Prime minister terms promotion of foreign direct investment as top priority

Apr 2, 2024

Prime Minister Muhammad Shehbaz Sharif on Tuesday said promoting foreign direct investment (FDI) in the country to transform challenges into opportunities was top priority of the government.

He was chairing a high level meeting to review progress on foreign investment. The meeting reviewed in detail the progress on the memorandum of understandings (MoUs) and agreements with the Gulf countries under Special Investment Facilitation Council (SIFC).

Talking to participants of the meeting, the prime minister said all possible facilities will be given to the investors adding that special cells in the federal ministries will be established to promote innovation and research in the investment sector.

The prime minister said the establishment of SIFC had helped restoring confidence of the investors.

He directed that a feasibility study should be conducted for such projects which had the potential to attract investors and the services of internationally recognized experts should be obtained in this regard.

He emphasized that there should be no compromise on the quality of the projects presented for investment.

The prime minister also directed all the ministries to further improve their relations with the Gulf countries regarding the progress on their respective MoUs.

He said all the necessary requirements should be fulfilled with respect to the foreign investment in the solar energy projects in Muzaffar Garh, Layyah and Jhang.

Furthermore, the prime minister also stressed to conduct feasibility study for railway connectivity from Reko Diq to Gwadar seaport adding that work should be started on the railway line to access the power plants of Thar Coal.

He further directed that steps should be taken regarding foreign investment in Chiniot Iron project.

The meeting was informed that the dredging work of the Gwadar port had been completed after which big ships could now be anchored there.

The meeting was told that a huge investment was expected from the Gulf countries in a range of sectors including renewable energy, oil refining, mining, food security, banking and financial services, logistics, water supply and waste management.

Federal Minister for Maritime Affairs Qaiser Ahmed Sheikh, Minister for Power Awais Ahmed Khan Leghari, Minister for Economic Affairs Ahad Khan Cheema, Special Assistant to Prime Minister Tariq Fatemi, MNA Bilal Azhar Kayani and other high officials attended the meeting. Whereas Finance Minister Muhammad Aurangzeb, Planning Minister Ahsan Iqbal, Petroleum Minister Musadik Malik and Minister of State for Information Technology Shaza Fatima Khawaja participated through video link.