SIFC to streamline foreign currency accounts to boost investment

KARACHI: The Special Investment Facilitation Council (SIFC) is working to simplify the process of opening foreign currency accounts to facilitate investors, said Secretary of SIFC Jamil Qureshi on Thursday.

He expressed concerns about attracting foreign investors: “How can we expect foreign investors to come when even domestic investors are frustrated, running from pillar to post for resolution of their issues?” “Pakistan holds significant investment potential for both local and international investors,” he affirmed while speaking at a seminar on ‘Pakistan’s Economic Outlook -- Opportunities & Challenges’, organized by the German Pakistan Chamber of Commerce and Industry (GPCCI) in collaboration with the consulate general of Germany in Karachi.

Qureshi discussed the government’s ongoing efforts to encourage investment in Pakistan and underscored the SIFC’s role in simplifying the investment process while providing substantial support to foreign investors. He added that the SIFC was established to address the challenges of doing business, as investors have demanded a “one-stop shop”. He highlighted the government’s commitment to improving the business environment.

Among recent improvements, he mentioned the introduction of business visas, which were previously difficult for foreigners to obtain, and the provision of USD-based accounts for IT companies operating in Pakistan. An implementation committee has been established to ensure there are no obstacles for investors.

Qureshi stated that the SIFC is open to every sector, replacing bureaucratic red tape with a ‘red carpet’ approach. He pointed to the development of a state-of-the-art land information and management system in Punjab, with plans to expand to other provinces. Investment opportunities are being offered in sectors such as corporate farming, animal husbandry, and mines and minerals. Over 100 projects are being prepared for investors, supported by international firms.

In the energy sector, various transmission line projects and green energy initiatives are available for investment. He also mentioned the government’s privatization efforts, specifically regarding the privatization of Pakistan International Airlines (PIA).

In the IT sector, he reiterated the facilitation of USD accounts for companies and highlighted progress on five special economic zones. He also assured attendees that the issue of profit repatriation has been resolved.

Consul General of Germany in Karachi Dr Ruediger Lotz underscored the importance of the longstanding economic relationship between Germany and Pakistan. He remarked, “Germany has always been a dedicated partner in Pakistan’s economic development. This seminar created a valuable opportunity to discuss the challenges and opportunities ahead while reinforcing our bilateral cooperation.”

Vice President of GPCCI Aamer Naseer discussed the chamber’s ongoing efforts to highlight Pakistan’s economic potential and growth prospects. He expressed gratitude to the sponsors for their support in making the event possible. “The GPCCI is dedicated to organizing events like this to showcase the economic opportunities available in Pakistan. We are committed to facilitating foreign investment and enhancing bilateral trade to benefit both local and international stakeholders,” Naseer remarked.

Dr Amjad Waheed, a renowned economist, emphasized the urgent need for structural reforms to tackle economic challenges and attract foreign investment. “While Pakistan faces considerable hurdles, it also possesses enormous potential for economic growth.