Formation | 17th, June, 2023 |
---|---|
Type | Governmental organization |
Purpose | Economic revival of Pakistan, attract Foreign Direct Investment |
Headquarters | 2nd Floor, Prime Minister's Secretariat, Islamabad |
Location | |
Membership | All Provincial Chief Ministers and the Army Chief |
Founder | Shehbaz Sharif |
Parent organization | Prime Minister's Secretariat |
Website | www |
The Special Investment Facilitation Council (SIFC) stands as a council initiated under the leadership of Pakistan's contemporary Prime Minister, Shehbaz Sharif. Its primary objective is to entice foreign investments and stimulate the nation's economic growth. This council boasts a membership that includes all Provincial Chief Ministers and the Army Chief. Their immediate mission centers on elevating the Foreign Direct Investment (FDI) in Pakistan to the noteworthy sum of $5 billion.[1][2][3]
The establishment of the SIFC was a direct response to the pressing requirement for economic revitalization, specifically addressing the obstacles posed by bureaucratic red tape and intricate regulations that act as deterrents to foreign direct investment (FDI). With the objective of facilitating smoother collaboration with Gulf Cooperation Council (GCC) nations, the SIFC strives to open up investment prospects spanning various sectors, including agriculture and information technology.[4]
The SIFC operates as a paramount decision-making platform aimed at spearheading essential structural reforms within the economy. In its initial phases, the forum will concentrate on harnessing the potential of pivotal sectors like information technology, agriculture, energy, mineral resources, mining, and defense production. A primary objective of the SIFC continues to be the attraction of investments from friendly nations.[1][5]
As with many aspects of current affairs in Pakistan, SIFC also contributes to deepen the impression of the army chief meddling in civilian matters.[6][7][8][9][10]
SIFC is an inclusive organization with representation from federal and provincial stakeholders in all tiers, besides Army’s representation for facilitation.
SIFC has three committees i.e. Apex Committee, Executive Committee and Implementation Committee.
Apex Committee is headed by Prime Minister and includes Federal Cabinet, Chief Ministers of provinces and Chief of Army Staff on special invitation from the Government. Apex Committee will have the prerogative to co-opt any member at any of the tiers of SIFC to make it more representative and effective. The committee will meet on bi-monthly basis for review of progress.
Executive Committee is headed by Minister of Planning, Development & Special Initiatives and a National Coordinator representing Pakistan Army besides, representation of concerned Federal and Provincial Ministers, Federal Secretaries, Provincial Chief Secretaries and Secretary Board of Investment. It will meet on monthly basis for review of progress.
Executive body | Designation | Incumbent |
---|---|---|
Ministry of Planning | Chairman | Sami Saeed |
Special Assistant to Prime Minister (SAPM) on SIFC | Dr Jehanzaib Khan | |
Secretary SIFC Secretariat (Additional Secretary BOI) | Secretary Executive Committee | Jamil Ahmad Qureshi |
National Coordinator SIFC (Lt General Pakistan Army) | Member | Lt General(R) Muhammad Saeed |
Director-General SIFC Secretariat (Major general Pakistan Army) | Member | Major-general Tabassum Habib |
Federal Ministries: | Member | |
Provincial Ministries Sindh, Punjab, Balochistan,and KP:
|
Member | |
Chief Secretaries: | Member |
Implementation Committee is headed by Special Assistant to Prime Minister (SAPM) while, a Director General (DG SIFC) represents Pakistan Army. This tier has been organized into SIFC Secretariat and Sectoral Divisions for planning, coordination and execution of projects. The committee will meet on fortnightly basis for review of progress.
Executive body | Designation | Incumbent |
---|---|---|
Special Assistant to PM on SIFC | Chairman SIFC Secretariat | Dr Jehanzaib Khan |
Director-General SIFC (Major General Pakistan Army) | DG SIFC | Major-general Tabassum Habib |
Secretary SIFC Secretariat (BPS-21 PAS Additional Secretary Board of Investment) | Secretary Implementation Committee | Jamil Ahmad Qureshi |
Resident Element | Designation | Incumbent |
Sector Coordinators of Divisions:
|
Member | |
Sector Co-coordinators of Divisions:
|
Member | |
Representative Pakistan Army | Member | |
Non-Resident Element | Designation | Incumbent |
Co-opted Members:
|
Member | |
Provincial Focal Persons:
|
Member |
SIFC Secretariat works through following components:
Resident Element - includes representatives from concerned federal ministries (known as sector coordinators) and co-coordinators from Pakistan Army.
Non-Resident Element - includes Secretary Finance, Board of Investment and Economic Affair Division, Chairman FBR and Deputy Governor of State Bank of Pakistan besides, Provincial Focal Persons.
Executive body | Designation | Incumbent | |
---|---|---|---|
Secretary Ministry of Defence | Member | ||
Secretary Ministry of Defence Production | Member | ||
Representative of Strategic Plans Division | Member | ||
DG Defence Production | Member | ||
Representative of Pakistan Army | Member |
Executive | Designation | Incumbent | |
---|---|---|---|
Secretary Ministry of NFS&R | Member | ||
Secretary, Ministry of Water Resources | Member | ||
Representative Pakistan Army | Member |
Executive | Designation | Incumbent | |
---|---|---|---|
Secretary, Ministry of Petroleum | Member | ||
Representative Pakistan Army | Member |
Executive | Designation | Incumbent | |
---|---|---|---|
Secretary, Ministry of IT & Telecommunication | Member | ||
Representative Pakistan Army | Member |
Executive | Designation | Incumbent | |
---|---|---|---|
Secretary, Ministry of Power | Member | ||
Secretary, Ministry of Petroleum | Member | ||
Secretary, Ministry of Industries and Production | Member | ||
Representative Frontier Works Organization | Member | ||
Representative of Pakistan Army | Member |
In additional to facilitation of investment, SIFC also meant to undertake policy structural reforms that Pakistan require to battle to revive its economy. Below are listed some reforms that SIFC is undertaking to steer the economy of Pakistan.
The SIFC greenlit the Federal Board of Revenue restructuring, allowing a one-month implementation period for the new plan. An FBR Restructuring Implementation Committee will be formed to devise ways to execute the scheme.Under the newly approved structure, the FBR will cease to exist in its current form. The responsibility for formulating income tax, sales tax, and federal excise policies will be transferred to the Revenue Division.
The Revenue Division will be headed by the Secretary of the Revenue Division, reporting directly to the finance minister. Within the Revenue Division, a tax policy office, named the Federal Policy Board, will be established. The second function of the Revenue Division will involve property and import goods valuation, according to sources. If fully implemented, Malik Amjad Zubair Tiwana is expected to be the last chairman of the FBR.
Two new separate boards will be established—the Federal Board of Customs and the Federal Board of Inland Revenue (IR). These boards will be led by two separate chairpersons from the custom service group and the Inland Revenue service group respectively, directly reporting to the finance minister.
If fully implemented, Malik Amjad Zubair Tiwana is expected to be the last chairman of the FBR.[11]
SIFC has sped up the privatisation process of loss- making state-owned enterprises (SOEs). One of the major privatisation initiative under implementation is the privatisation of Pakistan International Airlines.
In November 2023, the seventh session of the Special Investment Facilitation Council’s (SIFC) apex committee was held under the chair of Caretaker Prime Minister Anwaar ul-Haq Kakar. The apex committee of the Special Investment Facilitation Council (SIFC) has ordered to expedite the privatisation process of the loss-making state-owned entities, including Pakistan International Airlines.[12]
In December 2023, the caretaker federal cabinet approved an ordinance to ensure the smooth privatisation process of the state-owned entities including Pakistan International Airlines (PIA). The caretaker federal cabinet decided to remove hurdles in the privatisation of the loss-making state-owned entities (SOEs) including PIA. An ordinance was approved by the caretaker federal cabinet to privatise the loss-making SOEs. It was also decided to establish an appellate tribunal to hear petitions against the privatisation. The privatisation process was affected due to several petitions filled in different courts. The appellate tribunal will be established at the demand of local and foreign investors. After the promulgation of the privatisation ordinance, all petitions in several courts will be diverted to the appellate tribunal.[13]