SIFC – AN ANNUAL APPRAISAL
23 June 2024
Published in: Daily Times
The Federal Government of Pakistan formed the Special Investment Facilitation Council (SIFC) to promote business-friendly conditions and draw investments to accelerate economic growth. With a focus on important industries like energy, IT, military manufacturing, and agriculture, SIFC seeks to seize opportunities and overcome obstacles in line with Pakistan’s goals for economic recovery. Operating within the legal framework made available by the Board of Investment (Amendment) Act – 2023, SIFC makes decisions by consensus engaging federal and provincial stakeholders, ensuring legitimacy and government backing. The Prime Minister is in charge of the Apex Committee, which keeps an eye on the council’s decisions and makes sure that specified procedures are followed. Fast-tracking business, investment, and privatization choices while preserving current governmental structures is part of SIFC’s goal. It has developed into a major forum for policy proposals, greatly enhancing investor trust. Resuming foreign companies’ profit repatriation, establishing strategic alliances, and mediating important MOUs and agreements are just a few of the noteworthy accomplishments that have cleared the path for Pakistan’s enormous economic growth and development.
To improve water efficiency, the Land Information and Management System (LIMS) is implementing contemporary irrigation techniques like sprinkler and drip systems. Farmers can now get real-time temperature data, satellite crop monitoring, and resource-use guidelines through a new website and smartphone app. In addition to securing large investments from both domestic and international partners, LIMS has transformed 4.4 million acres of unproductive land into productive farmland. To enhance water distribution, the government has pledged to desilt over 15,300 miles and rehabilitate 5,000 kilometres of canals. While attempts are being made to create a National Seed Authority and update seed certification, agriculture malls provide farmers with vital resources. Increased oversight of urea and fertilizer vendors guarantees industry openness and educational initiatives assist farmers in implementing contemporary methods, enhancing their livelihoods.
The Prime Minister is in charge of the Apex Committee, which keeps an eye on the council’s decisions and makes sure that specified procedures are followed.
For IT organizations, specialized foreign currency accounts streamline international transactions and improve operational effectiveness. 200,000 recent college graduates are gaining IT skills training to support the IT sector and improve their employability. Ten thousand E-Rozgar centres around the country provide workspaces and services to help freelancers. PayPal transfers have made it simpler for freelancers to get paid. A national policy for high-speed internet fibre and the availability of 5G spectrum guarantee quicker, more dependable connectivity. Utilizing space technology for sector growth is the goal of a national space policy. While the telecom infrastructure sharing policy encourages equitable resource usage, the Telecom Tribunal effectively settles matters about the industry. By providing resources and international contacts, the Pakistan Startup Fund and an international startup exchange program foster the growth of entrepreneurship. Instalment arrangements for smartphones and export incentives for devices increase domestic manufacturing and competitiveness globally.
Pakistan’s energy industry is modernizing and becoming more sustainable at a rapid pace. To lessen reliance on fossil fuels, Vision 2031 gives priority to renewable energy sources such as hydropower, solar, wind, and RLNG. Along with proposals for tariff reduction, efforts are being made to prevent electricity theft and address cyclical debt. With the help of regulations like the Brownfield Oil Refinery Policy, petroleum investments are concentrated on modernizing refineries to meet Euro V criteria. Clean energy projects include a Sinotec Solar panel plant and hydropower projects supported by the Saudi Fund for Development. A greener, more sustainable future is promised by the sector’s improvements in infrastructure projects, exploration initiatives, and IT skills training.
Numerous innovative projects aimed at promoting economic expansion and improving diverse industries are being implemented in Pakistan’s industry, tourism, and privatization domains. With the introduction of the Reefer Service, the National Logistics Cell (NLC) has transformed the cold supply chain and created new trading opportunities, especially for perishable goods. The Semiconductor Sector Development Plan, which was started by the SIFC, seeks to establish Pakistan as a major participant in the global value chain of the semiconductor sector. Partnerships like the one between BYD and Mega Conglomerate Private Limited for new energy cars demonstrate the nation’s dedication to environmentally friendly mobility options. Pakistan is committed to promoting economic development and drawing in foreign investment, as evidenced by its efforts to revive the textile industry and its introduction of Integrated Tourism Zones (ITZs) and privatization of State-Owned Enterprises (SOEs) like Distribution Companies (DISCOs) and Pakistan International Airlines (PIA).
Pakistan’s proclamation of an “Education Emergency” highlights how urgently education reform is required to satisfy demands from around the world. Redesigning the education policy with an emphasis on tackling the education crisis, raising the bar for basic education, and strengthening technical education is being carried out under the direction of the SIFC. The cooperative strategy used by SIFC seeks to guarantee fair access to high-quality education across the country. Simultaneously, the implementation of a ‘Zero Tolerance Policy’ concerning smuggling and tax evasion, made possible by the cooperation between the government and SIFC, has produced noticeable outcomes, increasing investor confidence and revenue growth. The successful implementation of measures that have led to notable seizures and arrests demonstrates the effectiveness of SIFC’s activities in addressing economic difficulties and promoting a business-friendly climate.
