Islamabad – The Special Investment Facilitation Council (SIFC) announced a groundbreaking visa policy aimed at bolstering investments from Gulf Cooperation Council (GCC) nations and various other international partners. This strategic move comes after two days of extensive deliberations by the council, featuring prominent members, including the army chief.
The SIFC, instituted earlier this year, has been steadfast in its pursuit of foreign investments from Gulf nations and friendly nations beyond. However, Federal Law Minister Ahmad Irfan Aslam, during a post-press conference interview with Dawn, acknowledged that, in contrast to the substantial commitments received from China for the China-Pakistan Economic Corridor (CPEC), Western nations have not yet provided concrete pledges to the SIFC.
Minister Aslam underlined the distinct scopes and sectors earmarked for Chinese investment in the SIFC compared to the CPEC. While the CPEC centers on infrastructure, energy, and road projects, the SIFC opens avenues for Chinese investments in minerals and other sectors unrelated to the corridor project.
Minister Aslam further disclosed that advanced agreements are in the pipeline with GCC countries, notably Saudi Arabia, the United Arab Emirates, and Qatar. He expressed optimism that the agreement with Saudi Arabia would be signed by year-end. In contrast, non-GCC Western countries have not exhibited firm commitments at this stage.
Responding to inquiries, the law minister noted Indonesia’s expressed interest in investing through the SIFC, while Western and other non-GCC nations have yet to make definitive commitments.
In a video message following the apex committee meeting of the SIFC, Caretaker Prime Minister Anwaarul Haq Kakar revealed crucial decisions taken regarding the new visa framework. Pakistani embassies will now grant visas to business individuals presenting letters from host countries or reputable global business organizations. Additionally, invitations from Pakistani chambers and entrepreneurs will be considered sufficient for visa issuance.
The prime minister’s secretariat, in a statement, highlighted that the SIFC’s second session engaged various ministries, including foreign affairs, interior, information technology, national food security, and water resources. The aim was to enhance the business and investment climate in the country, with ministries presenting comprehensive plans to address significant challenges.
In the realm of foreign relations, Caretaker Foreign Minister Jalil Abbas Jilani emphasized Pakistan’s proactive diplomacy and the improvement of relations with various nations. He noted growing interest from GCC countries in the investment council and predicted enhanced ties with African countries through the ‘Look Africa’ policy. Efforts were also underway to address international investors’ concerns.
Caretaker Interior Minister Sarfraz Ahmed Bugti affirmed that international investor visas would be granted on favorable terms, including visas for their staff. Rigorous measures had been initiated to combat smuggling, with a crackdown on items such as sugar, dollars, oil, fertilizers, and wheat. A strict “zero tolerance” approach was promised.
Special Assistant on Overseas Pakistanis Jawad Sohrab Malik announced the establishment of a special cell in the interior ministry to combat illegal land grabs of overseas Pakistanis’ properties. Travel incentives were on the horizon, and a national program aimed at helping 600,000 freelancers earn $5 to $10 per day was unveiled, with an estimated annual revenue of $3 billion. Measures to facilitate the repatriation of export earnings for IT companies were also outlined.
Law Minister Aslam reiterated the interim government’s mandate to make decisions for the betterment of the people and stressed the importance of maintaining the IMF agreement. He confirmed that President Arif Alvi would remain in office until the appointment of his successor, assuring the continuity of interim government policies.
