SIFC unveils business visa reforms to attract investors

KARACHI: The Secretary of the Special Investment Facilitation Council (SIFC), announced a new initiative to boost foreign investment in Pakistan by issuing business visas through the SIFC platform, ARY News reported on Thursday.

As per Secretary of SIFC, Jameel Qureshi, the business visas will be available for one month, one year, three years, and five years, can now be obtained quickly via the SIFC portal.

He highlighted the recent simplification of procedures for opening foreign currency accounts in Pakistan and confirmed that arrangements for the transfer of foreign exchange profits abroad have been finalized with the assistance of the State Bank of Pakistan.

He acknowledged that while challenging decisions were necessary due to the current economic situation, better times are on the horizon.

Speaking at a seminar at the German Consulate, Dr. Rudiger Lutz, the German Consul General, praised the efforts made to create a conducive environment for foreign investors, emphasizing Germany’s commitment to strengthening economic ties with Pakistan.

Anja Klos, Head of Economic Department Germany, noted Karachi’s bustling commercial landscape and expressed intentions to enhance trade volume between the two nations.

The seminar included comprehensive presentations on various sectors, including tax, agriculture, IT, and infrastructure, culminating in the distribution of shields to honor foreign guests for their contributions.