PM for special initiatives to attract overseas Pakistanis' investment for win-win situation

ISLAMABAD: Prime Minister Imran Khan on Thursday said with the country’s major economic indicators showing positive trends, there was a need to take special initiatives and offer incentives to attract investment from expatriates, who according to some estimates owned dollars equal to Pakistan’s Gross Domestic Product (GDP), for a win-win situation.

“We have to strive and look ways to attract the overseas Pakistanis, who are progressing well in every sector abroad and, I know and according to some estimates, own the amount of dollars equivalent to our GDP,” he said while speaking at the launch of Naya Pakistan Certificates (NPCs) by the State Bank of Pakistan (SBP).

The NPCs issued by the SBP for overseas and resident Pakistanis with declared assets abroad offer “very attractive expected rates of 5.5 to 7 percent” on dollar investment and “9.5 to 11 percent” on rupee.

The prime minister said with the situation of Islamophobia campaigns and very interest rates in the West, the NPCs, which offered attractive rate of return, provided an opportunity to the overseas Pakistanis, to invest their hard-earned money in their homeland for their own as well as the benefit of country.

Highlighting the country’s achievements on economic front, he said except the food inflation, which was also on the rise in India due to pressure on supply chain, the country’s major economic indicators were moving in positive direction.

The prime minister mentioned that the government, which inherited US $ 20 billion of the current account deficit, had brought it to surplus – first time in 17 years, checked the fiscal deficit and brought in fiscal discipline during the last years.

He explained that increase in the current account deficit and higher imports caused pressure on rupee and in turn brought price-hike in imported commodities like gas, edible oil, ghee and pulses.

The prime minister said besides the major achievement of bringing the current account in surplus, the government had succeeded in realizing 24% increase in exports and enhanced receipt of the workers’ remittances.

As regards the situation of wheat and sugar, he said the country’s wheat crops were affected by untimely rains due to climate change, while the shortage of sugar was mainly due to cartelization, a fact also clarified by the Competition Commission of Pakistan..

The prime minister, however, assured that due to the measures taken by the government there would not be any shortage of wheat and sugar in the country.

He expressed his pleasure that with the achievement of stability in primary balance – difference in revenue and expenditure, there was no raise in the country’s debt during the last four months.

The prime minister mentioned that a well-performing stock market – best in Asia, booming construction industry, record sales of cement and other construction materials, boost in the textile industry, and higher sales of motorcycles and cars were reflective of the fact that the economy was on the right path.

He appreciated the State Bank of Pakistan, the Finance Ministry and his economic team for their contribution in the economic boost.