FPCCI warns of sharp decline in remittances amid Gulf visa issues

KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has warned of a significant decline in remittances due to increasing difficulties in obtaining visas for Pakistani workers in Gulf countries.

Speaking at a press conference at the Federation House, Senior Vice President of FPCCI Saqib Fayaz Magoon, along with vice presidents Asif Sakhi and Nasir Khan, and Chairperson of Pakistan Customs Agents Association Saifullah, expressed serious concerns over the issue.

Magoon said that remittances are expected to drop by 20 per cent to 25 per cent this year due to worsening visa restrictions for Pakistani workers in the Gulf region. He added that despite assurances from Gulf countries that FPCCI-endorsed letters would facilitate visa approvals, 50 per cent of applications are now being rejected, even with the FPCCI’s endorsement.

Magoon further highlighted that while Pakistan’s exports have reached $22 billion in the past eight months, imports stand at $37 billion, resulting in a significant trade deficit, which is currently being bridged by remittances. He warned that the ongoing labour visa issues could further strain the economy and urged the government to take immediate action.