(July 30, 2019)
President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain on Tuesday highlighted the role of expatriates in national development. The expatriate community has encouraged during the recent visit of Prime Minister Imran Khan, therefore, their expertise and resources should be utilized for the development of the country, he said.
Mian Zahid Hussain said that expats should be provided opportunities to serve the country while the government can consider issuing new bonds for them to attract investment.
Talking to the business community, the veteran business leader said the government issued diaspora bonds on Jan 31 which attracted investment of $26 million against initial estimates of $3 billion. The government had announced a profit of 6.75 percent which is more than double than what other countries offer while profit in local currency was above seven percent.
The former minister noted that the move was not well advertised and the timings were not good as the economy was in trouble while government officials, opposition, economic experts and international institutions were painting a bleak picture.
Exports were going down while expenses were increasing which sent a negative signal to the investors. After a loan from the IMF, the situation has improved to some extent but the expected growth rate of 2.4 percent, erosion in the value of the local currency, increased interest rates and policy resulting in economic contraction is still seen as a threat by some investors.
Lauding the move of the government to issue Rs 200 billion new bongs, he said that the PM Imran Khan attached great importance to overseas Pakistanis and enjoy a good reputation among them, therefore, their capabilities should be put to use for national development.