In a significant move to bolster its economy and attract foreign investments, Pakistan has taken a bold step by establishing the Special Investment Facilitation Council (SIFC). This unique amalgamation of civil and military forces has already granted initial approval to 28 ambitious projects valued at billions of dollars.
The projects cover a wide array of sectors, including food, agriculture, information technology, mining, petroleum, and power. Notable ventures include the construction of the Diamer-Bhasha dam and mining operations in Balochistan’s Chagai district at Reko Diq. These projects are set to be offered to Gulf countries for investment, with major players like Qatar, Saudi Arabia, the UAE, and Bahrain being the primary targets.
If all goes as planned, the investments channeled through the SIFC could surpass the previously hailed $28 billion of the China-Pakistan Economic Corridor (CPEC). This move aims to bolster investor confidence, expedite decision-making, and ensure smooth project implementation.
To grant legal protection to the SIFC, Pakistan’s parliament has approved several amendments to existing laws. This includes immunity for decision-makers from any investigation by anti-graft bodies, ensuring fast-track execution of the approved projects.
The SIFC’s vision extends beyond just facilitating investments; it also plans to establish a Pakistan Sovereign Wealth Fund, transfer assets from state-owned entities, and issue priority visas to citizens of target countries.
While the potential is vast, the real challenge lies in executing these projects successfully, as seen with the previous hurdles faced in realizing the full potential of CPEC. Nevertheless, Pakistan remains determined to capitalize on its new civil-military approach to attract investments from the Gulf nations and reduce reliance on imports.