billion.
Responding to security concerns, the prime minister said law enforcement agencies are fully committed to fighting terrorism. He identified security as the main challenge and emphasized that the elimination of terrorism is essential for progress.
The Prime Minister also congratulated the parties involved for reaching an agreement among the tribes to normalize the situation in Kurrum. He expressed grief over the loss of innocent lives in the area.
