ISLAMABAD: Pakistani caretaker minister for commerce, Dr. Gohar Ejaz, met US Ambassador Donald Blome on Thursday and invited Washington to explore opportunities under a Special Investment Facilitation Council (SIFC) formed in June to attract foreign investment.
SIFC is a hybrid civil-military forum aimed to fast-track decision making and promote investment from foreign nations, particularly Gulf countries.
“Ejaz informed [US envoy] that the Government of Pakistan has formed a Special Investment Facilitation Council aimed at attracting investments in various sectors such as Mines and Minerals, Agriculture, Information Technology, and Energy and he invited that more US companies could explore the options to invest in these sectors,” the ministry of commerce said in a statement.
“The Minister elaborated on the government’s efforts for economic revival plan with the Ambassador underscoring the importance of economic growth of Pakistan’s future and appreciated the US government for their continued support.”
Among key highlights of the meeting was a discussion on potential opportunities for boosting trade in various sectors, including textiles, value-added food products, fresh mangos, dates, soybean and beef.
A notification dated June 17 from then Prime Minister Shehbaz Sharif’s Office said SIFC would seek investments in the energy, IT, minerals, mining, defense, and agriculture sectors from GCC countries.
The body, which has the army chief and other military leaders in key roles, aims to take a “unified approach” to steer the country out of economic crisis.
Pakistan has reportedly approved 20 projects to pitch for multibillion-dollar investments from Gulf and other states under the SIFC umbrella.
The identified projects include the Saudi Aramco Refinery, TAPI Gas Pipeline, Thar Coal Rail Connectivity, hydropower projects of 245 MW in Gilgit-Baltistan, handing over of 85,000 acres of land to a single investor, the establishment of cloud infrastructure, and telecom infrastructure deployment.
On Monday, caretaker Prime Minister Anwaar-ul-Haq Kakar confirmed Pakistan would get $25 billion each from Saudi Arabia and the UAE for investments in IT, mining, minerals and agriculture. Riyadh and Abu Dhabi have not yet commented on the PM’s statement.