Remittances inflow supports economy to certain degree.

Byline: Khalil Ahmed

Interview with Mr Muhammad Idrees, President Karachi Chamber of Commerce and Industry

PAGE: Tell me something about yourself and your career, please:

MUHAMMAD IDREES: Well, I have been elected to lead the largest Chamber of Pakistan as its President for the year 2021-22. I have remained associated with the Businessmen Group (BMG) for more than two decades which was founded by our great leader Late Siraj Kassam Teli who passed away last year in Dubai due to cardiac arrest. I have also offered my services as Vice President KCCI in 2013-14 and President Karachi Electronic Dealers Association (KEDA) from 2009 to 2015, in addition to serving as Member of a Committee of Ministry of Maritime Affairs and Sindh IT Board. My Company Z.B.H International is involved in trading of electronic equipment, accessories and mobile phone etc. and I am also involved in real estate/ construction business.

PAGE: What is your perspective about the home remittances during the current fiscal year?

MUHAMMAD IDREES: According to the International Labor Organization (ILO), there were around eleven million Pakistanis settled in various countries around the World. During 1QFY22 (Jul-Sep 2021), Pakistan received the highest-ever remittances of $ 8.0 billion, a growth of 12.5% over $ 7.14 billion received in 3MFY21. September 2021, was the 16th consecutive month in which Pakistan received remittances of at least $ 2 billion, which is a positive development. However, the country's improved performance in being able to attract remittances should not come as a surprise given that the government has been putting a lot of focus on expats ever since it came to power. The government has even implemented programs like the Roshan Digital Account (RDA) in this regards, which makes it easier for them to invest, buy cars and property in Pakistan. In a period of around a year, from the start of the initiative in September 2020 till September 2021, a total of 248,723 accounts have been opened by expats residing in 175 countries. Through this, $ 2.411 billion funds have been received and $ 1.66 billion has been invested in Naya Pakistan Certificates. Remittances play a vital role in the economy of Pakistan. They help cushion the current account deficit and provide a much-needed inflow of foreign currency into the country. It also allows the government to collect some additional taxes. Hence, inflow of remittances from Pakistanis settled abroad allow for at least some...