SIFC emerged not as a quick fix, but as a recalibration of Pakistan’s economy, transforming survival into strategic resurgence.

Since its inception, the SIFC has made significant strides toward improving the country's financial situation. Just a couple of years ago, news reports frequently warned that Pakistan was on the verge of default, drawing comparisons with Sri Lanka. Some even argued that Pakistan had already defaulted and was a sinking ship.
At a time when the country's economy was plummeting, and all numbers and statistics pointed to a dire situation, a decision was made to establish a facilitation council to help Pakistan navigate through the crisis. SIFC emerged as the outcome of that vision, playing a crucial role in the country's economic revival.
Adopting a whole-of-government approach, SIFC embarked on a seemingly impossible journey toward financial stability. Today, with all major economic indicators showing positive trends, we can optimistically predict a brighter future for Pakistan. By focusing on low-hanging fruits, Pakistan identified sectors beyond textiles to enhance exports, attract foreign direct investment (FDI), and promote import substitution.
In the following lines, I intend to discuss Pakistan’s strategic push for non-textile exports and its role in economic diversification. I will also briefly examine a couple of case studies, supported by statistics, to strengthen my argument.
Overview of Non-Textile Export Growth
Non-textile export growth is crucial for Pakistan as it diversifies the country’s export portfolio, reducing over-reliance on the textile industry. This diversification enhances economic resilience against global market fluctuations, creates opportunities to tap into high-value markets, and ultimately drives sustainable economic growth and job creation.
"Non-textile export growth" refers to the increase in exports of goods that are not classified as textiles. These include leather goods, footwear, cement, surgical instruments, jewelry, petroleum products, furniture, handicrafts, and agricultural products—essentially, any exportable product that is not fabric or a garment made from fabric.
As the world's fifth-largest producer of cotton, Pakistan remains heavily dependent on cotton and cotton-related exports. However, numerous other sectors also possess significant potential and, with greater focus, can contribute substantially to economic growth. Currently, the SIFC has identified agriculture, mining and minerals, energy, and services—including information technology, health, construction, tourism, and banking—as key areas for economic transformation, each offering excellent growth prospects.

In 2023, with the establishment of SIFC, agriculture contributed 23.37 percent to Pakistan's gross domestic product (GDP), which grew by 6.25 percent in the succeeding year. 

Contribution of Key Sectors
Agriculture, mining, and manufacturing are all important sectors of Pakistan's economy and contribute to its export growth. In 2023, with the establishment of SIFC, agriculture contributed 23.37 percent to Pakistan's gross domestic product (GDP), which grew by 6.25 percent in the succeeding year. Major crops that contributed to this growth include cotton, sugarcane, rice, maize, wheat, millet, and barley, which make agriculture a key driver of economic growth and employment in Pakistan. 
Pakistan has significant mineral deposits, including vast reserves of copper and gold in the province of Balochistan, coal, granite, and crude oil deposits in the province of Sindh, rare earth metals, gemstones, and marble in Khyber Pakhtunkhwa (KP), and the world’s second deposits of Himalayan salt in Punjab. The Trade Development Authority of Pakistan (TDAP) has researched the country's minerals and metals sector.
Policy Support for Export Growth
With the support of SIFC and its untiring efforts, the Government of Pakistan has implemented various policies to support non-textile export growth. These policies have contributed a lot towards creating a favorable business environment in the country. Marking a historic event, the registration of more than 3,442 companies in the Securities and Exchange Commission of Pakistan (SECP) indicates that with the help of SIFC, the untiring efforts of SECP, and policy decisions by the government, today, there is a marked improvement in the economic situation of the country. A lot of credit goes to the measures undertaken by the government towards digitization of the economy. Just last year, we could see the more than one and a half million Pakistani youth moving to Europe and the Americas, while the trend has reversed this year with more and more youth striving to develop their businesses with the start of the year. A few incentivized measures undertaken by the government include: 
Regionally Competitive Energy Tariff (RCET). The government introduced RCET to provide competitive energy rates for exporters, making them more competitive in the global market.
Duty and Tax Remission Scheme (DTRE). This scheme allows traders to import duty-free goods for re-export, promoting export growth.
Long-Term Financing Facility (LTFF). The LTFF scheme provides loans to build infrastructure or business channels, supporting the expansion of non-textile exports.
Export Development Fund. The government has allocated funds from the Export Development Fund to support export growth.
Textiles and Apparel Policy 2020-25. Although focused on textiles, this policy aims to promote export-led growth and increase competitiveness in the global market.
Additionally, the government aims to reduce business costs, promote investment in new machinery and technology, and provide support for indirect exporters.

Marking a historic event, the registration of more than 3,442 companies in the Securities and Exchange Commission of Pakistan (SECP) indicates that with the help of SIFC, the untiring efforts of SECP, and policy decisions by the government, today, there is a marked improvement in the economic situation of the country. 

Digital and Technological Integration
Integrating technology with the digitization of data is another major achievement of the government. Although it is felt that with the global transformation towards digitization, Pakistan should also have followed suit a couple of decades ago, it is better late than never. The principal decision has been taken to digitize the economy and all related institutions, which is a driving force toward the restoration of the confidence of Pakistani entrepreneurs. 
A Case in Point: Agriculture and Mining and Minerals Sectors
Over the past month, I had the opportunity to accompany several teams on visits to Reko Diq and Bahawalpur, both of which were truly insightful experiences. I witnessed state-of-the-art projects being undertaken in Balochistan and Punjab, respectively.
Balochistan is rich in copper, gold deposits, and other rare earth metals and minerals. Meanwhile, under the Green Pakistan Initiative, the government is actively working to bring vast stretches of unused land under cultivation. These two non-textile ventures have the potential to transform the country's economy.
Below, I provide brief accounts of these two significant government initiatives.
Agricultural Sector
Since the establishment of SIFC, the Green Pakistan Initiative (GPI)—a flagship project of SIFC—has worked tirelessly to revolutionize Pakistan's agricultural sector. In the 1960s, through the Green Revolution, the government of Pakistan took measures to ensure the country's food security, which helped sustain its food requirements for the next five decades.
Now, with extensive population growth and an overwhelming food demand, another revolution is necessary in the agricultural sector. Adopting a professional approach, the government has this time embraced modern strategies for achieving self-sufficiency. Under the GPI, five separate companies have been established to ensure sustainable food security based on modern best practices.
These companies include the Green Corporate Initiative (GCI) to improve agricultural produce and the Green Corporate Livestock Initiative (GCLI) to enhance livestock production. The Green Water Management System (GWMS) is working towards ensuring the country’s water security. Similarly, the Land Information and Management System (LIMS) and Green Tourism Private Limited (GTPL) are focused on digitizing land data related to agriculture and promoting tourism in the country.     Adopting a whole-of-government approach, the SIFC has made remarkable strides in improving the country's economy and has facilitated the development of an ecosystem where all interdependent sectors contribute to each other’s growth.
The efforts of the Green Corporate Initiative (GCI) alone—leveling more than 80,000 acres of desert land and cultivating vast stretches to grow exportable crops and other agricultural products—are expected to generate over one trillion rupees in revenue for the government of Punjab. With other provinces following suit, national income is projected to increase manifold by 2028.
Minerals and Mining Sector
The mining and minerals sector is emerging as a high-performing industry with a promising future, boasting some of the largest copper and gold reserves in the world. With a mining lifespan exceeding 40 years and an estimated financial layout of over USD 6 trillion, the project is expected to contribute billions of dollars annually to Balochistan’s revenue—potentially transforming the entire province.
Under the current agreements with the Reko Diq Mining Company (RDMC), a subsidiary of Barrick Gold Corporation, the initial focus has been on corporate social responsibility (CSR) initiatives, which are uplifting the local community. So far, RDMC has:
Established a hospital and a vocational institute in Nokundi (Chaghi District), with similar projects planned for the neighboring village of Hamai.
Provided employment opportunities for the local workforce at multiple levels within the company.
Implemented on-the-job training and education programs for local graduates.
Adopted dysfunctional schools in the region.
Taken on several other social development initiatives, even before the actual extraction of minerals begins.

Under the current agreements with the Reko Diq Mining Company (RDMC), a subsidiary of Barrick Gold Corporation, the initial focus has been on corporate social responsibility (CSR) initiatives, which are uplifting the local community. 

With a USD 5.5 billion share in the project, Balochistan has the potential to undergo a massive transformation within a decade, provided the revenue is utilized judiciously for the region’s development. Many draw parallels between the Reko Diq mines and the discovery of oil in the UAE—just as oil reshaped the UAE’s economic destiny, the responsible extraction and utilization of Balochistan’s mineral wealth could redefine the province’s future.
Challenges and Opportunities
All said and done, several challenges persist that must be addressed alongside the opportunities presented by these resources. A few key challenges are highlighted below:
Safety and Security. The enemies of Pakistan, unable to tolerate the country's development, growth, and prosperity, have intensified their efforts to destabilize it by creating an insecure and unsafe environment. The rise in terrorist activities in various parts of the country, particularly targeting security forces and foreigners, reflects their desperation.
Infrastructure Development. The current infrastructure—whether in industry, services, or institutions—is highly inadequate to sustain the impending growth. It is essential to develop infrastructure that can support economic expansion and development. For instance, the growth of Independent Power Producers (IPPs) serves as a cautionary example. The country acquired the capacity to produce electricity exceeding twice the transmission capacity of its system, turning a potential opportunity into a crisis that burdened the public and harmed industries.
Inflation. There are two primary ways to address inflation: either control the inflation rate (which business owners may resist) or increase the purchasing power of the common citizen (achievable through employment generation, wage increases, and further inflation control).
Other economic challenges include debt repayment, balance of payments management, controlling the budget deficit, and stabilizing foreign exchange rates.
Despite these challenges, the pace of economic improvement under various government policy initiatives offers hope. By streamlining regulations, ensuring policy consistency to attract investment, prioritizing social safety nets to reduce poverty, and fostering an environment conducive to investment, Pakistan has the potential to emerge as an economic powerhouse—not only in the region but also on the global stage.