Prime Minister Shehbaz Sharif has formed a 12-member Cabinet Committee on the Special Investment Facilitation Council—a civil-military hybrid forum to seek foreign investment in the country.

PM Shehbaz would be the convener of the committee while provincial ministers and the chief of army staff would be the members.

Almost a year ago, the Pakistan Democratic Movement government formed the SIFC to act as a “single window” interface for potential investors as well as to adopt a unified approach.

It was established under the ‘Economic Revival Plan’, aimed at capitalising on Pakistan’s untapped potential in key sectors, fast-tracking the development projects, and facilitating investment.

Earlier this month, the SIFC’s apex committee called for the timely accomplishment of various privatisation milestones in collaboration with relevant stakeholders.

The committee had summoned the meeting to review various initiatives and projects under the SIFC’s ambit.

Since its establishment, the governments have announced their decision to introduce ‘business-friendly’ visas and equip as many as 200,000 youths with information technology skills to tap the billion-dollar sector, which generates $2.6 billion worth of exports but has a capacity of $10 billion.

It has also planned to privatise state-owned enterprises and power distribution companies to improve the economy.

In his visit to Pakistan, Saudi Foreign Minister Prince Faisal bin Farhan Al Saud spoke about the forum and was “confident” that his Pakistan trip would deliver “significant benefits” for the two countries.

“We were extremely impressed by the very proactive attitude that we saw in our meetings, especially with the [Special] Investment [Facilitation] Council,” he said at a joint press conference alongside his Pakistani counterpart Ishaq Dar in Islamabad on April 16.