The outgoing government on Tuesday revealed a comprehensive roadmap to boost economy mainly by leveraging untapped potential in key sectors and attracting investments from friendly nations.
The plan was unveiled during a high-level meeting convened by Prime Minister Shehbaz Sharif in response to the economic challenges faced by the country.
The plan, as stated by the Prime Minister’s Office (PMO), seeks to capitalize on Pakistan’s untapped potential in defense production, agriculture and livestock, minerals and mining, information technology, and energy through indigenous development and investments from friendly countries.
To expedite project progress, a Special Investment Facilitation Council (SIFC) will be established, serving as a single-window interface for potential investors and adopting a unified approach.
The SIFC aims to streamline and shorten business processes, which have been historically cumbersome and time-consuming.
Through a cooperative and collaborative “whole-of-the-government approach” involving all stakeholders, the council will create horizontal-vertical synergy between the federal and provincial governments, facilitate timely decision-making, avoid duplication of efforts, and ensure swift project implementation.
The PMO statement emphasized the national resolve to revive the economy by highlighting the active participation of federal and provincial governments in the meeting.
During the meeting, Prime Minister Shehbaz stressed that the economy inherited by his government was on the verge of collapse, but bold and difficult decisions have put it on a path of growth and development. However, he acknowledged the existence of massive challenges that need to be addressed.
The Prime Minister emphasized that export-oriented foreign direct investment was vital for the country’s economic revival. To achieve this, the government has adopted a holistic approach, fostering partnerships between federal and provincial governments to effectively implement and execute the SIFC. The focus will be on empowering the youth and women to unlock their full potential, creating job opportunities and livelihoods.
Prime Minister Shehbaz urged unity and collaboration, emphasizing the need for hard work and a steadfast commitment to progress and development.
He emphasized that transforming the destiny of Pakistan and its people required concerted efforts from all stakeholders entrusted with the responsibility of administering the country.
