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Tuesday, July 27, 2021

Sattar for increment in foreign remittances

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ISLAMABAD: Federal Minister for Overseas Pakistanis, Dr. Farooq Sattar has called for introducing new policies to increase foreign remittances from $ 7 billion to $ 15 billion and for the purpose incentives should be given to Overseas Pakistanis. The Minister expressed these views while talking to the State Bank of Pakistan Governor, Syed Salim Raza who called on him here on Tuesday.

He said Overseas Pakistanis investors would be attracted through incentives to invest in housing and textile sectors in the big cities like Karachi and Lahore in the country. The availability of ideal atmosphere is necessary for the foreign investment. District governments can play a vital role to create opportunities of investment in the housing sector.

The minister said the services of commercial attaches appointed in Pakistani missions abroad should also be utilized to increase foreign investment in the country. For the purpose they should make contacts with them and have better interaction.

The minister said pharmaceutical sector has big potential abroad and Pakistan can send professionals of this field to foreign countries to earn a big amount of foreign exchange. Such institutions of well repute will be established in the country in collaboration with Agha Khan University and its other affiliated institutions to produce qualified professionals to meet demand of the foreign countries.

He proposed to subsidize services charges in transaction of money to bring more remittances in the country and added that the Ministry is running an insurance scheme under Overseas Pakistanis Pension Trust to provide an opportunity of investment to Pakistanis living abroad. The initiation of Foreign Currency Product Investment (FCPI) scheme for Overseas Pakistanis was also discussed in the meeting as this scheme can also attract investment in the country.-SANA

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