In the apex committee meeting of the Investment Facilitation Council presided over by Caretaker Prime Minister Anwarul Haq Kakar, a road map was formulated to tackle the economic and administrative challenges and develop the country’s economy. In the meeting, the caretaker federal cabinet, provincial chief ministers, Chief of Army Staff General Asim Munir and relevant senior civil and military…
According to the announcement issued by the Prime Minister’s Office, the fifth meeting of the Apex Committee of the Special Investment Facilitation Council was held under the chairmanship of caretaker Prime Minister Anwarul Haq Kakar, where discussions were held regarding the economic recovery of the country, business activities and investment promotion. .
The meeting was attended by the caretaker federal cabinet, provincial chief ministers, Chief of Army Staff General Asim Munir and relevant senior civil and military officials.
According to the declaration, in the meeting, the federal ministers gave a detailed briefing regarding the relevant sectors and informed about the action plan to overcome the obstacles in the way of local and foreign investment in the country.
In this regard, it was informed that in the meeting, a road map was formulated to deal with the economic and administrative challenges and to develop the country’s economy.
It was further informed that the meeting was also briefed on the comprehensive plan to make the rules effective and fast and consultation was held on short, medium and long term planning to achieve the goals of economic development under the Special Investment Facilitation Council.
Caretaker Prime Minister Anwarul Haq Kakar approved the practical measures in this regard and directed that their implementation should be ensured within the stipulated period and the ministers should ensure the implementation of these measures.
He said that despite the short term of the caretaker government, we have to ensure the implementation of the economic recovery plan and the implementation of these measures will make it easier for the next elected government to implement the country’s economic recovery program.
After the meeting, while holding a press conference with the Minister of Finance, Commerce and Petroleum, the Information Minister said that the government respects the agreements with international organizations and will continue to implement them, but if these agreements are misused. is happening and the country is suffering because of them, then there was a detailed discussion in this regard also in the meeting.
He said that the meeting discussed working on import, restructuring and reforms of FBR, privatization and improving the efficiency of state institutions that are causing losses, all kinds of smuggling including foreign exchange reserves and commodities in the country. There was also a conversation.
Caretaker Finance Minister Dr Shamshad Akhtar said that we have adopted a principle that we will look at the entire country and work as a team in which the sectors will work together.
He said that all the sub-committees of the cabinet, including the Economic Coordination Committee, ECNIC, have been institutionalized and are making sincere efforts to promote macroeconomic management in the country and prepare a roadmap in this regard.
On this occasion, Commerce Minister Gohar Ijaz said that you know that in 2022, Pakistan had a record import of 78 billion dollars and a record export of 32 billion dollars, which made the total estimate of our trade 110 billion dollars. Compared to 2015, we got 55 to 56 billion dollars in terms of exports and remittances, then last year the government adopted a policy to control imports and brought imports down to 55 billion dollars.
He said that due to the decrease in imports, exports of raw materials and textiles decreased by three and a half billion dollars, as well as others, and as a result, the overall market shrank by 30 billion dollars. There is a need to open up because things have become expensive due to the closure of the industry.
He said that our focus today was on how to enable work to overcome the ongoing inflationary crisis in the country, which was mainly due to supply chain shortfalls, when imports would increase, exports would increase. The industry has to meet this and now we have to increase our exports by 5 billion dollars so that we can create jobs.
The Minister of Commerce said that we have to give priority to the industries because if the industry works, then the wheels of the country will run and the business of the country will increase. The crisis of inflation can also be reduced by increasing imports. .
He said that it was also discussed in the meeting that the country has suffered a lot from smuggling, so it has to be controlled and under the system of the country, smuggling should be discouraged as much as possible.
During the press conference, the Minister of Energy Muhammad Ali said that in today’s meeting, there was a lot of discussion regarding the control of the price of electricity, there was also a discussion on improving the governance of distribution and the power plants directly to the industries. Power supply was also discussed.
He said that there is a dangerous situation regarding petroleum that we have a loss of 350 billion rupees annually in the gas sector, four years ago it was 1000 billion and now this debt has become 2700 billion after adding the amount of interest.
He said that the shortage of gas was also discussed because we have natural gas reserves less than our needs, so we order two terminals from outside, even if we use them completely, there will be a shortage of gas, so this There was also a discussion on how we can run it in such a way that the industries run as much as possible.
When asked about the possible shortage of sugar, the Commerce Minister said that our country had 20 lakh tonnes of sugar on September 1. The consumption of each millet in Pakistan is not more than six lakh tonnes. We have ample stocks before the new crop. Yes, the only thing that is important is that we have to control the smuggling and in this regard the institution has come into action.
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**Interview with Caretaker Prime Minister Anwarul Haq Kakar on the Special Investment Facilitation Council**
**Editor:** Thank you for joining us today, Prime Minister Kakar. Recently, you chaired the Apex Committee meeting of the Special Investment Facilitation Council. Can you share the key objectives that were discussed during this meeting?
**Prime Minister Kakar:** Thank you for having me. In our recent meeting, our primary focus was on formulating a comprehensive road map to address the economic and administrative challenges we face. We emphasized the importance of fostering business activities and promoting both local and foreign investments in Pakistan.
**Editor:** That sounds pivotal for economic recovery. You mentioned that both federal ministers and provincial chief ministers contributed to the discussions. What insights were shared regarding specific sectors?
**Prime Minister Kakar:** Yes, the collaboration between the federal and provincial governments is crucial. Each federal minister presented detailed briefings about their respective sectors, highlighting the barriers hindering investment. This collective input allowed us to develop actionable plans aimed at overcoming these hurdles.
**Editor:** In terms of implementation, how do you plan to ensure these strategies are put into action, especially given the limited timeframe of your caretaker government?
**Prime Minister Kakar:** I understand the urgency, and I have directed all ministers to implement these measures within a stipulated timeline. Our goal is to lay a strong foundation that will assist the next elected government in efficiently executing an economic recovery program.
**Editor:** There seems to be a serious concern around international agreements and their impact on the economy. How did the meeting address this issue?
**Prime Minister Kakar:** We are committed to respecting our agreements with international organizations; however, we also recognized the need to critically evaluate these agreements to ensure they do not harm our economy. A detailed discussion occurred to explore how we can align our commitments with our national interests effectively.
**Editor:** The rising inflation and supply chain issues have been major concerns for Pakistan. What actions are being prioritized to tackle these challenges?
**Prime Minister Kakar:** Our focus is on revitalizing our industrial sector, which we believe is essential for economic stability and job creation. By increasing imports strategically, we can enhance our exports and, subsequently, meet domestic demand. This approach is crucial in alleviating supply chain shortages and addressing the inflationary pressures our citizens are facing.
**Editor:** how do you envision the role of the Special Investment Facilitation Council moving forward?
**Prime Minister Kakar:** The Council will act as a facilitator and guide to encourage investment by simplifying regulations and ensuring a proactive approach. We are looking at both short-term and long-term strategies to create a conducive environment for business growth in Pakistan.
**Editor:** Thank you, Prime Minister Kakar, for your insights. We appreciate your commitment to these vital economic reforms.
**Prime Minister Kakar:** Thank you for having me. Together, we will strive to elevate Pakistan’s economic landscape for a prosperous future.
