ISLAMABAD – In a bid to attract foreign investors and the business community, the government of Pakistan has launched a special investment-friendly visa.
The executive committee of the Special Investment Facilitation Council (SIFC) formally launched the visa facility on Thursday to create an enabling environment for foreign investors.
As part of the visa, it would be made easier for wealthy foreign investors to visit Pakistan and explore the business opportunities in the country.
The development follows the inauguration of a new visa regime by the caretaker Prime Minister Anwar Ul Haq Kakar under which investor visa was launched, revising the existing business visa category.
The approval of the investor visa can be sought in three hours and it allows a short-term (1-3 years) and long-term entry visa (five years) for the business community, Express Tribune reported.
As part of the reforms, it has also been ensured that there is no excessive documentation and bureaucracy involved besides the option to convert the entry business and investor visa into a long-term investor visa.
Moreover, the business visa category was revised with the introduction of SIFC Business Entry and its extension. The authorities have announced that the business visa will be issued within 24 hours for a six-month short-term entry visa and a five-year long-term visa.
To streamline the process and expedite it, the National and Database Registration Authority (NADRA) is managing the visa process with its human resources deployed at the SIFC.
It bears mentioning that the SIFC is currently trying to attract investors and spur economic growth as the country is currently facing economic challenges and is relying on the support of the international community as well as the International Monetary Fund (IMF).
In different meetings with the business community, the civil-military leadership has assured the business community that the government would ensure that there is ease of doing business in the country and there are no bureaucratic hurdles in the process.