FPCCI welcomes improved exports, remittances Discouraging illegal transfers to boost remittances Curtailing imports reducing the deficit

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The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Tuesday welcomed the improvement in exports and remittances terming it good for the economy.

It also lauded the government for curbing imports which will help reduce the trade deficit and ease pressure on forex reserves.

An action against people involved in illegal recruitment and hitting hundi business will increase the volume of remittances which are catching up with exports, said Mazhar Ali Nasir, Acting President FPCCI.

In a joint statement with VP FPCCI Karim Aziz Malik and Chairman Coordination Malik Sohail Hussain, he said that country received 14.6 billion dollars in the first nine months of the current fiscal while exports remained 17.1 billion dollars.

Increasing exports require a lot of efforts while increasing remittances require some steps, he said, adding that the sector of remittances should be given attention.

Malik Sohail Hussain, who has also served as Senior Vice President of the ICCI said that government must discourage all illegal money transfer channels which will greatly benefit the country.

He said that some illegal recruiting agents are charging an amount equal to their one to two years of salary for sending them abroad which is discouraging workers. Those involved in the legitimate business should be encouraged and empowered, he said.

Moreover, different taxes in the Arab countries have also discouraged workers who are now opting for other destinations, he said.

He asked the government to take up issues confronting overseas Pakistani with the respective countries.


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