The federal government has decided to establish a Project Management Unit (PMU) to hire the best talent to enhance SIFC’s institutional strength.
Sources told ProPakistani that the Prime Minister in a recent meeting approved the establishment of PMU for speedy hiring of fresh, qualified HR, on market competitive salaries, to attract the best talent for enhancing SIFC’s institutional strength.
In addition, the Prime Minister (PM) also approved to constitute ‘SIFC division’ owing to its expending scope and mandate.
The SIFC officials appraised PM about the ongoing operations, scope, and outlook.
It was stated that SIFC was established in June 2023 to address national economic challenges through a unique model that provides a single window for stimulating investments.
This model aims to reduce bureaucratic hurdles and promote federal-provincial harmony through a whole-of-government approach for prompt decision-making, contributing to macroeconomic stability while involving civil-military cooperation.
The participants were informed that the aim of SIFC is to optimize the investment paradigm without impinging on ministerial mandates.
It was further stated that over past 12 months, since its inception, the scope of SIFC transitioned; (a) from key sectors to all sectors of the economy; (b) facilitation services extended to domestic investors, besides foreign investors; (c) engagements expanded from the GCC region to all regions/ countries; (d) legacy issues are now being dealt, in addition to fresh investments.
It was also accentuated that SIFC has led to increased investor confidence and trust at the international level, resulting in enhanced interactions with both friendly countries and domestic investors.
SIFC’s prompt delivery of work is resulting in ever-increasing hopes and expectations.
Foregoing in view, the Prime Minister was apprised that despite the constantly increasing workload, SIFC has been functioning with bare minimum human resources on attachment from BOI, Pak-Army, and the line ministries.
Moreover, owing to a lack of sufficient human and administrative resources, SIFC is facing challenges in effectively performing its functions at the optimum level; it has limited capacity for accommodating regional desks; the sectoral desks are sub-optimally populated; and there is a lack of ck of consultants/ experts.
The Prime Minister commended the efforts of SIFC during the past 1 year and endorsed the need for additional resources for SIFC, owing to its expanded scope and mandate. It was agreed that SIFC would be granted the status of a separate division for smooth functioning.
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