Pakistan aims to boost growth through new investor visa: Here are the details

ISLAMABAD – The government of Pakistan has recently launched a new investment-friendly visa with a focus to woo foreign investors to visit the country and make investments.

The high-profile Special Investment Facilitation Council (SIFC) executive committee launched the visa on Thursday aimed at bolstering foreign investments and fostering a business-friendly environment within the country.

The initiative has been rolled out to simplify the process for affluent foreign investors interested in exploring business opportunities in Pakistan and to consequently assist the country in dealing with its long standing economic woes.

The move comes in the wake of the new visa regime introduced by caretaker Prime Minister Anwar Ul Haq Kakar, which includes the investor visa, a revamped version of the existing business visa category.

The investor visa enables a swift application process, with approvals attainable within three hours, offering both short-term (1-3 years) and long-term (five years) entry options for the business community.

The reforms also focus on minimizing excessive paperwork and bureaucratic complexities, providing the flexibility to convert the initial entry business or investor visa into a longer-term investor visa, a move widely hailed by the business community.

Furthermore, revisions to the business visa category introduce the SIFC Business Entry, ensuring issuance within 24-hours for a six-month short-term entry visa and a five-year long-term visa.

The National Database and Registration Authority (NADRA) is overseeing the streamlined visa process, deploying its human resources at the SIFC for efficient management and to remove any bottlenecks.

As Pakistan grapples with economic challenges, including reliance on international support like the International Monetary Fund (IMF), the SIFC is actively engaging with investors to stimulate economic growth and military chief General Asim Munir is also keen to attract investors to the country.

Senior government as well as military officials have also assured the business community of a commitment to ease the business landscape, promising minimal bureaucratic obstacles, in the detailed discussions.