State-owned enterprises and national institutions are the assets of the nation which play a fundamental role in the economic development of the country. Those institutions of Pakistan which were once the backbone of the country's economy started to become a burden. The total annual loss of Railways, PIA and Pakistan Steel Mill is in billions. Previous governments have spent trillions of rupees for the rehabilitation of these institutions, but the example of "Marz Bahrta Gaya Junjun Dawa Ki" has not come out of the mire of loss. It has been found that without getting rid of losses and deficits, the economy cannot be healthy. The Special Investment Facilitation Council (SIFC) whose main objective is to accelerate the economic development of the country and remove obstacles in its path, is administered by the government to protect the wider public interest and national exchequer from further loss.

 It has been approved to speed up the process of privatization of the institutions running in severe losses. In the sixth session of SIFC's Apex Committee under the chairmanship of Caretaker Prime Minister Anwarul Haq Kakar, which lasted for 9 hours, various measures for the promotion of investment were reviewed and a briefing was given on the measures taken to provide business facilities.  Army Chief General Asim Munir reiterated the commitment of Pakistan Army to cooperate with the government for the recovery and development of the country's economy. The committee also decided to accelerate the investment process of 25 billion dollars in agriculture, minerals and IT sector.

The IT industry was also allowed to freely use the dollar up to 50 percent. The Free Trade Agreement from the Gulf Cooperation Council was hailed as a major breakthrough. The large-scale looting of privatization in the past is not hidden from anyone. The government has taken the decision of privatization at the right time and the national deficit can be reduced to a great extent by making the process transparent. Efforts of the state to revive the economy in the country are ongoing. Establishment of Special Investment Facilitation Council (SIFC) is also a link in this chain. The top leadership of Pakistan Army has a very important and fundamental role in the formation of this council.

The council was formed on June 17 this year. SIFC has two main objectives. The first objective is to revive the country's economy and the second objective is to attract foreign investors to invest in Pakistan. Army Chief General Asim Munir has a special interest in the recovery of the country's economy.

The top leadership and institutions of Pakistan Army are working day and night to conduct this important battle. Army Chief General Syed Asim Munir's meetings with domestic businessmen in recent days were part of these efforts. The continuous increase in the value of the Pakistani rupee against the dollar is also a result of these efforts. These include strictly stopping the smuggling of dollars from the country. The initiatives of SIFC are not temporary but they are a milestone for the sustainable future of the country's economy.  With the establishment of this council and its actions, a new foundation is being laid for the country's economy. Thanks to the actions of this council, Pakistan is going to enter a new era of economic development.  SIFC's focus is firstly on the recovery of the economy and then on the economic development and prosperity of the country. Therefore, along with domestic investors, special focus on investments from countries other than the Gulf countries in defense, IT, agriculture, minerals and energy sectors are among the main objectives.  Three special committees have also been formed to achieve these objectives. Among them, the most important is the Apex Committee, which is chaired by the Prime Minister, while Army Chief General Syed Asim Munir has been made a part of the Apex Committee by special invitation. The other important committee is the Implementation Committee, which includes the Director General of an important organization of the Pakistan Army, a Special Assistant to the Prime Minister and the Secretary of the Council, a grade 21 officer. China, Saudi Arabia, UAE and Qatar have shown interest in minerals, agriculture and IT sectors. These countries have agreed to invest 25 billion dollars initially in these sectors.

The importance and seriousness of SIFC can be gauged from the fact that Prime Minister Anwarul Haq Kakar has issued special instructions to the Ministry of Planning to make the Council's initiatives a part of the country's proposed five-year plan.

SIFC is a high-level council established under the supervision of senior military and senior government officials. Looking at the way this council is busy day and night in efforts to restore the country's economy, it can be said for sure that the barriers to investment in the country will soon be removed and the investment will not only restore the country's economy but Pakistan will start moving towards development and prosperity.  Business will run in the country. Inflation and unemployment will gradually end. Because the economic prosperity of any country depends on the recovery of the country's economy. SIFC also aims to formulate policies that create attractive conditions for foreign investors. Domestic investors also get the benefits of investment from abroad.  Often foreign companies and institutions form partnership projects with domestic investors and industrialists as well as people associated with the agriculture profession and then these projects are implemented together with them.

At present, the stagnation in the industries, minerals and agriculture sectors in the country is the main reason for the deterioration of the country's economy. The main solution to break this status quo is to provide attractive conditions and solid ground for foreign investors to attract them to invest in Pakistan.

The main objective and primary effort of the Special Investment Facilitation Council is to encourage foreign investors to come and invest in Pakistan. So that the objectives of the country's economic prosperity can be achieved, the fruits of which reach the common man. The patronage of this Council at the highest level and inclusion of the Council's initiatives in the five-year plan is a guarantee of satisfaction and confidence for foreign investors.  In this regard, measures are being taken by the relevant government institutions to provide facilities to foreign investors. The process of privatization of some government-run institutions is also being accelerated. The other day , on the occasion of the special meeting of the apex committee of the Special Investment Facilitation Council, Army Chief General Syed Asim Munir has expressed his determination that the Pakistan Army will fully cooperate with the government for the restoration and development of the country's economy. This commitment of the Army Chief is a manifestation of his serious efforts for the recovery and development of the country's economy.

Published in The Daily National Courier, October, 07 2023

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