ISLAMABAD, July 21: The Board of Investment (BoI) is striving to attract both the foreign and domestic investment to help tap the country’s tourism potential, particularly religious tourism.

It is notable here that Pakistan earned a massive $992 million revenue in tourism sector in 2019, but the revenue fell to $765 million in 2020 due to the Covid-19-induced lockdowns both at home and abroad, preventing arrival of tourists from foreign countries and locals to the tourist destinations across the country.

A BoI official informed WealthPK that Pakistan had a lot of potential in tourism, particularly religious tourism, as it was home to a number of UNESCO World Heritage Sites.

Talking about the religious tourism, the official stated that millions of Indian Sikh community members had shown an interest in visiting their religious sites across the country. Additionally, he said a Buddhist trail was being developed in Khyber Pakhtunkhwa, which was dotted with sacred Buddhist temples. “This is being done along with the World Bank in an effort to attract Buddhists from around the globe,” he said.

According to WealthPK research, investment in tourism plays an imperative role in the development of a country, generating income, employment and wealth creation. Additionally, it plays an instrumental role in enhancing a country's image and international perception.

In order to achieve economic growth, Pakistan has identified sustainable tourism as a key driver. As such, this is also consistent with the Sustainable Development Goals.   

As a result of the government's policy of easing visa restrictions, Pakistan has been able to attract a large number of foreign tourists. A total of 60,070 foreigners visited tourist attractions in the country during the last six years, particularly the captivating places located in the northern regions of the country. The country expects to see a 30% increase in visitors by 2030 as a result of the policies adopted by the government.

To promote sustainable, safe, and inclusive tourism in the region, the Central Asia Regional Economic Cooperation tourism strategy 2030 outlines a long-term vision, objectives, programmes and targets.

As part of the strategy, the region aims to enhance its attractiveness as a competitive tourism destination worldwide. A number of existing initiatives are being implemented by development partners as well as the efforts of countries to develop their tourism sectors. The programme adopts a multifaceted approach that includes five strategic pillars: connectivity and infrastructure, quality and standards, skills development, marketing and branding, and market intelligence.

It also incorporates six cross-cutting themes, including health, safety, and security, digitalisation, gender equality, the protection of environment, private sector participation and universal access to tourism services.

Credits: INP-WealthPk