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HomeBusinessUAE and KSA Investments to Flow via SIFC: PM Shehbaz

UAE and KSA Investments to Flow via SIFC: PM Shehbaz

Prime Minister Shehbaz Sharif emphasized that recent investment pledges from the United Arab Emirates (UAE) and Saudi Arabia will be channelled through the Special Investment Facilitation Council (SIFC), as discussed during the 10th Executive Committee meeting of the SIFC on Saturday.

He highlighted the significance of these investments for Pakistan’s economy, stating, “The UAE has allocated $10 billion in investment for Pakistan. Similarly, Saudi Arabia is also ready to invest. There is no delay from their side. Now we need to prepare to facilitate them. It is now all up to us.”

The meeting, attended by high-ranking officials including Chief of Army Staff Gen. Asim Munir, Foreign Minister Senator Ishaq Dar, Finance Minister Muhammad Aurangzeb, and Chief Ministers of all four provinces, welcomed the inclusion of CM Khyber Pakhtunkhwa Ali Amin Gandapur, who received a last-minute invitation.

Read more: UAE commits $10 Billion investment in Pakistan during bilateral talks

Regarding his recent visits to Saudi Arabia and the UAE, the Prime Minister expressed optimism about the SIFC, stating, “Today the SIFC is playing a critical role in the economic development of Pakistan.”

He emphasized that the government is committed to achieving its economic targets and transforming Pakistan. Acknowledging the need for expertise, he pledged to revamp ministries by hiring relevant experts and consultants.

The Prime Minister disclosed that McKinsey’s services have been enlisted to digitize the Federal Board of Revenue (FBR), aiming to enhance efficiency in tax collection.

Reflecting on Pakistan’s potential, he stated, “Despite facing numerous hardships, we managed to become a nuclear power. Enhancing the country’s agriculture, industry, and export base is very achievable.”

However, he acknowledged the government’s current financial challenges, noting a severe liquidity crunch hindering development projects.

In conclusion, the Prime Minister reiterated his commitment to Pakistan’s prosperity, emphasizing collective efforts towards national growth.

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