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SIFC accelerates implementation of bilateral investment treaty with Saudi Arabia, Qatar

Mettis Global | 4 January 2024

SIFC accelerates implementation of bilateral investment treaty with Saudi Arabia, Qatar

January 04, 2024 (MLN): The Special Investment Facilitation Council on Wednesday gave directions to swiftly turn the Bilateral Investment Treaty with Saudi Arabia and Qatar into an economic reality, according to a press release issued on the day.

Additionally, the council appreciated the enhancing level of economic engagements with the United Arab Emirates and the State of Kuwait respectively, and also gave instructions for quick developments.

These directions were given by the council at the 8th meeting of its Apex Committee on 03 January 2024 to review various projects and initiatives being pursued through the platform of SIFC.

The Federal Ministries presented progress on the projects being steered in key sectors and gave plans for the timely realization of the envisaged investments.

The Committee showed satisfaction with the overall progress achieved in the key sectors under SIFC.

The Committee reviewed progress on privatization and appreciated the collaborative approach of various stakeholders in the timely completion of various critical benchmarks and gave directions to maintain the momentum.

It further reviewed progress on various measures being undertaken to improve the investment climate. It approved various policy-level interventions to facilitate further the investors including strengthening of domestic dispute resolution mechanism.

Moreover, a consensus on fast-tracking infrastructural development to facilitate investors, especially in remote areas of the country was also developed.

The Committee appreciated the ongoing inclusive approach towards human resource development to support emerging needs in key sectors of the economy.

The Committee showed firm resolve to take action against smugglers, hoarders and market manipulators, which have impacted the economic trajectory and to provide immediate relief to common citizens.

Chief of Army Staff assured the unwavering resolve of the Pakistan Army to support the government’s initiatives aimed at the economic recovery of the country.

The Caretaker Prime Minister Anwaar-ul-Haq Kakar chaired the meeting attended by the Chief of Army Staff, Federal Cabinet, Provincial Chief Ministers, and high-level government officials.

In the end, the Prime Minister directed all the stakeholders to vigorously pursue various SIFC initiatives to ensure their accomplishment within the stipulated timeframe.

 source: Mettis Global