ISLAMABAD: Prime Minister Shehbaz Sharif on Sunday announced visa-free entry into Pakistan for businessmen from Gulf nations. This move is part of a broader strategy to boost trade and investment in Pakistan.
Sharif expressed optimism that the policy would lead to an increase in investment and business opportunities from Gulf countries.
Economic crisis
Pakistan has been grappling with a prolonged economic crisis, prompting the nation to seek financial assistance from friendly nations and international lenders, including the International Monetary Fund (IMF).
Earlier this month, Islamabad and the IMF agreed on a $7 billion loan deal to reinforce macroeconomic gains achieved over the past year. During this period, Pakistan managed to bolster its foreign exchange reserves and reduce inflation from 38 percent to just over 12 percent.
Facilitating foreign investors
In a statement, Sharif said: "Visa-free entry into Pakistan for businessmen from Gulf Cooperation Council (GCC) countries has been approved, due to which investment and business opportunities in Pakistan from the Gulf countries will increase further."
Visa relaxation
In recent months, Sharif’s government has actively pursued economic diplomacy in the region by seeking increased investment and enhancing trade and regional connectivity.
This week, the government also announced free visas for citizens of 126 countries to boost tourism. "With the decision to relax the visa policy, Pakistan will become an attractive destination for foreign nationals in terms of business and tourism," the prime minister stated.
Special provisions for Sikh pilgrims
Sharif also mentioned the approval of a separate sub-category for visa-on-arrival facilities for Sikh pilgrims holding passports from third countries. He emphasized that Pakistan is home to sacred places of many religions and noted that Gilgit-Baltistan and other northern areas are major attractions for tourists from around the world.
Implementation and monitoring of new visa regime
To ensure the effective implementation of the new visa regime, Sharif announced the establishment of a “dashboard” in the Ministry of Interior.
This dashboard will monitor visa-free entry, business visa lists, and tourist visas on arrival, ensuring a streamlined process for all applicants.