Shehbaz Sharif says Special Investment Facilitation Council will serve as top decision-making forum to push through economic reforms n Calls for attracting investment from friendly countries n Reaches Paris to attend New Global Financing Pact Summit.
ISLAMABAD/PARIS - Prime Minister Shehbaz Sharif Wednesday said with the help of the Special Investment Facilitation Council (SIFC), the immediate task was to increase the Foreign Direct Investment (FDI) in the country up to$5 billion. He said he had fervently advocated a unified approach to steer the country out of the economic challenges on a path to sustainable growth.
"Employing a whole-of-the-the-government approach, the coalition government has decided to set up a Special Investment Facilitation Council (SIFC) with a mandate to frame economic policies that ensure policy predictability, continuity and effective implementation to revive the economy", the prime minister said in a tweet.
He said by virtue of its composition, the SIFC will serve as a top decision-making forum to push through fundamental reforms in the structure of the economy. To begin with, he said the forum will focus on leveraging key sectors such as IT, agriculture, energy, minerals and mining, and defence production.
"Attracting investment from friendly countries remains one of the key goals of the SIFC," he added.
Shehbaz Sharif said the need for a representative forum like the SIFC has long been felt, given the scale of the economic challenges caused by internal and external factors. He said the textbook approach to deal with a unique set of problems is not workable anymore. Hence all the more reason to leverage collective wisdom to kick-start the economy to make it self-reliant, export-driven, and robust capable of withstanding external shocks and upheavals. “Creative ideas offer the solution to our economic problems,” he added.
PM ARRIVES IN PARIS
Prime Minister Shehbaz Sharif on Wednesday arrived here on an official visit to attend the New Global Financing Pact Summit, on the invitation of French President Emmanuel Macron. As the prime minister landed at the Paris Airport along with his delegation, he was warmly received by Pakistan’s ambassador in France and diplomatic officials, besides senior French government authorities. Federal ministers Sherry Rehman, Sardar Ayaz Sadiq and Marriyum Aurangzeb, and Special Assistant to the PM Tariq Fatemi are part of the prime minister’s entourage. During the visit, the prime minister will attend the New Global Financing Pact Summit being hosted by France and participated by heads of state and delegates from over 50 countries. Prime Minister Shehbaz will also join the world leaders at the dinner reception hosted by the French president for the participating dignitaries. During the visit, the prime minister will also hold bilateral meetings with different heads of state.