Up to $70bn foreign investment expected in five years: Kakar

Claims we have to design and submit our projects as there is a huge appetite to invest in the country.

ISLAMABAD: Caretaker Prime Minister Anwaarul Haq Kakar has said an estimated foreign investment of $60 to $70 billion was expected in the next three to five years under the government’s new initiative of Special Investment Facilitation Council (SIFC).

Besides, he said the government had also received pledges and promises of another similar amount of investment.
“Now, we have to design and submit our projects as there is a huge appetite to invest in the country”, he said while talking to senior journalists and news anchors here on Thursday.
Replying to a question, the prime minister said the government was considering various options to provide relief to the people.
 Citing the example of the $700 billion worth of Reko Dik gold and copper reserves, the prime minister said the country had huge potential of natural resources that would change the fate of the people of Pakistan.
“We took the initiative of SIFC to realize this potential and we are going towards the right direction so far as the scientific methods and financial models are concerned,” he remarked.
He said the SIFC was the whole of the government project and there was no hidden in it. “This is a transparent intervention that has already been initiated and has the overall potential of $5 to $6 trillion.
The prime minister highlighted that Pakistan had huge land that could be used for agriculture purpose and could serve half of the Asian population’s food requirements. He added that the country had also enough water to irrigate the barren land across the country.
Likewise, he said IT, tourism and defence production had also huge potential that would be tapped for socio-economic development of the country.
Mr Kakar maintained that although the core responsibility of the caretaker government was to facilitate elections across the country, in the meantime it would also try to improve the taxation mechanism and address other economic challenges.

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