The Special Investment Facilitation Council (SIFC) has requested the Power Division to identify ten viable investment projects by October 31, 2024. These projects will be presented to the Kingdom of Saudi Arabia (KSA) following a recent visit from over thirty Saudi companies led by Saudi Investment Minister Khalid bin Abdulaziz Al-Falih, according to reliable sources.
Amid Pakistan’s economic challenges, such as a high import bill and shortages of foreign currency, SIFC emphasizes that building a pipeline of investable projects is essential for driving industrial growth, generating employment, and increasing exports.
The SIFC is committed to attracting foreign investment and noted that the Prime Minister is actively focused on revitalizing the economy. As part of this strategy, friendly nations are being approached, regional teams have been formed at SIFC, and key ministers have been appointed to enhance investment efforts.
The SIFC has also indicated that Belarus is interested in collaborating on large-scale tractor manufacturing.
In an effort to bring forth marketable investment opportunities, SIFC has instructed the Power Division to develop projects in several areas with commercial potential, in consultation with provincial governments and following the guidelines provided by the Focal Minister. These areas include:
- Smart grids to improve electricity distribution efficiency.
- High-capacity transmission lines to connect power-producing regions with urban centers.
- Upgrading substations using advanced technology to minimize transmission losses.
- Large-scale Battery Energy Storage Systems (BESS) to stabilize energy supply.
SIFC has emphasized the need for a pipeline of at least ten market-ready projects, complete with governance structures, financial models, and business plans. It also suggested aligning government incentives from industrialization schemes like Special Technology Zones (STZ), Special Economic Zones (SEZ), and Export Processing Zones (EPZ) to make these projects attractive. Furthermore, the private sector should be consulted to generate an additional five business-to-business project proposals.
The Public Private Partnership Authority (P3A) may also be engaged to assist in developing project proposals through a reputable consultancy.
In light of all this, SIFC has asked the Power Division to provide updates on the progress of these projects and to share them with the SIFC Secretariat by the end of October 2024.
Additionally, on Thursday, Pakistan and Saudi Arabia signed 27 Memoranda of Understanding (MoUs) worth $2.2 billion across various sectors including industry, agriculture, IT, food, education, minerals, healthcare, and energy. Prime Minister Shehbaz Sharif expressed hope for more such agreements in the future, assuring the Saudi delegation that these MoUs would be implemented without delays or bureaucratic obstacles.
