IN the backdrop of media reports that the Army Chief, General Asim Munir, held out a firm assurance to representatives of the business community of firm actions to address the economic malaises, senior officials of the Special Investment Facilitation Council (SIFC) met with traders on Tuesday to discuss potential investment and the current economic situation. This was part of the scaled up activities of the Council which is engaged in identifying and approving projects for local and foreign investment as well as pinpointing difficulties and hurdles in the way of realization of the ambitious targets in the realm of investment.
The interaction of the SIFC with local businessmen is of prime importance as they cannot only give valuable input based on their intimate knowledge and experience but can also become part of the process by joining joint ventures with foreign entrepreneurs. Their sincere cooperation and assistance can help speed up the process of facilitating investors and in this backdrop their suggestion to give them representation on the Council is understandable and merits consideration by the authorities concerned. In a related development, Prime Minister Anwar-ul-Haq Kakar said in a television programme on Tuesday that Saudi Arabia, Qatar and the United Arab Emirates have committed to “clear” and “tangible” investment projects in Pakistan. He was confident that the process of intensive engagement with prospective investors would lead to on-ground initiation of some projects during the next few months. We hope that all concerned would work in tandem to make the initiative of the SIFC a resounding success as all eyes are set on the Council for taking practical steps to help revive the economy and put the country on the path of accelerated progress and development. Record inflation, rampant smuggling, inefficiency of the bureaucratic machinery, inability of the judiciary to deliver and weak governance (as evident from inability of the system to check smuggling of goods and dollars as well as profiteering) are transmitting wrong signals to the people. It is because of the prevailing despondency that thousands of people are leaving the country every month and initiation of projects under the SIFC umbrella might help reverse the trend.
