Engagement with Sumitomo Corporation underscores growing international interest in Pakistan’s resource potential, says SIFC
The Special Investment Facilitation Council (SIFC), the government’s investment promotion body, has engaged Japan’s Sumitomo Corporation to explore investment opportunities in Pakistan’s mining and minerals sector, including emerging projects with significant investment potential.
Sumitomo Corporation is a leading Japanese general trading and investment conglomerate headquartered in Chiyoda-ku, Tokyo, Japan.
According to a statement released by the SIFC on Tuesday, the engagement with Sumitomo Corporation underscores growing international interest in Pakistan’s resource potential and SIFC’s role as a central platform for facilitating investment, building investor confidence and translating identified opportunities into commercially sustainable ventures.
The latest engagement is part of SIFC’s efforts to connect leading international investors with Pakistan’s strategic economic sectors and facilitate their entry into commercially viable projects.
Pakistan’s mining and minerals landscape offers substantial potential for exploration, development, value addition and downstream industrial activity. SIFC said it is actively facilitating international engagement to unlock this potential and promote greater participation by global investors in the sector.
The SIFC was established by the Shehbaz Sharif-led government on June 17, 2023, with the aim of boosting foreign direct investment (FDI) and reviving Pakistan’s economy. It was formed to address economic challenges by employing a “whole-of-the-government approach” and serving as a top decision-making forum for fundamental reforms.
The SIFC’s primary objectives include attracting investment from friendly countries and acting as a “single window” platform to streamline decision-making and facilitate foreign and local investment. Its immediate goal is to increase FDI to $5 billion, with targets of $60 billion in five years and $100 billion within three years. The council also aims for Pakistan to achieve a nominal GDP of $1 trillion by fiscal year 2035.
Source: Business Recorder