SIFC working group seeks single authority for special zones to boost investment

ISLAMABAD: The Special Investment Facilitation Council (SIFC) has recommended the creation of a single authority to oversee various economic, technology, and industrial zones in the country, aiming to attract more foreign and domestic investment and boost industrial development.

The SIFC, a body set up by the caretaker government to facilitate investment and privatization, held its second and final meeting of its working group on the development of special economic zones (SEZs) in Islamabad on Friday, chaired by caretaker minister for Privatisation Fawad Hasan Fawad.

A working paper, outlining the group’s recommendations, will be presented to the SIFC executive committee during its upcoming session, a statement said.

The meeting, attended by representatives from federal and provincial levels, emphasized the need to streamline the existing frameworks, which allow different types of special zones with different incentive structures, creating confusion and hindering the industrialization process.

Participants stressed that optimal investment facilitation could only be achieved through the establishment of a singular, fully empowered authority, endorsed by all stakeholders, to address investor needs and provide a one-window operation.

Additionally, it was highlighted that legal and constitutional provisions already exist to facilitate cooperation and coordination between the federation and federating units, the statement said.

Meanwhile, a delegation comprising representatives from prominent investment banks, funds, and institutional investors met with the Fawad Hasan Fawad.

Facilitated by Trans-National Research Corporation, the delegation included participants from Fidelity Investments, Morgan Stanley Investment Management, Barings, and William Blair Investment Management.

During the meeting, Fawad provided the group with an overview of the current government's vision for investment and the privatization of State-Owned Enterprises (SOEs). He also discussed the operations of the Privatisation Commission and outlined the ongoing privatization agenda. Specific attention was given to the process and expectations surrounding the privatization of Pakistan International Airlines Corporation Limited (PIACL), Roosevelt Hotel, First Woman Bank Limited (FWBL), and House Building Finance Company Limited (HBFC).

Minister Fawad addressed inquiries from the representatives, covering aspects of the current privatization agenda, the associated processes, and future investment prospects. The group was encouraged to explore potential investment opportunities in Pakistan.

Expressing their appreciation, the representatives acknowledged the initiatives undertaken and conveyed optimism that the ongoing efforts would contribute to creating a favorable investment environment in Pakistan.