ISLAMABAD: The main objective behind establishment of Special Investment Facilitation Council (SIFC) was to facilitate investors, boost their confidence and provide them a conducive business environment.

This was stated by SIFC Secretary Jamil Ahmed Qureshi while speaking at a webinar, `Invest in Pakistan` organised by the Asian Institute of Eco-civilisation Research and Development.

He said the council was a one-stop shopforinvestors in Pakistan.

`We have provincial and federal departments as well as investment agencies under one roof, and we worktogether as one team,` he said.

Mr Qureshi said SIFC was an independent organisation reporting directly to the prime minister.

`We deal with domestic and foreign investors and interact with the local business community and facilitate investors in removing any bottleneck they face. We also ensure that our policy framework is conducive.

For business promotion activities, he said they had done road shows, organised seminars and hosted foreign delegations and also interacted with the media.

Founder/CEO GBP International Volker U.

Friedrich said his firm had been doing business in Asia and the Asia-Pacific for thelast 30 years.

He said more investments from overseas were desperately needed in Pakistan from the private sector in order to generate employment and broaden the industry base in different sectors and not rely only on textiles or agriculture.

He said there were initiatives taken by the government that were welcomed by the international business community.

`However, a lot more needs to be done. First, Pakistan needs to be mindful that it will have to compete with Indonesia, Vietnam, Gulf countries, India, etc, to attract investment from Europe and other parts.

Therefore, Pakistan will have to upgrade its infra-structure and systems to compete with these countries.

Second, there is a need to investin the creation of quality human capital. Third, stability, both political and policy, is required to attract investors. Fourth, Pakistan should look for clusters of industries to attract, among others,` he said.

He also gave suggestions on attracting investors from various countries.

Hussien Askary, vice chairman BRIX Institute, Sweden, said the dynamics of the world were changing rapidly; therefore, Pakistani investment authorities, businesses, policymakers and also foreign investors had to look into these dynamics.

`We have to be aware of these changes,` he said.`With President Trump, it was different when he became president in 2016, but now he knows he has to talk with the Chinese and Russian presidents because he realises that these are new centres of powers in the world,` Mr Askary said.

He said China was looking for new economic partners and markets. Pakistan should no longer import energy from outside asit has the potential to produce energy at home.

Mr Askary said Pakistan should not borrow money to import wheat from Ukraine or Australia or Russia. `It can produce wheat and grains and food at home, and that way can fill the deficit gap, he added.

Nabeel Goheer, chief of Asia, Middle East, Europe(AMEE), said the size of the pharma industry was $1.7 trillion whereas Pakistan`s economy was $375 billion.

`This industry alone is more than four times the size of Pakistan`s economy,` he said.

He added that there were more than 800 pharma units which catered to 90 per cent demands. `It`s important to note that more than 88 per cent raw material is imported, and that`s where the enabling environment, requisite infrastructure, supportive policies and right investment are needed,` he said.

Mr Shakeel Ahmad Ramay, CEO of AIERD, urged the government to respect and engage indigenous wisdom to steer the process.