Remittances can be doubled by giving incentives to expatriates: Farooq Sattar

Federal Minister for Overseas Pakistanis Dr Farooq Sattar has said that foreign remittances can be increased from $7 billion dollars per year to $15 billion by giving little incentives to Pakistani living abroad. Speaking at a meeting of Karachi Chamber of Commerce and Industry (KCCI) here on Saturday he said that Pakistan need very balance economic policy, which should be prepared in consultation with all the four provinces and other stake holders.
He said the policy should be shaped up keeping the prevailing conditions and Pakistan potential areas in mind that could boost industrialisation, agriculture, trade and exports. He said doing business is the job of business community and government role should only be a facilitator and regulator of its policy.
"It is not the job of government to do businesses", he added. Dr Farooq Sattar said that the government should change its approach and realise the ground realities, abolish feudalism, improve relations with countries in the vicinity and concentrate on increasing agriculture produce and producing value-added goods.
"Pakistan can not make progress in confrontational atmosphere with its neighbours," he added. He pointed out that Bangladesh has made tremendous progress and its garment export registered marvellous growth, while Pakistan being the largest cotton producer country of the world export raw cotton worth $1billion. He said the exporters should be encouraged to export only value-added goods.
Recalling some of the economist's prediction that 2009 is belongs to Asia, he said that recession in European countries is the result of reaching at saturation point. Pakistan has to work hard to cash in the opportunity and attract attention of investors, he added. He said that some of the Asian countries have already started attracting investment, whereas Pakistan is still far behind and losing this opportunity.
Referring to Oil and Gas Regulatory Authority (Ogra) and National Electric Power Regulatory Authorities (Nepra), he said representative of business community and stakeholders be included in these organisations. Federal Minister for Port and Shipping Babar Khan Ghouri assured business community that the government would conduct inquiry into fake trade associations. Criticising the performance of Karachi Electric Supply Company (KESC) the minister said that KESC was sold to wrong hands.
He said that at the time of privatisation the then private owner had promised to invest 400 million dollars in KESC but this was neither honoured by the than owner nor by the present one. Former KCCI President Siraj Kassam Teli has urged the government to reduce banks interest rate and made public the sell-off agreement of KESC with the present owner. Former President KCCI Zubair Motiwala said that Afghan transit trade must be regulated to save Pakistan economic.
He said that there are around 44 lands locked countries in the world and transit trade agreement of the countries be examined for formulating transit trade policy. President KCCI Anjum Nisar suggested that there should be no banking charges on foreign remittances to encourage people to use legal channel for money transfer.