Daily Times

Pakistan Business Forum (PBF) Senior Vice President Amna Munawwar Awan has said that Special Investment Facilitation Council (SIFC) is playing a pivotal role in taking the country’s economy to development path and restoring the confidence of the world. As a result of these efforts, China, Russia and Brazil have recently expressed their desire to invest in various sectors of Pakistan.

According to a PBF spokesman here Tuesday, she was addressing the Forum’s steering committee. She added that SIFC is a groundbreaking initiative that has redefined Pakistan’s approach to attract investments and fostering economic growth. By providing a unified platform for decision-making and facilitating seamless coordination among key stakeholders, SIFC has set a new benchmark for economic governance and investment facilitation in Pakistan.

With objectives to streamline processes, remove bottlenecks, and offer a one-window solution for investors, she mentioned, the SIFC addresses the long-standing challenges which had hindered Pakistan’s potential as a global investment destination. This initiative has introduced unprecedented levels of transparency, efficiency and responsiveness, which are critical for building investor confidence and driving long-term economic stability.

However a well developed regulatory framework that simplifies procedures, reduces bureaucratic burdens, and improves transparency will attract more investors, she said and asserted that bringing synergy in different institutions, and cutting down on red tape enhances predictability and modernisation. Entrepreneurs and corporations will be better positioned to significantly increase their investments in the national economy. This influx of investment will drive stronger economic growth and improved social welfare.

Amna Munawwar Awan said that SIFC should push the policy-makers to come up with viable policies for industrial revival, smart agriculture and scaling up IT services. The priority sectors must be offered to the private sector for joint ventures with suitable partners, while the government should provide more incentives and reduce red tape.

PBF Senior Vice President viewed that SIFC needs to remain focused on the facilitation of business transactions. Both G2G (government to government) and private sector joint ventures require very difficult skill sets and approaches, while the SIFC can facilitate G2G investments, similar arrangements may not be as effective for private sector investment, therefore, it is crucial to involve experts from private sector in the SIFC.