The Lahore Chamber of Commerce & Industry (LCCI) has urged the government to give maximum incentives to the overseas Pakistanis as they are playing lead role in the country's economic uplift through their remittances. The LCCI President Malik Tahir Javaid, Senior Vice President Khawaja Khawar Rashid and Vice President Zeeshan Khalil said that remittances are major part of Pakistan's economy; overseas Pakistanis had sent home remittances worth US $6.44 billion during the first four months of the current fiscal and Pakistanis working in Saudi Arabia contributed the most with remittances worth US $461.07 million dollars during October 2017.
They said that the government should take measures to ensure that these remittances are invested in productive sectors. Foreign remittances could reach US $ 40 to 50 billion in the next few years, if the government announces incentives on the investment made by expatriate Pakistanis, they said, adding: "Expatriates may be encouraged to invest in the sectors like energy, agriculture, telecommunication and IT."
They also urged the government to remove all hurdles that are impeding smooth inflow of the foreign remittances to Pakistan. The government should discourage the "hawala system" as annually billions of dollars are sent through this illegal way. The LCCI office-bearers said that at a time when the country is experiencing economic challenges, increase in home remittances would provide much-needed support to the external sector of the economy. "It is indeed a very positive development especially at a time when current account balance is under pressure," they opined.
They also hoped that the government frame more conducive policies and announce incentives to attract investment by the overseas Pakistanis.
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