In recent years, Pakistan has earned a positive image through the influx of tourists, travel vloggers, and the iconic Royal Visit. As it got the attention of several international platforms like Forbes, Lonely Planet, and Condé Nast Traveller's, the country became the world's latest new sensation from both tourism and investment perspectives. It is now in the bucket list of every travel enthusiast.
Given the immense hype surrounding Pakistan as the next best thing, it presents an ideal opportunity for investors to benefit from an evolving economy. It is the right time to plan a business trip to Pakistan and earn your fair share of revenue from a comparatively new market with low competition. With the emergence of Pakistan business e visa, the visa application process has become all the more convenient, hassle-free, and fast-paced.
Foreign Direct Investments (FDI) is a game-changer for the future of the country's economy. In a single year, Pakistan has seen a sharp 88% rise in FDI, from $1.36 billion in 2019 to $2.56 billion in 2020, mentioned in a report by the State Bank of Pakistan.
China, the ally of Pakistan, made a significant contribution to increased FDI via the CPEC project by investing in the telecommunication and power sector.
Pakistan is making its way towards individual investors as well as independent companies.
The interest of foreign investors in Pakistan is triggering a wave of investment in the promising tourism sector.
Besides other monetary gains, Pakistan's on-going project with China has improved the region's infrastructure and security, attracting more tourists to the corridor. As appreciated worldwide, Pakistan's effective Smart Lockdown policy has controlled the country's outbreak of the pandemic. It is expected that the two nations will work more on tourism in the years to come.
Local Startups Generating Revenue
The country possesses enormous natural resources and human capital. One of the most hospitable nations, Pakistanis are making efforts to elevate the country's economy. Various startups have been initiated successfully in this sector.
FindMyAdventure, a travel-based startup, has raised worth $600,000. It is an online platform enabling users to book travel experiences (from different travel operators) around Pakistan. From this, it expanded into rentals, luxury tourism, and digital experiences.
Roomy, another Pakistan based startup, has raised $1 million. Its idea is fascinating as it coordinates with the hotels and helps them renovate their properties, take management's responsibility, present the room online to travellers for booking, and thus get their revenue.
The recent developments show that the focus of the Pakistan Tehreek - e - Insaaf PTI's government is inclined towards the rise of the tourism industry.
Currently, Pakistan is preparing to host World Tourism Forum 2021 to showcase its tourism potential, attract hefty investment, and build its reputation as a reliable, international brand. Foreign visitors, including investors, companies, tourists, will participate in this forum.
Statistics are indicating that the tourism sector will transform Pakistan's economy in the near future. Friendly policies from the government and locals and foreigners' investments will make Pakistan's tourism soar to new heights. Wouldn't you want to be a part of this revolution in progress?
Tourism Uplifting Pakistan's Stagnant Economy
The boost in tourism rates is gradually helping the country's economy grow. It is expected to deliver more as Pakistan's Government is taking more focused and productive initiatives for implementing reforms and encouraging improvements. facilitating investors and foreign tourists is among the top priorities of the current Pakistani government, and the results of their effors have already begun to show. World Bank Group report 2019 noted that the tourism industry contributed 5.9% to Pakistan's GDP in FY 2018-2019. This sector is also creating jobs for the locals; in 2019, it made 6.2% of the overall employment sector.
The 'Economic Revitalization of Khyber Pakhtunkhwa and (erstwhile) FATA' a project (shared by World Bank and Multi-Donor Trust Fund-sponsored) conducted a tourism sector analysis.
The results showed that the four most visited destinations of the KP province recorded 5 million tourists in 2018. These sites support 8,665 direct jobs in the tourism value chain and contribute $5 million to the local economy through tourism receipts.
High Record Exports
Pakistan has also recorded a rapid increase in exports since the government relaxed the coronavirus restrictions.
In the past 7-8 months, the country's outbound shipments have risen faster than its neighbours India and Bangladesh. In November, the shipments increased to $2.1 billion, which is the highest for a month, recorded in the last ten years, as reported by Dawn.