MoFA takes big step to help boost inward FDI flows
- A dedicated Economic Diplomacy/SIFC Division at MOFA has been pre-designated from existing resources to act as a focal point between government and foreign entities bringing in investment
ISLAMABAD: The Ministry of Foreign Affairs (MoFA) has re-designated a dedicated Economic Diplomacy/Special Investment Facilitation Council (SIFC) Division to present Pakistan as an attractive destination for investment in different sectors/ fields, official sources told Business Recorder.
According to the MoFA, the establishment of SIFC points towards the pressing requirement for economic revitalisation, specifically addressing the obstacles that act as deterrents to Foreign Direct Investment (FDI).
In order to synchronise the efforts to achieve economic policy objectives within the country and abroad, a dedicated Economic Diplomacy/SIFC Division at Ministry of Foreign Affairs has been pre-designated from existing resources to act as a focal point between the government and foreign entities bringing in investment into the country.
SIFC’s strategy to achieve global traction praised
The Economic Diplomacy/SIFC Division will be headed by an Additional Secretary and include one Director General (BPS-20); one Director (BPS- 19); and two Assistant/Deputy Director (BPS-l17/18).
The role of Economic Diplomacy/SIFC Division will include but not be limited to: (i) disseminating information about measures being taken by SIFC; (ii) engaging potential investors; (iii) presenting Pakistan as an attractive investment destination; (iv) facilitating investors abroad; and (v) exploring/analyzing the investment potential from a holistic perspective while considering political, economic and security-related issues.
The Executive Committee of SIFC has also directed secretary Foreign Affairs that adequate staff of existing Mission be ensured by special focus on economic, trade, investment and public diplomacy. The Key Performance Indicators (KPIs) shared with Missions be shared with SIFC Secretariat.
The Ministry of Commerce has also been directed that new KPIs for improving performance of Trade and Investment Officers (TIOs) and enhancing Pakistan’s economic diplomacy efforts be immediately provided to SIFC Secretariat for review. Updated KPIs to be presented before the Executive Committee.
The secretary Law and Justice and secretary Board of Investment (BoI) have been directed to prepare proposal for appointment of Investment Ombudsman under the Foreign Investment (Promotion and Protection) Act, 2022.
Copyright Business Recorder, 2023
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