Planning and Development Minister Ahsan Iqbal said on Wednesday that the export potential of Pakistan’s defence production sector would be explored under the newly established Special Investment Facilitation Council (SIFC) — a body announced by the government last month with the aim to provide a single-window interface to potential investors.

“We have really good infrastructure [of defence production] … and we see the potential of export here,” he said, adding that by initiating exports in this sector, “our investment here will fulfil our defence needs while being a source of earning foreign exchange”.

The minister made these remarks during a press conference in Islamabad after a meeting of the SIFC’s apex committee, which was presided over by Prime Minister Shehbaz Sharif and attended by the country’s political and military leadership.

Under the SIFC, Iqbal said, foreign investors would be facilitated in five sectors, including defence production, agriculture, information technology, minerals and energy.

Further elaborating on the government’s vision, he said the initiative of SIFC would be used to promote agriculture and attract investment for modern farming and technology integration in this sector.

In this connection, he added, PM Shehbaz would inaugurate an agriculture information management system on July 7 (Friday).

With regard to energy, he said the government planned to offer incentives for investment in solar energy projects.

The minister further stated that youth working in the IT sector could make significant contributions to the country’s economy, adding that the government aimed to increase exports in this sector as well.

He also stressed the need for maximising exports in the minerals sector and said Pakistan would be organising a road show to invite mining companies for investing and increasing production in this area.

Moreover, he said the government had also decided to revise the policy for removing hurdles in the issuance of visas to businessmen.

The interior ministry had been asked to prepare and submit a report on this within two days, he said.

Highlighting the significance of exports and foreign direct investment, he said the government intended to transform ties with friendly countries under the SIFC so that they invest in Pakistan rather than provide aid.

He said the government had formed this council to promote direct investment in Pakistan, adding that the volume of foreign direct investment in the country was $1.5 billion currently.

A country could develop only through foreign direct investment and every developing country was now exploring this avenue to expand its exports, he said.