PESHAWAR: In an effort to boost Khyber Pakhtunkhwa’s (K-P) economy, Chief Secretary Nadeem Aslam Chaudhry presided over a meeting that focused on luring domestic and international investment into the province’s most vital industries.
The financial health of K-P and the acceleration of investment prospects were in the forefront of discussions, notably within the context of the Special Investment Facilitation Council (SIFC).
Discussions examined a wide variety of sectors to determine where the best opportunities for profitable investment lay. These sectors included information technology (IT), tourism, infrastructure, mining, agriculture, energy, and economic zones.
The Chief Secretary, the caretaker cabinet members, and other high-ranking government officials met to discuss novel and practical approaches. These plans sought to make Khyber Pakhtunkhwa an attractive place for international investment by improving the province’s business climate, making better use of the province’s wealth of natural resources, and capitalising on the province’s advantageous position.
The primary focus of the discussion was to further develop and improve the planned initiatives within the prioritised industries. This calculated move was made to give the province the upper hand when pitching these projects to the federal SIFC in the hopes of attracting investment.
Background
According to a press release from the PMO, the initiative’s strong momentum was maintained at the third meeting of the Special Investment Facilitation Council (SIFC) on August 7.
Former Prime Minister Shehbaz Sharif presided over the meeting, which was also attended by Chief of Army Staff (COAS) General Syed Asim Munir, as well as other federal, provincial, and municipal leaders.
The prime minister praised the speed with which SIFC was put into action and the effectiveness of its collaborative features. The upcoming launch of SIFC’s website is expected to further amplify the organization’s global reach, which has already been recognised by the committee.
During this supreme committee meeting, the ministries’ proposed projects were given the go-ahead. Investments from friendly countries were sought for initiatives in vital areas such agriculture, cattle, mining, minerals, information technology, and energy. The committee has also given its full support to the upcoming visit of a high-level Saudi Arabian delegation to Pakistan under the SIFC platform, with the instruction that this first visit be really historic.
The supreme committee reiterated the significance of continuing the interim government’s progress towards its goals and pledged its unflinching support for the SIFC programme. Thirty-eight projects totaling billions of dollars were given the stamp of approval by SIFC in the previous month, with the money coming from the Gulf countries.
The food, agricultural, information technology, mining, petroleum, and energy industries were all represented in these endeavours. The Thar Coal Rail connectivity plan, exploring for copper and gold in Chagai, and the $10 billion Saudi Aramco refinery were all given the green light.
Under the umbrella of the China-Pakistan Economic Corridor (CPEC), the Diamer-Bhasha dam was also promoted as an investment opportunity. Taken as a whole, these efforts demonstrated K-P’s forward thinking when it comes to encouraging investment and culminated in a thorough strategy that made use of its assets and potential, solidifying its place in the investing world.
