ISLAMABAD: Pakistan’s Deputy Prime Minister Ishaq Dar this week reiterated the government’s commitment to ensure foreign investment from friendly countries translates into “tangible outcomes,” state-run media reported amid Islamabad’s attempts to achieve sustainable economic progress.
Pakistan has looked toward regional partners and friendly nations, particularly Gulf states, in the past few months to increasingly attract foreign trade and investment.
At the heart of Islamabad’s efforts lies a prolonged macroeconomic crisis that has drained the country’s revenues, triggered a balance of payment crisis and battered its economy.
“Deputy Prime Minister and Foreign Minister Ishaq Dar has reiterated the government’s commitment to provide all necessary facilitation to translate foreign investments into tangible outcomes for economic growth and prosperity,” state broadcaster Radio Pakistan reported on Saturday.
Dar was chairing a high-level meeting in Islamabad on Saturday to review progress related to investment initiatives by friendly countries across infrastructure, energy, petroleum and economic development sectors.
“The deputy prime minister emphasized streamlined processes, enhanced institutional coordination, and fast-tracked implementation of investment projects,” the report said.
To fast-track decisions related to international investment, Pakistan formed the Special Investment Facilitation Council (SIFC) in June 2023.
The SIFC is a hybrid civil-government body formed to attract international investment in priority sectors of the economy such as energy, tourism, agriculture, livestock, mines and minerals, and others.
Since it was formed, the government says the SIFC has helped it sign memoranda of understanding (MoUs) with several countries worth billions of dollars.