Pakistan opens gates for Gulf investment
ISLAMABAD: In a major development, Pakistan’s new Special Investment Facilitation Council (SIFC), a hybrid civil-military forum, has approved in principle $28 billion worth of projects to be offered to Gulf countries for investment, including the construction of Diamer-Bhasha. – Reko Diq dam and mining in Chagai district in Balochistan.
The list of approved projects suggests that if all programs are taken over by countries like Qatar, Saudi Arabia, UAE and Bahrain, investment under the ITFC banner could exceed $28 billion in the Chinese economy. . Pakistan. . Corridor (CPEC).
Initially, the programs approved will cover the food industry, agriculture, information technology, mining an These include livestock; Saudi Aramco’s $10 billion refinery; prospecting for copper and gold in Chagai; and the Thar Coal Rail Link Scheme.
The Diamer-Bhasha Dam has also been offered to China for investment under the CPEC. To provide legal cover for SIFC’s work, parliament this week approved amendments to the Pakistan Army Act and Board of Investment (BOI) regulations.
Changes were also introduced in the electoral law to ensure continuity of work with these systems under the caretaker government. These laws allow for the immediate implementation of $28 billion in initially approved investment projects, in addition to granting immunity to policymakers from investigations by various anti-corruption agencies.
Another bill, the Pakistan Sovereign Wealth Fund, is also in preparation to provide capital to ITFC-approved projects for joint ventures with foreign countries and sole proprietorship schemes. The assets of seven profitable public entities, including blue-chip companies, will be transferred to the asset fund for use.
Civilian-military leaders now planned to jointly manage the economy to attract investment from Gulf countries to improve Pakistan’s non-debt inflows and reduce its dependence on imports. They added that an international tender can be issued for some of them.
Published in EDP BLOGS on August 14,2023.
