It has been around a year since the government established the Special Investment Facilitation Council (SIFC) to attract foreign direct investment (FDI). Despite this initiative, our achievements have been limited to commitments from friendly nations. Our current approach appears narrow, primarily fixated on securing dollar inflows, overlooking the broader benefits foreign investment can offer, including innovative technology, managerial expertise, skill enhancement, and increased industry competition, all of which can enhance domestic productivity. Redirecting efforts to attract FDI into export-oriented industries could alleviate the country’s balance of payment challenges. While the SIFC benefits from relatively autonomous decision-making supported by top-level state backing, the establishment of a robust and inclusive board, encompassing private sector representation, is imperative to incorporate diverse investor perspectives.
Therefore, the SIFC should form an independent board comprising representatives from both the private and public sectors. We also need to make commercial laws based on international standards which must be enforced through special courts to ensure swift and reliable legal proceedings. This will not only enhance the credibility of the economic environment but also ensure that legal proceedings are predictable and transparent, which is essential for building confidence among international investors.
Salman Ahmed Ansari
Tando Adam
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