The federal government unveiled on Tuesday the ‘Economic Revival Plan’, aimed at capitalising Pakistan’s untapped potential in key sectors, fast-track the development projects, and facilitating investment.

“The Economic Revival Plan envisages capitalising Pakistan’s untapped potential in key sectors of defence production, agriculture, livestock, minerals, mining, information technology, and energy, through indigenous development as well as investments from friendly countries,” said a PM Office press release.

The plan was unveiled during a high-level meeting chaired by Prime Minister Shehbaz Sharif and attended by Chief of Army Staff Gen Asim Munir, chief ministers, federal and provincial ministers, and high-level government officials.

The Pakistan Army’s all-out support to complement the government’s efforts for Economic Revival Plan, considered fundamental to socio-economic prosperity of Pakistanis and reclaiming Pakistan’s rightful stature among the comity of nations, says COAS Gen Asim Munir

A high-level meeting led by Prime Minister Shehbaz Sharif has decided to set up a special council to lure foreign investors as the country tries to boost its economy and shore up foreign reserves.

To fast-track the development of projects, the establishment of the Special Investment Facilitation Council (SIFC) has been undertaken to act as a ‘single window’ interface for potential investors as well as to adopt a unified approach.

“The setup will shorten heretofore cumbersome and lengthy business processes through a cooperative and collaborative ‘whole of the government approach’ with the representation of all stakeholders,” it said, “it is aimed at creating horizontal-vertical synergy between federation and provinces; facilitating timely decision making; avoiding duplication of effort; and ensuring swift project implementation.”

The high-ranking participation from federal and provincial governments manifested the national resolve to turn around the economy despite all odds.

“The Pakistan Army’s all-out support to complement the government’s efforts for Economic Revival Plan, considered fundamental to socio-economic prosperity of Pakistanis and reclaiming Pakistan’s rightful stature among the comity of nations,” COAS Gen Munir was quoted as saying in the statement.

PM Shehbaz added that his government inherited an economy that was on the “brink of collapse”. With bold and difficult decisions, the statement added that it was being steered towards growth and development. “There are, however, massive challenges ahead,” he added.

The investors will be given primacy and fast track approvals, through a well-coordinated approach, says PM Shehbaz Sharif

He added that export oriented foreign direct investments held the key to economic revival and the government has, therefore decided to adopt a holistic/whole-of-government approach which fostered partnerships within the federal and provincial governments for effective implementation and execution.

“The investors will be given primacy and fast track approvals, through a well-coordinated approach,” he said and observed that the expected investments would create jobs and livelihoods for the youth and women. The premier advised that the focus should be on empowering young females to realise their full potential.

“Let us resolve to work together, leave no stone unturned and be single-minded in our focus and direction. We can transform the destiny of Pakistan and its people. It would, however, not happen without hard work and staying the course on the path of progress and development,” the prime minister remarked.

He said: “Pakistanis deserved nothing less from those who have been bestowed the responsibility to administer the country by Allah Almighty and the people of Pakistan.”

More to follow…