ISLAMABAD: Civilian and military leaders on Tuesday devised an ‘economic revival plan’ to capitalise on “untapped potential in key sectors” and attract foreign direct investments.

A statement issued by the PM Office said the meeting was chaired by PM She­h­baz Sharif and participants included chief ministers, federal and provincial ministers, and the army chief, among others.

The plan envisages making the most of “untapped potential in key sectors of defence production, agricultural/livestock, minerals/mining, IT, and energy, through indigenous development as well as investments from friendly countries”.

To fast-track the development of projects, the establishment of a Special Inve­s­t­ment Facilitation Council (SIFC) has been undertaken to act as a ‘single window’ interface for potential investors.

The setup will shorten cumbersome and lengthy business processes through a cooperative and collaborative ‘whole of the government approach’ with the representation of all stakeholders. It is aimed at creating horizontal-vertical synergy between federation and provinces, facilitating timely decision-making, avoiding duplication of effort, and ensuring swift implementation.

PM Shehbaz recalled that his government inherited an economy which was on the brink of collapse. “With bold and difficult decisions, it is now being steered towards growth and development. There are, however, massive challenges ahead,” he added.

He said export-oriented FDIs held the key to economic revival and added that the government decided to adopt a “holistic approach which fosters partnerships within the federal and provincial governments for effective implementation and execution”.

The PM observed that the expected investments would create jobs and livelihoods for the youth and women. The focus should be on empowering young and females to realise their full potential, he added.

Chief of Army Staff Gen Asim Munir assured of the Pakistan Army’s all-out support to support the government’s efforts for economic revival.