Body set up to run affairs of SIFC
ISLAMABAD: Prime Minister Shehbaz Sharif approved the creation of a company to handle the administrative affairs of the Special Investment Facilitation Council (SIFC) in a move aimed at cutting red tape to hire skilled manpower to speed up the work of the civilian-run council and military. key.
According to government sources, the Prime Minister gave the go-ahead to incorporate the Special Purpose Society (SPC) while chairing the third meeting of the SIFC Second Tier Committee. The meeting was held earlier this week and was also attended by Chief of Army Staff General Asim Munir.
Responding to a question from The Express Tribune, Prime Minister Shehbaz Sharif said on Saturday that the company was setting up on the lines of companies of a similar nature that were set up in Punjab during his tenure as the provincial chief minister.
SIFC approved the establishment of the company with the aim of hiring professional financial, legal and marketing staff, according to the officials. They said the company would hire technical advisers where necessary to speed up work in areas such as agriculture, mining, information technology, defense manufacturing and energy.
The government established the SIFC secretariat a few weeks ago and the finance ministry had sanctioned a budget of Rs 200 crore against a requirement of Rs 400 crore. At present, the secretariat houses relatively few people and is mostly assisted by the military to handle administrative matters.
Citing the need to establish the new company, government officials said the process of setting up project management to hire people through the right channel would have taken more time and could delay the hiring of staff.
The new company will be registered with the Pakistan Securities and Exchange Commission and will have a board of directors with representatives from the military, civilian government and the private sector, according to the officials.
The SPC will design its human resources, procurement and financial procedures to ensure a highly capable organization and will report directly to the SIFC Secretariat, according to the decision. Former Finance Minister Ishaq Dar said on Saturday that the SIFC would act as a one-stop forum to attract foreign investment to the country, adding that the Special Purpose Company will be its administrative arm.
Published in EDP BLOGS on Aug 14,2023.
