(27th November 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 Monday said Pakistan is losing manpower export market to India, Bangladesh and some other countries.
Pakistan is losing ground to regional countries in the manpower export market once considered its domain which is resulting in falling remittances that is very disturbing, he said.
Indian Prime Minister has inked manpower export deals with various Arab nations at the cost of Pakistan but it has not been noticed here, he said.
Mian Zahid Hussain said that falling exports and drying foreign direct investment leaves the country with only option to boost remittances for which our Prime Minister should not only direct Pakistani missions abroad to play their role but he should also visit the Middle Eastern and Gulf countries.
Otherwise, he warned, the country will remain dependent on foreign and local loans which is a recipe for the economic disaster. On the other hand, increased manpower exports will stabilize Forex reserves, reduce unemployment and dependence on loans and pave way for rapid development.
Hundi is still attractive to legal channels due to the problems in sending remittances through banks, its high cost, lack of facilities and absences of incentives for expatriates, he noted.
The business leader said that remittances are in the decline for which government must play an active role.
