PM terms promotion of FDI as top priority

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

He said this while 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 the 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 official news agency reported.

Prime Minister Shehbaz said the establishment of SIFC has helped restore confidence of the investors.

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

The PM emphasised 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 also 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.

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.