Projects announced under SIFC will attract FDIs: RCCI

Rawalpindi: The Rawalpindi Chamber of Commerce and Industry (RCCI) has said that the projects announced under the Special Investment Facilitation Council (SIFC) will not only increase foreign direct investment but also stabilize the rupee. RCCI President Saqib Rafiq while addressing the executive committee meeting, said that the proposed investment of friendly countries Qatar, UAE, Bahrain and Saudi Arabia in approved projects like agriculture, minerals, IT, energy, and petroleum and mining sectors will provide a solid foundation for Pakistan’s economy.

He said that after the approval of the three billion dollar package of the IMF program, the way for funds from friendly countries, Saudi Arabia and the UAE was paved and it sent a positive message to the market.

The stock market rose rapidly due to the increase in foreign exchange reserves and investors’ confidence has been restored, he added.

President of the Chamber Saqib Rafiq said that facilities should be provided to increase domestic and foreign investment in Pakistan. Maximum facilities should be provided for setting up factories, including land on lease, minimum regulatory documentation and NO C’s early approval, he further added.