In order to boost reducing foreign investments, Caretaker Prime Minister Anwaar-ul-Haq Kakar declared on Saturday that Pakistan would relax its visa policies for international businessmen.
The declaration was made by the caretaker premier today while chairing the fifth apex committee meeting of the Special Investment Facilitation Council (SIFC) in Islamabad.
The government will make it easier for businesspeople to obtain visas, he said, adding, “Pakistan is entering a new era with these measures.”
Following the SIFC meeting, Caretaker Foreign Minister Jalil Abbas Jilani said at a joint press conference surrounded by other ministers that the government will award long-term visas to the business community based on investment.
He described the European Union (EU) as Pakistan’s “important partner” and stated that commerce with all countries has increased in recent months.
“Trade with the United States (US) increased by $3 billion”, the minister continued. He insisted that SIFC’s primary goal was to solve difficulties for investors.
The government is taking steps to alleviate foreign investors’ concerns, according to caretaker FM Jilani, who also stated that Pakistan’s ties with the regional and international communities are strengthening.
“Pakistan’s defence, political, and economic relations [with the rest of the world] are improving,” he continued.
The interim foreign minister called the SIFC a “revolutionary step,” adding, “Like China, we have close trade relations with the US.”
“The Gulf Cooperation Council (GCC) has also expressed an interest in investing in Pakistan.”
He also mentioned that the government was working to increase bilateral trade with the EU and Africa.
“The Interior Ministry has made the visa policy business-friendly,” stated caretaker Interior Minister Sarfraz Bugti. Investors will be granted visas on favorable circumstances.” He noted that the government was taking extra measures to combat smuggling.
In response to a terrorism question, the interior minister stated that no one would be permitted to impose their agenda at gunpoint.
Tax system is being digitised
Dr. Umar Saif, Caretaker Minister for Information Technology and Telecommunications, stated that the administration is digitising the tax system, which will help chart the economy.
“The IT sector can play a critical role in boosting the country’s exports,” he added, adding that his ministry may hold a 5G auction within the next ten months.
“A freelancing facility for 0.5 million people will be established.” He claimed that a digital platform would bring $1.5 billion in foreign reserves into the country.
The minister believed that they would transition the economy to a “cashless” system. He declared that Pakistan has begun production of cell phones, adding that “50 million sets have already been made.”
PM directs ministers to make positive contribution
PM Kakar ordered the ministries during the meeting to make the most of the brief interim period for a good contribution while also launching medium and long-term policy reforms.
According to a statement posted by the Prime Minister’s Office on X, formerly known as Twitter, Chief of Army Staff (COAS) Gen Syed Asim Munir promised the Pakistan Army’s unshakable support for the government’s efforts for “economic revival” of the country.
According to the statement, the committee unanimously determined to make all choices in the best interests of the country and to deal with the threat of smuggling, hoarding, and market manipulations with iron fists through an intricate enforcement structure.
The army leader, the federal cabinet, province chief ministers, and high-level government officials also attended the conference.