Pakistan’s newly established Special Investment Facilitation Council (SIFC) will explore the export potential of the country’s defence production sector, according to Planning and Development Minister Ahsan Iqbal.
The SIFC, announced by the government last month, aims to provide a single-window interface to potential investors. Speaking at a press conference in Islamabad after a meeting of the SIFC’s apex committee, Minister Iqbal highlighted the strong infrastructure of the defence production sector and emphasized the potential for exports in this area. He stated that by initiating exports in the defence sector, Pakistan could meet its defence needs while earning foreign exchange.
Under the SIFC, foreign investors will be facilitated in five sectors, including defence production, agriculture, information technology, minerals, and energy. Minister Iqbal further explained that the SIFC initiative would also be used to promote agriculture and attract investment for modern farming and technology integration.
The government plans to offer incentives for investment in solar energy projects and aims to increase exports in the IT sector.
Minister Iqbal emphasized the importance of maximizing exports in the minerals sector and announced that Pakistan would organize a roadshow to invite mining companies to invest and increase production in this area.
The government also intends to revise the policy to remove hurdles in the issuance of visas to businessmen, with the Interior Ministry tasked to prepare a report on this within two days.
Highlighting the significance of exports and foreign direct investment, Minister Iqbal stated that the government aims to transform ties with friendly countries under the SIFC, encouraging them to invest in Pakistan rather than providing aid.
The SIFC was established to promote direct investment in Pakistan, as the country’s current foreign direct investment volume stands at $1.5 billion.