BRI agreements reinforced Pakistan-China partnership: Official

Gwadar Pro

Islamabad: Coordinator to Federal Tax Ombudsman (FTO), Meher Kashif Younis Sunday said on Sunday afternoon that the economic partnership between China and Pakistan has been reinforced by inking 20 agreements and Memoranda of Understanding (MOUs) under the Belt and Road Ini (BRI).

Addressing as keynote speaker at a seminar on “The impact of SIFC on Pakistan Economy” held under the aegis of Gold Ring Economic Forum, he stressed that the BRI was globally beneficial.

He hinted that countries like France, Germany and Korea have expressed their interest in entering administrative control of agreements related to power distribution companies of Pakistan.

He said Pakistan’s economic landscape has undergone a remarkable transformation, largely attributed to the establishment of the SIFC (Special Investment Facilitation Council) that has successfully taken significant strides in attracting foreign direct investment.

Younus said this initiative holds immense significance, particularly in the realm of FDI as SIFC effectively engages with various countries and fully committed to ensuring investment flows into the country.

He said its manifesto includes foreign investment with a long-term goal of touching $60 billion in five years and eventually achieving the target of $10O billion. He said what “we need is consistency in economic, fiscal, trade policies and close collaboration with local and foreign stakeholders for attracting sust investments”.

He point out that it was a good omen that Saudi Arabia, the UAE, Kuwait, and Qatar have signed multi-billion-dollar MOUs for FDI depicting tremendous response to SIFC which is likely to increase substantially from January next.

He said these MOUs encompass investment cooperation across diverse sectors such as energy, port operations, wastewater treatment, food security, logistics, mining and aviation sectors.

Younis said the International Finance Corporation (IFC) in collaboration with the board of Investment(BOI) has also introduced an ambitious investment plan to inject more than $ 1.5 billion into Pakistan’s economy through both short and long-term planning.

He emphasised that strategically located Pakistan possesses tremendous potential laced with plenty of natural resources and studded with minerals in abundance and what’s badly needed is political stability, long-lasting good governance, foolproof transparency, and streamlining cumbersome procedures for strengthening the national economy.