Maximum incentives for expats urged

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has urged the government to give maximum incentives to the overseas Pakistanis who are playing fundamental role in the economic development of the country through their remittances, a statement said on Saturday.

LCCI President Malik Tahir Javaid, Senior Vice President Khawaja Khawar Rashid and Vice President Zeeshan Khalil said that remittances are a major part of Pakistan’s economy. The overseas Pakistanis sent home remittances worth $6.44 billion during the first four months of the financial year 2018, they said, addig that the remittances improved 2.27 percent for 4MFY18 as against $6.30 billion reported during the same period of the last year.

The LCCI office-bearers said the government should take measures to ensure that these remittances are invested in productive sectors instead of wasting them in consumption. Foreign remittances could easily reach $40 billion to $50 billion in the next few years, if the government announces incentives on the investment made by expatriate Pakistanis, they added.