ISLAMABAD, Jul 27 (APP): The Senate on Thursday accorded unanimous approval to the Board of Investment (Amendment) Bill 2023, which aimed at boosting foreign investment in the country with the establishment of Special Investment Facilitation Council (SIFC).
The bill, introduced by Minister for Law and Justice, Azam Nazeer Tarar, granted the government the authority to establish a council, consisting of the Prime Minister, Chief Minister, and four Federal Ministers.
The council will be responsible for overseeing efforts to enhance foreign investment in the country.
According to statement of objects and reasons, Foreign direct investment (FDI) is crucial for economic growth, but Pakistan faces obstacles in attracting significant FDI, including bureaucratic hurdles and regulatory complexities. Comprehensive reforms are needed to simplify regulations, enhance transparency, and foster a business-friendly environment.
To address these challenges, Pakistan’s government formulated an Economic Revival Plan to attract investment from GCC countries, establishing the Special Investment Facilitation Council (SIFC) as a central hub to streamline cooperation with investor nations.
Under the amendment, the SIFC will facilitate investment and privatization in various sectors, including agriculture, infrastructure development, telecommunication, and energy, among others. It will take all necessary measures to promote investment opportunities and business in Pakistan.
Additionally, the federal government can notify any other area, sector, industry, or project as a relevant field, while the provincial government or an authorized entity can refer sectors or projects to the SIFC for processing under this
chapter.
SIFC has the authority to summon regulatory bodies, government divisions, or representatives if delays in necessary licenses, certificates, or permits hinder investment operations and discourage investor confidence.
Under the amendment, the federal government, based on SIFC’s recommendations, can issue notifications in the official gazette to relax or exempt regulatory requirements for projects, transactions, arrangements, and agreements under this chapter. However, such relaxations or exemptions must comply with the provisions of the respective laws in force.
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