ISLAMABAD: In a significant development, Pakistan’s new Special Investment Facilitation Council (SIFC), a hybrid civil-military forum, has in principle approved 28 projects worth billions of dollars that would be offered to Gulf countries for investment, including the construction of the Diamer-Bhasha dam and mining operations at Reko Diq in the Chagai district of Balochistan.
According to the list of authorized projects, more money may be invested under the SIFC banner than the $28 billion allocated for the China-Pakistan Economic Corridor (CPEC) if all of the plans are adopted by nations like Qatar, Saudi Arabia, the UAE, and Bahrain.
At first, the sectors of food, agriculture, information technology, mining and minerals, petroleum, and electricity are those with authorized schemes. Cattle ranches, the $10 billion Saudi Aramco refinery, copper and gold prospecting in Chagai, and the Thar Coal Rail connection project are a few among them.
Additionally, the Diamer-Bhasha dam has been made available to China for investment via CPEC.
This week, the parliament adopted a number of revisions to the Board of Investment (BOI) Ordinance and the Pakistan Army Act in order to provide legal protection for the SIFC’s operations.
To guarantee that work on these programs continues throughout the time of the caretaker administration, amendments to the Election Act have also been submitted.
The 28 multibillion dollar investment projects that were initially authorized will be carried out more quickly thanks to these regulations, which also provide the decision-makers’ protection from any form of probe by different anti-graft authorities.
Another piece of legislation, the Pakistan Sovereign Wealth Fund, is also in the works and would contribute equity to projects that have received SIFC approval, whether they are single-ownership plans or joint ventures with other countries.
Seven lucrative state-owned businesses, including blue-chip enterprises, are having their assets transferred to the wealth fund so they may be used for SIFC-approved initiatives.
Pakistan has established the SIFC in an effort to “foster synergy between the federal and provincial governments to facilitate timely decision-making, avoid duplication of efforts, increase investor confidence, and ensure swift project implementation,” according to Prime Minister Shehbaz Sharif.
According to sources, the administration had chosen 23 nations for the project pitches, but Saudi Arabia, the UAE, Qatar, and Bahrain would receive the most of attention.
In an effort to expedite the implementation of the plans, Pakistan would provide priority visas to nationals of these nations.
