Govt constitutes SIFC to boost investment from GCC countries

June 21, 2023 (MLN): The Prime Minister of Pakistan has constituted the 'Special Investment Facilitation Council' (SIFC) for the economic revival of the country, with a focus on attracting investment from Gulf Cooperation Council (GCC) countries, a notice issued showed.

The council's main objectives include acting as a 'Single Window' for cooperation with GCC countries and other nations, and preparing a long-term roadmap for growth and investment.

Additionally raising awareness of Pakistan's potential, exploring new opportunities, improving the ease of doing business, and coordinating Pakistan Army's assistance in line with the council's objectives.

The SIFC’s focus is on investment and privatization in Defense, Agriculture, Minerals, Information Technology and Telecommunication, and Energy sectors.

The SIFC consists of three tiers, each with specific compositions and responsibilities.

The first tier is the Apex Committee-SIFC, which includes the Prime Minister of Pakistan, Federal Ministers, Chief of the Army Staff (by special invitation), all Provincial Chief Ministers, the National Coordinator (Pakistan Army), and a Special Assistant to the Prime Minister as the Secretary to the Apex Committee.

The second tier is the Executive Committee-SIFC, comprising the Minister for Planning, Development & Special Initiatives, National Coordinator (Pakistan Army), Federal Ministers, Ministers of State, Provincial Ministers, the Special Assistant to the Prime Minister, all Provincial Chief Secretaries, the Director General (Pakistan Army), and the Secretary of the Board of Investment. The Secretary of the SIFC Secretariat acts as the Secretary to the Executive Committee.

The third tier is the Implementation Committee-SIFC, consisting of the SIFC Secretariat, the Special Assistant to the Prime Minister, the Director General (Pakistan Army), the Secretary of the SIFC Secretariat, a representative of the Pakistan Army, five Sector Coordinators, five Co-coordinators (ex-Pakistan Army), and a dedicated Additional Secretary of the Board of Investment serving as the Secretary for the SIFC Secretariat, the Executive Committee, and the Implementation Committee.

Additionally, there are Co-Opted Members from various departments and divisions, including the Finance Secretary, Secretary of the Board of Investment, Secretary of the Economic Affairs Division, Chairman of the Federal Board of Revenue, Deputy Governor of the State Bank of Pakistan (nominated by the Governor), and Provincial Focal Persons.

The Sectoral Divisions include the Defense Division, Agriculture Division, Mineral Division, Information Technology Division, and Energy Division. Each division has specific representatives from relevant ministries and departments, as well as representatives of the Pakistan Army and other entities related to the respective field.

The Apex Committee, Executive Committee, and Implementation Committee to hold meetings at regular intervals to monitor the progress of each Sectoral Division, the notice added.

The SIFC is planned to have its independent building, and the Office/Secretariat of the council will be notified separately, it reads.

The Apex Committee has the authority to co-opt any member from any tier of the SIFC as needed.

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