KARACHI: In continuation of its efforts to improve the country’s business climate, the Special Investment Facilitation Council (SIFC) has asked Karachi’s business community to exploit huge investment potential in agriculture, livestock, information technology, mining and energy sectors.

At a meeting held at Corp Commander Office V on Tuesday, Special Assistant to Caretaker Prime Minister Dr Jehanzaib Khan and the SIFC’s director-general also shared with businessmen and economic experts of Karachi and Sindh details of the potential projects.

This was a follow-up meeting after two separate meetings the army chief held with businessmen in Karachi and Lahore on Saturday and Sunday.

The objective of these meetings was to highlight all those aspects that would play a positive role in improving the country’s overall investment climate.

Karachi traders also suggest ways for improving business climate

The Karachi Chamber of Commerce and Industry (KCCI) after the meeting in a press statement said investors were also provided an opportunity to share their views and suggestions for improving the overall investment climate.

The meeting was also participated by senior officials of the Pakistan Army.

The participants were assured that the SIFC would provide all required facilities to businessmen looking forward to making investments.

In a separate statement, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Irfan Iqbal Sheikh proposed that SIFC must include the representatives of the apex body in all of its task forces and sectoral committees on the five focus areas under SIFC i.e. agriculture, mines and minerals, information technology, energy and defence production.

The FPCCI will be more than willing to participate and assist the government, he added.

He said the FPCCI, being the country’s apex body representing all 250 chambers, associations and trade bodies, has its networks and experts in all the aforementioned focus areas of SIFC. The consultative process holds the key to success for SIFC, economic stabilisation and getting rid of the shackles of the IMF, he added.

The FPCCI chief said the only logical, effective, swift and result-oriented solution to the menace of smuggling lies in eliminating smuggling networks at the country’s borders as those are the entry and exit points. “There is no use in screening or monitoring the markets without having strict control at the borders,” he remarked.

He welcomed the army chief’s initiatives to attract mega investments through SIFC, a crackdown on forex speculative trading, stringent measures to eliminate smuggling of petroleum products and sugar, broadening the tax net and shielding investors from any change in government to improve investor’s confidence through continuity in economic policies.

He said it is possible to bring $25 billion investment in the near term of less than one year and $100bn in the short to medium- term of one to three years from various countries.

Mr Irfan also expressed his optimism on the upcoming visit of Saudi Crown Prince and Prime Minister Mohammed Bin Salman for its game-changing socioeconomic significance.

Published in Dawn, September 6th, 2023