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Magical meltdown malala12/28/2023 ![]() The biggest obstacle in the way of foreign investment is deteriorating law and order.īut our caretaker prime minister is euphoric about the prospect of $25bn in Saudi investment coming in various sectors, particularly in mining, agriculture and information technology, in the next two to three years. Notwithstanding some of them acquiring interests in certain state-owned ventures being offered for disinvestment, there is no tangible commitment to invest in new projects. While the CPEC project at least has something to show for it in terms of some infrastructure and power sector development, mobilising $100bn in investment is a pipe dream, especially as there is no indication so far that the Gulf sheikhdoms have started looking at a country riven by multiple crises as a lucrative investment destination. The promise of change never materialised, despite the massive inflow of finances over the years. But after tens of billions of dollars of Chinese investment, the country’s economic plight has continued to slide. For a number of years, it was the China-Pakistan Economic Corridor that was supposed to be a game changer for the country. However, it appears to be part of the game of illusions long played by our ruling elite. The SIFC structure, which includes the COAS as well as other military representatives in key roles, aims to take a “unified approach” to get the country out of the current state of economic turmoil in which it finds itself. It believes that the recently formed Special Investment Facilitation Council will be able to bring in investments in the energy, IT, minerals, defence and agriculture sectors. There is a sense that the army leadership is on a mission to steer the country towards a new era of economic prosperity, by fixing everything - from containing the dollar to stopping smuggling and eradicating corruption in the next few months.
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