Pak Army to oversee economic revival with investment from Gulf nations

Islamabad, June 21 (IANS) Pakistans civil-military leadership has presented an "Economic Revival Plan", stated to be bigger than the China-Pakistan Economic Corridor (CPEC), the media reported.

The plan is focused on harnessing the country's untapped potential in key sectors through local development and foreign investments mainly from "Gulf countries" and expediting project implementation, The Express Tribune reported.

"This economic recovery project (SIFC) will prove to be a bigger economic project than CPEC," a key cabinet minister told The Express Tribune.

"The project is a "game-changer" for the development of Pakistan," the Minister added.

He stated that "investment will come from the Gulf countries" and the "army will play a key role" in the coordination of the projects.

"If this project is completed, by 2035, Pakistan could become a trillion-dollar economy," The Express Tribune reported citing a source as saying.

The new plan is announced just days before the 10th anniversary of the signing of CPEC deal, which was also dubbed as a "game changer" project.

The project was signed on July 5, 2013 during the then Pakistan Muslim League-Nawaz (PML-N) government.

However, so far, less than $25 billion of Chinese investment has been made out of the planned amount of $62 billion due to Islamabad's failure to honour its various commitments.

Now, the source said, under the SIFC, direct jobs opportunities would be provided to 15 to 20 million people and indirect job opportunities to another 75 to 100 million people in the next four to five years.

Along with this, the SIFC project will generate exports of $70 billion and "import substitution" of equal amount in the next four to five years, The Express Tribune reported.

"The (SIFC) plan will also increase Pakistan's foreign direct investment by $100 billion."

In his speech, Gen Asim Munir assured the army's all-out support to complement the government's efforts for the revival plan, considered to be fundamental to socio-economic prosperity of the Pakistanis and reclaiming Pakistan's rightful stature in the comity of the nations.