SIFC propels bilateral investment treaties into action with key Middle Eastern allies
The council expressed appreciation for the growing economic engagements with the UAE & Kuwait.
ISLAMABAD: In a significant move aimed at accelerating economic collaboration, the Special Investment Facilitation Council (SIFC) has directed the swift implementation of the Bilateral Investment Treaties with Saudi Arabia and Qatar. The decision was taken during the 8th meeting of the SIFC Apex Committee held on January 3, 2024, where the council underscored its commitment to transforming these agreements into tangible economic realities.
The council also expressed appreciation for the growing economic engagements with the United Arab Emirates and the State of Kuwait. Recognizing the strategic importance of these partnerships, the committee issued instructions for expeditious progress in these areas.
The meeting featured comprehensive discussions on various projects and initiatives facilitated through the SIFC platform. Federal Ministries presented updates on projects within key sectors, outlining plans for the timely realization of envisioned investments. The committee expressed satisfaction with the overall progress in key sectors under the purview of SIFC.
In addition to evaluating progress on privatization, the committee commended the collaborative efforts of stakeholders in meeting critical benchmarks and provided directives to maintain the momentum. The review also encompassed measures to enhance the investment climate, with the committee approving policy-level interventions to further facilitate investors, including the reinforcement of domestic dispute resolution mechanisms.
A consensus emerged on the urgency of fast-tracking infrastructural development to facilitate investors, particularly in remote areas of the country. The committee also lauded ongoing inclusive human resource development initiatives to address emerging needs in key economic sectors.
Firm resolve was expressed to combat smuggling, hoarding, and market manipulation, which have adversely impacted the economic trajectory. The Chief of Army Staff assured unwavering support from the Pakistan Army for government initiatives aimed at economic recovery.
Caretaker Prime Minister Anwaar-ul-Haq Kakar, leading the meeting attended by the Chief of Army Staff, Federal Cabinet, Provincial Chief Ministers, and high-level government officials, directed all stakeholders to vigorously pursue SIFC initiatives, ensuring their timely accomplishment.
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This proactive approach by SIFC signifies a significant step forward in bolstering economic ties with key Middle Eastern allies and fostering a conducive environment for investment and growth in Pakistan.
