• Apex body of newly set up investment facilitation council meets to discuss how more foreign direct investment can be attracted
• Decides to take all possible steps to ensure food security, national prosperity
• Meeting attended by PM, army chief, federal ministers

ISLAMABAD: The export potential of the country’s defence production sector would be explored under a newly formed government body aimed at providing a single-window interface to potential investors, Planning Minister Ahsan Iqbal said on Wednesday.

“We have really good infrastructure [of defence production] … and we see the potential of export here,” he said, adding that by initiating exports in this sector, “our investment here will fulfil our defence needs while being a source of earning foreign exchange”, he said, according to a Dawn.com report.

The minister made these remarks during a press conference in Islamabad after a meeting of the Special Investment Facilitation Council’s (SIFC) apex committee, which decided to take steps to bring about a green revolution and attract foreign direct investment (FDI) in the country.

Chaired by Prime Minister Shehbaz Sharif, the meeting was also attended by Chief of the Army Staff Gen Asim Munir, Khyber Pakhtunkhwa’s caretaker Chief Minister Azam Khan and other senior military and civilian officers.

Federal ministers Khawaja Asif, Aminul Haque, Khurram Dastgir, Israr Tareen, Tariq Bashir Cheema and Ahsan Iqbal also attended.

The government set up the SIFC last month to frame economic policies that “ensure policy predictability, continuity and effective implementation to revive the economy”.

The premier said at the time that the forum would serve as a top decision-making body to push through fundamental reforms in the economy’s structure. It would focus on “leveraging key sectors such as IT, agriculture, energy, minerals and mining, and defence production”, he tweeted.

Wednesday’s meeting decided to take all possible steps to ensure food security and national prosperity.

Noting that FDI played a key role in national development, the prime minister regretted that the coalition government inherited a ruined economy and said the Centre and provinces would work hand in hand to revive the economy.

Concerted efforts could change the nation’s destiny, he stressed, adding that foreign direct investment would create jobs and open up new avenues of progress. Mr Sharif also praised the role being played by the army chief in improving the economy.

The apex committee reviewed actions taken after the establishment of the Special Investment Facilitation Council.

The meeting also considered the recommendations presented in the two meetings of the implementation committee. Sources said that delegations from foreign countries were likely to arrive this month for investment, and the apex committee had approved steps to facilitate them.

‘Export-led country’

Planning Minister Iqbal said at the presser that introducing Pakistan as an export-led country in the world was the first priority of the present government and the export potential of the country’s defence production sector would be explored under the SIFC.

Under the SIFC, Mr Iqbal said, foreign investors would be facilitated in five sectors, including defence production, agriculture, information technology, minerals and energy.

Elaborating on the government’s vision, he said the initiative of SIFC would be used to promote agriculture and attract investment for modern farming and technology integration in this sector. In this regard, PM Shehbaz would inaugurate an agriculture information management system on July 7 (Friday), he said.

On energy, Mr Iqbal said the government planned to offer incentives for investment in solar energy projects.

He said the youth working in the IT sector could make significant contributions to the country’s economy, adding that the government aimed to increase exports in this sector as well.

He also stressed the need for maximising exports in the minerals sector and said Pakistan would be organising a road show to invite mining companies to invest and increase production in this area.

Moreover, he said the government had also decided to revise the policy to remove hurdles in issuing visas to business people.

The interior ministry had been asked to prepare and submit a report on this within two days, he said.

Highlighting the significance of exports and foreign direct investment, he said the government intended to transform ties with friendly countries under the SIFC so that they invest in Pakistan rather than provide aid.

He said the government had formed this council to promote direct investment in Pakistan, adding that the volume of foreign direct investment in the country was $1.5 billion currently.

A country could develop only through foreign direct investment and every developing country was now exploring this avenue to expand its exports, he said.

Published in Dawn, July 6th, 2023