ISLAMABAD: Prime Minister Shehbaz Sharif on Monday directed federal ministers to identify feasible projects for foreign investment in priority sectors, his office said in a statement, amid Pakistan’s push to attract investment to ward off its macroeconomic crisis.
Pakistan’s government has sought closer trade and economic relations with regional allies, Gulf countries and Central Asian Republics in recent years to bolster foreign trade and investment. Islamabad formed the Special Investment Facilitation Council (SIFC), a government body comprising senior civilian and military officials, in 2023 to fast-track decisions related to investment in minerals, agriculture, tourism, IT, livestock and other sectors.
The Pakistani prime minister, who is due to travel to New York today to take part in the United Nations General Assembly, chaired a meeting of senior ministers and officials in London on enhancing investment, economic, and trade activity in Pakistan.
“The prime minister directed all ministers to immediately identify feasible projects and take steps to turn them into actionable initiatives,” the Prime Minister’s Office (PMO) said in a statement.
It added that Sharif directed the ministers to chalk out a roadmap and transformation agenda with a “forward-looking approach” to achieve the goals. Sharif said targets have been assigned to ministries, who have been instructed to utilize all available resources to ensure the timely completion of ongoing projects.
“Agriculture, IT, minerals, tourism, and renewable energy are key sectors that can attract foreign investment,” Sharif was quoted as saying by his office. “Along with investment, promoting trade is also a core part of our policy, so that our exports can see significant growth.”
The prime minister stressed Pakistan’s private sector will play a key role in the roadmap for the country’s economic activities, saying that their participation will be ensured.
Sharif has frequently said his government seeks to establish trade relations and “mutually beneficial partnerships” with countries and does not seek loan from them only. Pakistan has pushed for sustainable economic growth, driven by exports and long-term financial reforms, after it came to the brink of a sovereign default in 2023.
An International Monetary Fund (IMF) financial bailout package saved Pakistan from the default, prompting authorities to push for economic growth as the country struggles to make economic gains.
