UNLIKE the past, the authorities concerned seem to be determined to take all the ongoing measures aimed at rectifying wrongs of the economy to the logical conclusion with a view to ensuring trickle-down effect of the process. This message beamed out once again from the 8th meeting of the Special Investment Facilitation Council (SIFC) held in Islamabad on Wednesday, which reiterated its resolve to continue action against smugglers, hoarders and market manipulators, which have impacted the economic trajectory and to provide immediate relief to common citizens.
We have been emphasizing in these columns that the need for reforms notwithstanding, most of the woes of the ordinary people can be addressed by sincere and timely administrative measures both by the federal and provincial governments. In the absence of the writ of the state, a number of mafias are active and sucking blood of the people with immunity and it was in this background that the people of Pakistan heaved a sigh of relief when Pakistan Army threw its weight behind the government in tackling those engaged in smuggling and market manipulation. The situation is not ideal but it is also a fact that the ongoing campaign had a positive impact on availability of essential commodities and their prices also came down because of concrete action against smugglers and currency manipulators. It is also encouraging that apart from expressing its resolve to continue this multi-pronged operation, the SIFC is proceeding ahead with its plans to attract foreign investment in different sectors of the national economy. Infrastructure and provision of modern services are prerequisites to lure in investors and with this in view the Council is laying stress on infrastructure development to facilitate investors, especially in remote areas of the country. In this regard, new initiatives are also needed but a number of projects have already been identified through the platform of China-Pakistan Economic Corridor (CPEC), which should be prioritized as these are backed by firm commitments of funding by China. Similarly, the SIFC is also clearing legal and other hurdles in the way of investment and bilateral investment treaties are being finalized with several countries of the Gulf which would ensure enhanced economic interaction. The forum is also cognizant of the need to translate commitments repeatedly made by some friendly countries for investment promotion into reality and directions have been issued to the concerned authorities to expedite implementation of various proposals and projects.
