Special Investment Facilitation Council (SFIC) convened 6th meeting of its Apex Committee on Tuesday to review various initiatives being spearheaded through the SIFC forum.
Caretaker Prime Minister Anwaar-ul-Haq Kakar presided over the meeting which was attended by Chief of Army Staff General Asim Munir, members of the Federal Cabinet, Provincial Chief Ministers and high level government officials.
The ministries apprised the forum about the practical steps undertaken during the last one month to improve business and investment environment in the country.
The committee also reviewed major macro-economic issues affecting the investment climate including inordinate delays in restructuring and privatisation of cash bleeding State Owned Enterprises (SOEs).
The forum also resolved with consensus on fast-tracking the privatisation process and hence, in the larger interest of the country and reducing recurring losses to the national exchequer.
The committee expressed overall satisfaction regarding the ongoing negotiations with foreign and domestic investors for timely realisation of various investment prospects.
The Prime Minister appreciated the good work put forth by various ministries and departments and directed to continue with the ‘Whole of the Government’ approach to overcome economic challenges being faced by Pakistan.
The Chief of Army Staff assured unflinching resolve of Pakistan Army to support the Government’s endeavours for a sustainable path towards economic recovery.
Meanwhile, federal ministers also held a press briefing after the meeting to inform the media persons about the decisions taken in SIFC. Caretaker Minister for Information and Broadcasting Murtaza Solangi, Caretaker Minister for Power and Petroleum Muhammad Ali and Caretaker Federal Minister for Interior Sarfraz Ahmad Bugti and Federal Minister for Commerce, Dr. Gohar Ejaz spoke to the media.
At the outset of news briefing, the Minister for Information and Broadcasting said the prime objective of the Special Investment Facilitation Council was to boost the economic progress of the country by removing all the obstacles.
Commerce Minister Dr. Gohar Ejaz, announced a groundbreaking achievement as Pakistan signed a historic Free Trade Agreement (FTA) with the Gulf Cooperation Council (GCC).
He expressed immense optimism, highlighting this development as a significant breakthrough for Pakistan’s trade sector. This agreement marks Pakistan as the first country to secure such a deal with the GCC, granting the nation unprecedented access to a substantial market.
The GCC, comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates, is a formidable six-country bloc established in 2009.
Dr. Ejaz noted that this agreement was a result of 14 years of diplomatic efforts, making Pakistan the first nation to establish an FTA with the council. The FTA was formally signed during the 5th round of GCC meetings held last week.
The minister praised the crucial role played by Saudi Arabia in materializing this agreement, noting that representatives from all member countries celebrated this historic pact.
