ISLAMABAD: The third meeting of the apex committee of the Special Investment Facilitation Council (SIFC) was chaired by Prime Minister Shehbaz Sharif on Monday to continue the positive momentum of this initiative, the Prime Minister’s Office (PMO) said.
The meeting was held at a high level and attended by Chief of Army Staff (COAS) General Syed Asim Munir, provincial chief ministers, federal and provincial ministers, and senior government officials.
The prime minister commended the quick operationalisation of the SIFC, which he described as an effective and collaborative performance in a very brief period.
The committee received an encouraging international reaction to the recent investment outreach activities in
Pakistan, such as seminars and project openings. These initiatives will further be enhanced with the introduction of the official website of the SIFC.
In the meeting, the apex committee approved a number of investment projects that had been proposed by different ministries. These are projects that are under SIFC and are aimed at encouraging investment by friendly countries in strategic areas like agriculture, livestock, mining, minerals, information technology, and energy.
The committee also committed to the successful organisation of a future visit by a high-level delegation from Saudi Arabia, to be organised with the use of the SIFC platform. This visit was to be made a landmark event by Prime Minister Shehbaz, which highlights the importance of the visit.
At the end of the meeting, the apex committee reiterated its stand on the SIFC framework and urged the interim government to maintain the current momentum so that progress could be maintained.
During its last meeting in the month of March, the SIFC endorsed 28 mega projects worth billions of dollars to be presented to the Gulf countries to invest in. These were the Diamer-Bhasha Dam and the exploration of minerals in Reko Diq in the Chagai district of Baluchistan.
The list of the approved ventures shows that, in case of full realisation, the total investment via the SIFC may exceed the $28 billion commitment under the China-Pakistan Economic Corridor (CPEC).
The first portfolio includes the projects in food, agriculture, IT, mining, petroleum, and power. The major projects are large cattle farms, the 10 billion Saudi Aramco refinery, copper and gold exploration in Chagai, and the Thar Coal Rail connectivity project.
The Diamer-Bhasha Dam is another investment that has been offered to China as part of the CPEC.
