ISLAMABAD: Federal Planning Minister Ahsan Iqbal on Wednesday announced plans to remove obstacles hindering foreign investment in Pakistan.
The minister briefed the media after a meeting of the apex committee of the Special Investment Facilitation Council (SIFC) which was chaired by Prime Minister Shehbaz Sharif.
The meeting was also attended by Army Chief Gen Asim Munir and other senior military and civil officials.
He emphasized the significance of attracting foreign direct investment (FDI) and highlighted that Pakistan currently receives an annual influx of $1.5 billion in foreign investments.
In commemoration of the 10th anniversary of the China-Pakistan Economic Corridor (CPEC), Iqbal expressed optimism about the future prospects of the project.
He stated that the establishment of the council aims to attract further foreign direct investment, facilitating economic growth and development in the country.
He reassured that the CPEC remains a key priority for the incumbent government. He affirmed the government’s commitment to addressing any challenges and leveraging CPEC for the country’s progress.
Furthermore, Iqbal shed light on the positive effects of the recent agreement with the International Monetary Fund (IMF) on the country’s economy.
He cited improvements in the stock market and the value of the rupee as indicators of the agreement’s impact.
The minister hoped that the newly established council would instil confidence in foreign investors and provide them with the necessary support and facilitation to conduct business in Pakistan.
He told that the foreign investors will get one-window facilities to enhance the investment climate in the country.
The minister highlighted Pakistan’s position as one of the top 10 agricultural producing nations. He revealed plans to attract investments in agricultural technology and the establishment of large farms, aiming to modernise the agricultural sector.
In line with these efforts, a conference focused on agriculture will be held soon, Iqbal said.
He outlined the government’s priority to promote renewable energy. He mentioned the preparation of a comprehensive package to facilitate the transition towards renewable sources.
Acknowledging the potential of Pakistan’s young population, Ahsan Iqbal referred to them as the country’s “nuclear power,” emphasising the need to harness their capabilities and provide them with opportunities for growth.
Under the purview of the SIFC, he said that the government has developed a roadmap to increase IT exports.
He expressed optimism about the rapid development of the IT sector and the nurturing of a thriving startup culture.
Iqbal revealed that minerals have been selected as a focus area under the SIFC while a grand roadshow for Reko Diq will be organised soon.
He said that billions of dollars could be earned through investments in the mineral sector.
Iqbal said that they would revise policies to facilitate visas for businessmen and the interior ministry will soon provide a comprehensive report on the matter.
Highlighting the significance of CPEC in opening new avenues, Ahsan Iqbal expressed confidence that SIFC would play a pivotal role in facilitating the country’s development.
He also affirmed the government’s commitment to establishing investment relations with friendly countries instead of aid.
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