Pakistan has introduced a fresh visa policy in a strategic move to rejuvenate its ailing economy, aimed at attracting international business entities to invest in the country. This momentous decision emerged from a two-day consultation held under the auspices of the Special Investment Facilitation Council (SIFC), a distinctive entity combining civil and military elements originally established by the former Shehbaz Sharif government to confront Pakistan's economic challenges.

Caretaker Prime Minister Anwaar-ul-Haq Kakar, presiding over the fifth apex committee meeting of SIFC, announced this groundbreaking development through a pre-recorded message. He disclosed that Pakistan has sanctioned a more streamlined visa framework for foreign entrepreneurs who are eager to explore business prospects within the nation.

What's on offer with the new visa policy?

Under this innovative policy, foreign businesspersons will be granted visas based on a single document issued by their respective home countries or international business organizations. "Should Pakistan's chambers of commerce or business bodies endorse a document for a foreign entrepreneur, visas will be readily extended to them," stated Caretaker Prime Minister Kakar.

He expressed optimism that this revamped visa scheme would propel Pakistan into a new era of economic growth and business expansion.

During a subsequent press briefing held in conjunction with other ministers, Caretaker Foreign Minister Jalil Abbas Jilani revealed that the SIFC also engaged in discussions concerning Pakistan's relationships with key global stakeholders, including China, the United States, and various Middle Eastern nations. Of noteworthy interest, the Gulf Cooperation Council (GCC) countries, comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates, have expressed keen interest in collaborating with the investment council.

In the meantime, Law Minister Ahmad Irfan Aslam, in an interview with Dawn newspaper, acknowledged that unlike the substantial investments from China in the China-Pakistan Economic Corridor (CPEC), Western nations had not yet made concrete commitments to the SIFC. He clarified that the SIFC and CPEC had distinct scopes and sectors for Chinese investments. While CPEC primarily concentrates on infrastructure, roads, and energy projects, the SIFC broadens the horizons for Chinese investments, encompassing minerals and other sectors beyond the corridor project.

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