Financial crisis: Pakistan Economy Watch suggests wooing expatriates for investment

Calls for incentives to overseas Pakistanis

ISLAMABAD: The Pakistan Economy Watch (PEW) maintains the government can overcome the financial crisis and repair the economy by providing proper incentives and infusing confidence into overseas Pakistanis, saying this will also break the beggar’s bowl.
Speaking to expatriates on Sunday, PEW President Dr Murtaza Mughal said that Pakistanis living abroad should be encouraged to invest in Pakistan by redressing their genuine reservations and providing them with a level playing field.

He said the overseas Pakistanis have the potential to change the economic outlook of the country.

Dr Mughal regretted that the expatriates were never taken into confidence, nor were their skills put to the test. He said that foreigners who had invested in Pakistan were transferring foreign exchange abroad as profit.

He said that Pakistan could progress well if it provided equal opportunities and patronage to its people to help stop some brain drain. The delegation told Dr Mughal that economically illiterate bureaucrats should not be allowed to take critical decisions that to poverty. “The resources that were supposed to be spent on infrastructure development, agriculture, industry, health and education were used for inefficient sectors,” they said. All energies of investors were drained coping with red tapes, lining up for licences, reducing extra costs of doing business, persuading trade unionists and bribing officials.

Dr Mughal said that some bureaucrats were in the habit of sweeping everything under the carpet until the issues turned into a fiasco.

“Lack of trust is the only reason why friendly countries are reluctant to pump some money in this hour of need,” he told the gathering.


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