Pakistan offers tax holiday for foreign investments in tourism sector

ISLAMABAD: Pakistan is offering tax holiday for foreign investments in tourism sector in a bid to attract Foreign Direct Investment (FDI).

State-run wire service quoted Chairman Board of Investment Zubair Gilani as saying that the government has planned to invite foreign investment for establishing tourism zones in Swat, Galiat, Hazara region, Gilgit Baltistan and other tourism zones.

He said huge foreign investment is expected in tourism sector as the government is focusing on building this sector on a priority basis.

The Chairman said the government intends to diversify tourism by exploiting its various sectors, including religious, adventure, medical and education, to promote soft image of the country at international level.

He said the government would ensure provision of all modern facilities to tourists to provide them an enjoyable and secure environment.

Asian Development Bank (ADB) in its report on the country’s economy on Sept 25 had said foreign investments in Pakistan will likely to enhance in the next fiscal year.

Foreign investors’ confidence over the economy of the country has restored to a larger extent after approval of a bailout package by the International Monetary Fund (IMF) for Pakistan, ADB report said.

IMF package will also help the country to avail financing from multilateral as well as bilateral sources, which will boost foreign exchange reserves of Pakistan to the level of over 10 billion dollars in the next financial year.