SIFFC Achievements Boost Pakistan’s Economic Growth in 2024

Islamabad:The Special Investment Facilitation Council (SIFFC) has played a key role in securing significant economic achievements during the current fiscal year, especially in attracting foreign investment and facilitating business opportunities across various sectors.

The SIFFC’s *”One Window Platform”* has proven to be instrumental in promoting foreign investment, particularly in the fields of Information Technology (IT), agriculture, mining, minerals, and energy. By streamlining processes and offering a unified platform for investors, the SIFFC has made Pakistan an increasingly attractive destination for foreign capital.

One of the major highlights of this year has been the successful visit of a Saudi investors’ delegation to Pakistan, facilitated by the SIFFC. The delegation signed agreements and memorandums worth a total of $2.8 billion, reflecting the growing interest of foreign investors in Pakistan’s economic prospects.

In the first four months of the current fiscal year, direct foreign investment saw a remarkable increase of 32.3%. Particularly noteworthy was the 120% surge in foreign investment in the energy sector, with other key sectors such as agriculture, IT, and minerals seeing a 41% rise in investment.

Additionally, the country saw significant contributions from overseas Pakistanis, with remittances totaling $31.65 billion, bolstering Pakistan’s foreign exchange reserves.

The Pakistan Stock Exchange (PSX) also reached new heights, marking its highest-ever level, which further reflects investor confidence. Inflation rates fell to their lowest in six and a half years, providing some relief to the public.

An important milestone was reached between the government and Independent Power Producers (IPPs), resulting in agreements that are expected to save the national exchequer up to 300 billion rupees.

Through the SIFFC’s efforts, interest rates have decreased from 23% to 13%, a move that is expected to encourage agricultural investment and further stimulate economic growth.

The SIFFC’s ongoing initiatives aim to lay the foundation for sustainable development and the realization of a prosperous Pakistan, as the country continues to attract investment and strengthen its economic standing on the global stage.