By Staff Reporter
ISLAMABAD: The government announced on Tuesday a new strategy to boost the country’s economy, which has been battered by high inflation, interest rates and dwindling foreign exchange reserves.
The ‘Economic Revival Plan’ aims to tap into the “untapped potential in key sectors” such as defence production, agriculture, livestock, minerals, mining, IT and energy through domestic development and foreign investment, a statement from Prime Minister Shehbaz Sharif’s office said.
Sharif chaired a meeting of top civilian and military officials, including Chief of Army Staff General Asim Munir, to discuss the plan, which also involves setting up a Special Investment Facilitation Council (SIFC) to act as a one-stop shop for potential investors.
The council will streamline the business processes and ensure swift project implementation by coordinating with all stakeholders, the statement said.
The SIFC would create synergy between the federation and provinces, facilitate timely decision making, avoid duplication of effort and ensure swift project implementation.
The government had decided to adopt a holistic approach that fostered partnerships within the federal and provincial governments for effective implementation of the SIFC, which would give primacy and fast-track approvals to investors.
“The high-ranking participation from federal and provincial governments, clearly manifests the national resolve to turn around the economy despite all odds.”
PM Sharif said his government inherited an economy that was on the brink of collapse and had taken “bold and difficult decisions” to steer it towards growth and development.
“There are, however, massive challenges ahead. Export oriented FDI (foreign direct investment) hold the key to economic revival.”
The primer said the government would adopt a holistic approach that fosters partnerships within the federal and provincial governments for effective execution and give priority and fast-track approvals to investors.
He also said the expected investments would create jobs and livelihoods for the youth and women and empower them to realise their full potential.
“Let us resolve to work together, leave no stone unturned and be single-minded in our focus and direction,” he said. “We can transform the destiny of Pakistan and its people.”
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