The Special Investment Facilitation Council (SIFC) unveiled an ambitious plan on Monday aimed at bolstering Pakistan’s semiconductor industry.
The Special Investment Facilitation Council (SIFC) unveiled an ambitious plan on Monday aimed at bolstering Pakistan’s semiconductor industry. With a focus on attracting multibillion-dollar investments, the council aims to leverage Pakistan’s skilled and cost-effective human resources to capitalize on the global trillion-dollar semiconductor industry.
The comprehensive strategy, developed after extensive research and testing, will initially concentrate on the design aspect of semiconductor production. Plans include expanding into manufacturing and testing, positioning Pakistan as a key player within the semiconductor value chain.
This initiative is anticipated to significantly contribute to Pakistan’s economic growth and prosperity, paving the way for new avenues of development and investment.
In conjunction with the semiconductor industry development plan, the SIFC emphasized the crucial role of education in nurturing a skilled workforce aligned with global demands. Recognizing Pakistan’s growing population, the council stressed the urgent need to align the education system with international market requirements. The initiative aims to bridge the gap in technical and vocational training, viewing skilled human resources as essential for both foreign collaboration and domestic export.
Despite efforts to address education challenges, Pakistan’s education sector continues to face significant obstacles, including a high number of out-of-school children and declining learning outcomes. The SIFC advocates for a comprehensive “Whole of the Government Approach” to uplift the population and enhance global competitiveness through education reforms.
Furthermore, the SIFC’s engagement extends to reforming the mineral sector, with plans to establish a dedicated Mines and Minerals Division at the federal level. This initiative seeks to harness Pakistan’s vast mineral potential through streamlined policies and regulations, fostering ease of doing business and attracting foreign investment.
Meanwhile, the Federal Board of Revenue (FBR) has surpassed revenue targets, collecting Rs6.710 trillion in the first nine months of FY24. This achievement puts the government on track to meet its FY24 revenue collection target of Rs9.415 trillion, indicating a 30% increase from the previous fiscal year. To sustain this momentum and elevate the tax-to-GDP ratio to 15%, comprehensive FBR reforms are deemed necessary, including the resolution of litigation hindrances.
As Pakistan charts its economic course, the multifaceted approach by the SIFC underscores a concerted effort to address educational shortcomings, enhance industry competitiveness, and achieve fiscal milestones. These efforts aim to position the nation for sustainable growth and development in the long term.