[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]Pakistan’s newly established hybrid civil-military forum, the Special Investment Facilitation Council (SIFC), has given initial approval to 28 projects valued at billions of dollars, aiming to attract investment from Gulf countries. The projects span various sectors, including food, agriculture, information technology, mining, minerals, petroleum, and power. Notable projects include the Diamer-Bhasha dam’s construction and mining operations in Balochistan’s Reko Diq.
If these projects are taken up by countries like Qatar, Saudi Arabia, the UAE, and Bahrain, the total investment under the SIFC could surpass the $28 billion invested in the China-Pakistan Economic Corridor (CPEC).
To expedite project execution, amendments were made to the Pakistan Army Act, the Board of Investment (BOI) Ordinance, and the Election Act, granting the SIFC fast-track capabilities and immunity from anti-graft investigations.
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The government aims to jointly manage the economy with the military to attract Gulf country investments, reduce import reliance, and increase non-debt inflows.
Most projects will be implemented through government-to-government arrangements, with some potentially offered for international competitive bidding. The SIFC has also approved projects in corporate farming, dairy farming, feedlot farming, and camel farming. Technology zones, infrastructure initiatives, and exploration of natural resources are also part of the plan.
The SIFC will act as a single window for multi-domain cooperation with Gulf Cooperation Council countries and others, facilitating approvals, executing commercial transactions, and making agreements with local and foreign investors. It will be protected from legal proceedings concerning its commercial activities.
The amendments grant the SIFC priority over existing laws, creating a policy environment for facilitating investment and development in Pakistan.
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