Govt unveils bigger ‘Economic Revival Plan’ than CPEC

Islamabad: The Federal Government, in the wake of economic hardships confronting the country, Tuesday unveiled an elaborated ‘Economic Revival Plan’ with a view to capitalize Pakistan’s untapped potential in key sectors, fast-track the development projects and facilitate investment.

The Plan was unveiled during a high-level meeting chaired by Prime Minister Shehbaz Sharif and attended by the Chief of Army Staff (COAS), chief ministers, federal and provincial ministers, and high-level government officials, a PM Office press release said.

The Economic Revival Plan envisages capitalizing Pakistan’s untapped potential in key sectors of defence production, agriculture, livestock, minerals, mining, information technology and energy, through indigenous development as well as investments from friendly countries.

To fast-track the development of projects, the establishment of Special Investment Facilitation Council (SIFC) has been undertaken to act as a ‘Single Window’ interface for the potential investors as well as to adopt a unified approach.
The setup will shorten heretofore cumbersome and lengthy business processes through a cooperative and collaborative ‘whole of the government approach’ with representation of all stakeholders. It is aimed at creating horizontal-vertical synergy between the federation and provinces; facilitating timely decision making; avoiding duplication of effort; and ensuring swift project implementation.

The high-ranking participation from federal and provincial governments, clearly manifests the national resolve to turn around the economy despite all odds.

The COAS, speaking on the occasion, assured the Pakistan Army’s all-out support to complement the government’s efforts for Economic Revival Plan, considered fundamental to socio-economic prosperity of Pakistanis and reclaiming Pakistan’s rightful stature among the comity of nations.

Prime Minister Shehbaz recalled that his government inherited an economy which was on the brink of collapse. With bold and difficult decisions, it was now being steered towards growth and development, however, there were massive challenges ahead, he added.

He said export-oriented foreign direct investments held the key to economic revival and the government had, therefore, decided to adopt a holistic/whole-of-government approach which fostered partnerships within the federal and provincial governments for effective implementation and execution.

The investors would be given primacy and fast-track approvals, through a well-coordinated approach, he added.

The prime minister observed that the expected investments would create jobs and livelihoods for the youth and women, and advised that the focus should be on empowering young and females to realise their full potential.

“Let us resolve to work together, leave no stone unturned and be single minded in our focus and direction. We can transform the destiny of Pakistan and its people. It would, however, not happen without hard work and staying the course on the path of progress and development,” he remarked.

PM Shehbaz said Pakistan and Pakistanis deserved nothing less from those who had been bestowed the responsibility to administer the country by Allah Almighty and the people.