Islamabad (Web Desk): Prime Minister Shehbaz Sharif on Wednesday said that the coalition government has decided to set-up a Special Investment Facilitation Council (SIFC) with a mandate to frame economic policies that ensure policy predictability, continuity and effective implementation to revive the economy.
In his statement on Twitter, the premier said that the need for a representative forum has long been felt given the scale of the economic challenges caused by internal and external factors.
“Attracting investment from friendly countries remains one of the key goals of the SIFC. The immediate task is to increase foreign direct investment to $5 billion,” the premier said, explaining initiatives being taken by the government to provide economy a forward thrust.
PM Shehbaz said that the SIFC would serve as a top decision-making forum to push through fundamental reforms in the structure of the economy.
“To begin with, the forum will focus on leveraging key sectors such as IT, agriculture, energy, minerals and mining, and defence production.”
He said the textbook approach to deal with a unique set of problems is not workable anymore.
The premier said that there is a reason to leverage collective wisdom to kick start the economy to make itself reliant, export driven, robust and capable of withstanding external shocks and upheavals.
PM Shehbaz asserted that creative ideas offer the solution to our economic problems.
On Tuesday, the federal government unveiled an elaborated ‘Economic Revival Plan’ with a view to capitalise Pakistan's untapped potential in key sectors, fast-track the development projects and facilitate the investment.
According to a press release issued by the Prime Minister's Office (PMO), the plan was unveiled during a high-level meeting chaired by the Prime Minister Shehbaz Sharif and attended by the Chief of Army Staff (COAS), chief ministers, federal and provincial ministers and high-level government officials.
The Economic Revival Plan envisages capitalizing Pakistan’s untapped potential in key sectors of defence production, agriculture, livestock, minerals, mining, information technology and energy, through indigenous development as well as investments from friendly countries.