Country needs to diversify its exports markets

KARACHI: The Federation of Pakistan Chamber of Commerce and Industry (FPCCI) has sought urgent steps to diversify country's export markets for skilled human resource.

Chairman FPCCI Regional Committee on Industries, Atif Ikram Sheikh taking exception to decline in overseas remittances due to changing global scenario, said urgent measures were needed to replace conventional markets with new one, with equal attention towards capacity building of workers in search of jobs abroad.

Pakistan, he said receives 63 percent of its remittances, equivalent to US $12.1 billion dollars, from GCC countries that are fast turning over saturated due to easy availability of cheap labour from India, Bangladesh and some other countries.

Similarly, fate of our workers serving in Saudi Arabia and contributing 28 percent of the remittances is in jeopardy as the Kingdom is reducing its reliance on oil income and besides diversifying its economy is also employing locals in varied sectors.

Pakistan only till recent past, he said used to export 38 thousand workers to Saudi Arabia on monthly basis, however, the number has presently dwindled to 1300.

The business leader further mentioned that remittances received from USA and UK equal, through the earning of Pakistani workers, are equal to what is sent from KSA, however, these two are reviewing their policies making situation difficult for Pakistanis seeking jobs abroad.

"These emerging facts demand that our country adopts a pragmatic approach and look for markets in other countries with developed economies faced with shortage of qualified workers," said the FPCCI official.

He also strongly recommended close coordination among government departments and institutions as well as private sector for capacity building, skill development and updated training of youth so as to create demand for them in the work markets across the globe.