https://ift.tt/n02wZvC Pakistan’s top civil-military leadership presented on Tuesday an “Economic Revival Plan” – claimed to be a bigger economic project than the China Pakistan Economic Corridor (CPEC) – to address the nation’s economic struggles by harnessing country’s untapped potential in key sectors through local development and foreign investments. To attract investment in different sectors from “gulf countries” and to expedite project implementation, the government has established a Special Investment Facilitation Council (SIFC), which will serve as a streamlined interface for investors and remove all the bottlenecks in investments with the help of the army. The government unveiled the economic revival plan in the wake of economic hardships being confronted by the country at the Prime Minister House. The event was chaired by Prime Minister Shehbaz Sharif and attended by Chief of Army Staff (COAS) Gen Asim Munir, chief ministers, federal and provincial ministers and high-level government officials. At the event, the prime minister stressed the need for export-oriented foreign direct investments while the army chief pledged full support from the military, recognising the plan's importance for national prosperity. The plan envisages capitalising Pakistan’s untapped potential in key sectors of defence production, agricultural, livestock, minerals & mining, IT and energy, through indigenous development as well as investments from friendly countries. While speaking at the occasion, the COAS assured Pakistan Army’s all out support to complement 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. The plan aims to foster collaboration between the federal and provincial governments to promote timely decision-making and avoid duplication. It will also promote the concept of “one government” and “collective government” to remove all barriers to investment and business activities. “This economic recovery project [SIFC] will prove to be a bigger economic project than CPEC,” a key cabinet minister told The Express Tribune. “The project is a game changer for the development of Pakistan. If this project is completed, the government source said, it is estimated that by 2035, Pakistan could become a trillion dollar economy. The minister said that the “investment will come from the gulf countries” and the “Pakistan Army will play a key role in the management and coordination of projects”. Also read: $1tr economy targeted in 2035 It may be recalled that CPEC was also dubbed as a “game changer” project signed between Pakistan and China on July 5, 2013, during the PML-N’s tenure and its 10 years will be completed in July this year. Reportedly, under the agreement, so far less than $25 billion of Chinese investment has been made out of the planned amount of $62 billion due to Islamabad’s failure to honour its commitments. Under the SIFC project, the source said, direct job opportunities will be provided to 15 to 20 million people and indirect job opportunities to 75 to 100 million people in the four to five years. Along with this, the SIFC project will generate exports of 70 billion dollars and “import substitution” of equal amount in the next four to five years. The minister said that “the [SIFC] plan will also increase Pakistan’s foreign direct investment by 100 billion dollars”, adding that under the project foreign exchange reserves will also be enhanced in the next four to five years, which will lead to a reduction in the economic difficulties being currently faced. Commenting on army’s involvement in the project, the government sources said that security and economy are closely related to each other that’s why Pakistan Army will spend all its energy in management, coordination and for the success of the project. “As this project becomes stronger and more stable,” a minister said, “the role of Army will gradually decrease.” Also, the minister said, “army will provide only management and technical support in this initiative to successfully complete the project.” An official statement issued after the meeting stated that the establishment of SIFC has been undertaken to act as a ‘Single Window’ interface for the potential investors as well as to adopt a unified approach to fast-track the development of projects. Also read: PM stresses ‘Charter of Economy’ It added that the setup will shorten hithertofore cumbersome and lengthy business processes through a cooperative and collaborative ‘whole of the government approach’ with representation of all stakeholders. 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, clearly manifests the national resolve to turn around the economy despite all odds,” the official statement read. In his speech, PM Shehbaz recalled that his government inherited an economy which was on brink of collapse, saying with bold and difficult decisions it is now being steered towards growth and development. However, he said, there are massive challenges ahead. Export oriented FDIs hold the key to economic revival, PM Shehbaz said, adding that the government has, therefore, decided to adopt a holistic and whole-of-government approach which fosters partnerships within the federal and provincial governments for effective implementation and execution. The investors would be given primacy and fast track approvals through a well-coordinated approach, he added. PM Shehbaz observed that the expected investments would create jobs and livelihoods for the youth and women, advising that the focus should be on empowering young and 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,” PM extorted. “We can transform the destiny of Pakistan and its people,” he said, adding that it would, however, not happen without hard work and staying the course on the path of progress and development. The premier said that Pakistan and Pakistanis deserve nothing less from those who have been bestowed the responsibility to administer the country by Almighty Allah and the people of Pakistan.
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