President of Pakistan Businessmen and Intellectuals Forum (PBIF) Mian Zahid Hussain has expressed concern over Pakistan losing ground to regional countries in the manpower export market. "Pakistan is losing ground to regional countries such as India and Bangladesh in the manpower export market that was once considered its domain," he said, adding that it has resulted in falling remittances that is very disturbing.
Mian Zahid said that Indian Prime Minister had inked manpower export deals with various Arab nations at the cost of Pakistan but it has not been noticed here. "Falling exports and dying foreign direct investment leave the country with only one option that is to boost remittances," he said, suggesting that Prime Minister should not only direct Pakistani missions abroad to play their role but he should also visit the Middle Eastern and the GCC countries to seek boost in remittances. Otherwise, he warned, the country will remain dependent on foreign and local loans, which is a recipe for economic disaster.
"On the other hand, increased manpower exports would stabilize forex reserves, reduce unemployment and dependence on loans and pave way for rapid development," he said. PBIF president further said that hundi is still attractive option for many due to the problems in sending remittances through banks because of its high-cost, lack of facilities and absence of incentives for expatriates.
Copyright Business Recorder, 2017