Tourism sector set to soar with $30bn revenue forecast

ISLAMABAD: Pakistan's tourism sector is poised for a monumental boost, with projected revenues expected to exceed $30 billion (over 83 trillion PKR) within the next six years, thanks to the pivotal role of the Special Investment Facilitation Council (SIFC).

The SIFC has made significant strides in energy, agriculture, IT, minerals, and now, the tourism sector. Historically, the tourism industry in Pakistan has struggled due to limited government support, a lack of regulatory framework, and inadequate infrastructure. However, the establishment of Green Tourism Company, backed by SIFC, marks a transformative step forward.

Green Tourism Company is dedicated to revitalizing neglected government resorts, with an annual investment exceeding a billion rupees. This initiative aims to enhance Pakistan’s reputation as a tourist-friendly destination through collaborative efforts, involving provincial support and the development of robust service infrastructure for short-term projects, while ensuring sustainable and eco-friendly structures for long-term projects.

In its initial phase, Green Tourism Company has identified 20 prime locations across the country for development, with 25% of these sites located in Gilgit-Baltistan alone, attracting an investment of 3 billion PKR. From this investment, 35% of the profits will benefit the Gilgit-Baltistan government, while 20% will be allocated for further tourism promotion. This initiative is also set to create direct employment opportunities for local residents.

The comprehensive approach by Green Tourism Company and SIFC is set to transform Pakistan’s tourism landscape, promising economic growth and increased global recognition.