Islamabad: In a major development, Pakistan’s new Special Investment Facility Council (SIFC)-a joint civilian military forum, has approved billions of dollars in principle 28 projects.
These projects, which will be presented to the Gulf countries for investment, include the construction of Dimar Bhasha Dam and mining projects in Rakodak in Chagai district of Balochistan.
According to the list of approved projects, if all these schemes were raised by countries such as Qatar, Saudi Arabia, the United Arab Emirates and Bahrain, the investment volume under SIFC could exceed $ 28 billion, which would be more than investment under the China Pakistan Economic Corridor (CPEC).
Initially, these schemes include food, agriculture, information technology, minerals, petroleum and energy sectors. These include livestock farms, $ 10 billion in Saudi Arabo refinery project, copper and gold in Chigi, and Thar Coal Rail Come Contact Scheme.
The Kanya Bhasha Dam has also been presented to China for investment under the CPEC.
Legal protection and amendment
To provide legal protection to the SIFC’s work, Parliament approved the amendment of the Pakistan Army Act and the Board of Investment (BOI) ordinance this week.
The Election Act has also been introduced so that these schemes can continue work during the caretaker government.
These rules will initially help accelerate the completion of 28 major investment projects, and investigations from various anti -corruption agencies will also be exempted from the decision makers.
Another law is also being introduced, called the Pakistan Sourin Wealth Fund, which will provide equity capital to the SIFC approved projects.
In this fund, the assets of seven profitable public sector businesses are being used for projects approved by SIFC.
Investing strategies from Gulf countries
Pakistan has adopted a strategy to attract investment from the Gulf countries through SIFC. According to Prime Minister Shahbaz Sharif, this forum has been set up to create harmony between the federal and provincial governments, the confidence of the investors and the immediate implementation of the projects.
According to sources, the government has decided to invite 23 countries to invest in these projects, but the central focus will be on Saudi Arabia, the United Arab Emirates, Qatar and Bahrain.
Pakistan will issue a priority visa to the citizens of these countries to ensure early implementation of these projects.
Challenges in implementation
The real challenge will be during the implementation of these projects. Even in the past, strategic projects such as CPEC cannot be fully implemented for various reasons, including bureaucratic obstacles, back tracking on agreements with China, and geographical political uncertainty.
Pakistan and China planned to invest a total of $ 62 billion under the CPEC, but only $ 28 billion has been possible so far.
Last month, when the Prime Minister and the military leadership signed a new $ 3 billion deal with the International Monetary Fund (IMF), Pakistan easily avoided bankruptcy.
More projects under SIFC
Corporate farming project on 10,000 acres of land in Cholistan, which will later be increased to 85,000 acres.
A dairy company containing 20,000 Holstine Freshian cows, which can be extended to five or more forms.
Corporate fidelity form containing 30,000 animals, which is likely to be further expanded.
Corporate form of 10,000 camels, which can be extended to five or more forms.
Manufacturing projects for technology zone, optical fiber network, cloud infrastructure, semiconductor designing, and smart devices.
Large minerals and energy projects
Chiniot Iron Over -Project
Barright lead zinc project
Expect gold and copper in Chigai
Lead and zinc mining in Khosar
Large projects of power and energy
Billion 10 Billion Saudi Aramco Oil Refinery Project
TAPI GAS Pipeline Project
Dimer Bhasha Dam and Thar Coal Block II
Solar PV Projects in Leah and Jhang
Rajdhani Hydropower Project
Two transmission lines from Ghazi Brotha to Faisalabad and Rahim Yar Khan from Matari
Electricity compensation devices and battery storage for frequency regulation
Options given to SIFC
The CIFC will serve as a single window authority to facilitate cooperation with Gulf countries and other international investors.
The SIFC has the option of making policy, approval of investment, entering trade agreements and entering directly or indirectly.
The SIFC will have the authority to call for all regulatory institutions, government agencies and government departments.
The SIFC has been given a full legal immunity, which means that no investigating agency, an anti -corruption agency, a law enforcement agency, or the court can investigate any agreement signed under the SIFC.
The modified BOI ordinance will abolish all existing rules.
These projects can play an important role in promoting Pakistan’s economic recovery and investment, but their practical implementation will depend on government weaknesses and strong policy -making.
