June 23, 2017
President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister Mian Zahid Hussain on Friday said overseas Pakistanis are a great asset for the country that should be supported.
Pakistanis living abroad have been playing active role in making the country economically viable while developing the social sector through their remittances which is a great service, he said.
Mian Zahid Hussain said that government should encourage expatriates and address their issues so that country can become economically self-reliant as foreign exchange inflows facilitate economic development.
He said that remittances are the biggest source of generating foreign exchange outside exports while falling exports have increased the importance of the workers remittances.
Country pays over four billion dollars to international financial institutions as interest which is unsustainable therefore country has to seek loans to repay loans, while the key to resolve this matter lies in promotion of remittances.
The business leader said that remittances have no strings attaches and they are mostly immune to international political developments, sanctions, mismanagement and corruption and that focus on remittances can reduce dependence on aid.
He said that gulf crisis is unlikely to hit remittances as Pakistan is receiving two percent of its remittances from Qatar.
Transfer of money must be improved so that more foreign exchange could be earned settling many grave issues confronting country, he said, adding that investment climate is picking up which necessitates attention of the government towards remittances which will improve economy and reduce unemployment.