Islamabad, JULY28: In an effort to promote trade and investment in the South Asian nation, Prime Minister Shehbaz Sharif on Sunday said that businesspeople from the Gulf would no longer need a visa to enter Pakistan.
Due to a protracted economic crisis, Pakistan has to turn to friendly countries and international lenders such as the International Monetary Fund (IMF) for financial support.This month, a $7 billion loan agreement was reached between Islamabad and the IMF to support macroeconomic progress achieved during the previous year, during which Pakistan reduced inflation from 38 percent to slightly over 12 percent and increased its foreign exchange reserves.
In a statement released from his office, Sharif said that the government was streamlining the process of obtaining a Pakistani visa for international investors, the business community, and visitors. “Enterprises from the Gulf Cooperation Council (GCC) will have more opportunities to invest and do business in Pakistan as a result of the approval of visa-free entry for businessmen,” the statement read.
By promoting commerce, increasing investment, and improving regional connections, Sharif’s administration has been actively pursuing economic diplomacy in the area in recent months. It announced free visas for 126 countries this week.
The prime minister went on, “With the decision to relax the visa policy, Pakistan will become an attractive destination for foreign nationals in terms of business and tourism. A separate sub-category has also been approved for visa-on-arrival facility for Sikh pilgrims holding passports of third countries.”
Noting that Pakistan had holy sites for numerous religions and that Gilgit-Baltistan and other northern areas of the country were major draws for travelers from around the globe, he announced that a “dashboard” would be established in the Ministry of Interior for the implementation of the new visa regime, which would monitor visa-free entry, business visa list, and tourist visas on arrival.
