Pakistan Unveils New Visa Policy to Attract International Business Communities

Pakistan Unveils New Visa Policy to Attract International Business Communities

VoM News Desk | September 11, 2023 | 06:33 AM IST | Asia, Breaking News, Foreign Affairs, World | Follow on Google News

Pakistan Unveils New Visa Policy to Attract International Business Communities Image/ Reuters

In a bid to revitalize its struggling economy, Pakistan has introduced a new visa policy aimed at enticing international business communities to invest in the country. This significant decision was made during a two-day consultation meeting convened under the Special Investment Facilitation Council (SIFC), a unique civil-military hybrid body initially established to address Pakistan’s economic challenges.

Caretaker Prime Minister Anwaar-ul-Haq Kakar, presiding over the fifth apex committee meeting of SIFC, announced this groundbreaking development via a recorded message. Pakistan has approved a more accessible visa regime for foreign entrepreneurs interested in exploring business opportunities within the country.

Key Highlights of the New Visa Policy:

Under the new policy, foreign businessmen will be granted visas based on a single document issued by their home countries or international business organizations.

“If Pakistan’s chambers of business or business organizations issue a document to a foreign businessman, easy visas will also be issued to them,” said Caretaker Prime Minister Kakar.

This new visa regime is expected to usher Pakistan into a new phase of business and economic development.

In a subsequent press conference, Caretaker Foreign Minister Jalil Abbas Jilani revealed that the SIFC also discussed Pakistan’s relationships with key global players, including China, the United States, and various Middle Eastern countries.

The Gulf Cooperation Council (GCC) nations, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates, have expressed interest in engaging with the investment council.

Distinction Between SIFC and CPEC:

Law Minister Ahmad Irfan Aslam clarified that, unlike the significant investments from China in the China-Pakistan Economic Corridor (CPEC), Western nations had not yet made definitive commitments to the SIFC. He emphasized that the SIFC and CPEC have distinct scopes and sectors for Chinese investments.

While CPEC primarily focuses on infrastructure, roads, and energy projects, the SIFC opens doors for Chinese investments in minerals and other sectors beyond the corridor project.

This move is seen as a significant step toward attracting foreign investments and boosting Pakistan’s economic growth, as the country aims to strengthen its ties with global investors and business communities.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.