ISLAMABAD: Prime Minister Imran Khan has urged the overseas Pakistanis to invest in their home country and earn a good return, besides strengthening the national economy.Addressing the launching ceremony of Naya Pakistan Certificates (NPC) here on Thursday evening, the Prime Minister asked the State Bank of Pakistan (SBP) to devise a new product to attract overseas Pakistanis to invest in the country.
“It is when you’re away from your country, you care about it the most and it’s true for Pakistani expatriates who are the biggest investors for the country,” said the Prime Minister. He noted people living across the oceans loved Pakistan the most and crediting it partly to their remittances and investments, said the economy has started in the right direction.He said that overseas Pakistanis have proved their mettle in every field and they own wealth equal to the total GDP of Pakistan.
The Prime Minister said, “We can convince overseas Pakistanis to invest their dollars in Pakistan by providing an enabling environment and facilitation.”Talking about the government’s efforts to revamp the economy, Imran Khan said that all economic indicators are showing positive improvement. He said the current account deficit has become surplus for the first time in the last 17 years, whereas exports have witnessed an increase of 24 percent as well as a rise in remittances.He said that record cement sales indicate that the construction industry is also flourishing. Imran Khan said that now the country’s economy is heading in the right direction and Pakistan has come out of the difficult period.
On the inflation plaguing the country, the PM said untimely heavy rains caused great damage to wheat crops that coupled with food security issues that were heightened by the Covid-19 outbreak. He also said mafia in the sugar industry played an instrumental role to cause the crisis and asserted the government will henceforth ensure to tighten the noose around all mafias.
Imran Khan blamed rupee devaluation for the hike in commodity prices and said when the dollar appreciates against the local rupee, it renders commodities and groceries expensive. But he said the rupee has been doing relatively better now and it’s looking at stability.It may be noted that Naya Pakistan Certificates (NPCs) which are being introduced to facilitate overseas Pakistanis for opening a Foreign Currency Value Account (FCVA) are for overseas Pakistanis and those who have declared assets abroad with the Federal Board of Revenue (FBR).
Earlier Faisal Javed of the ruling party said NPC holders will get up to 7 per cent return in US dollars and 11 percent in Pakistani currency, whereas, Islamic Certificates (Shariah-compliant) are also being offered by the central bank.The certificates will be made available for the period of three months to five years while early encashment is allowed, said Faisal Javed, adding that no tax filing is required for Non-Resident Pakistanis (NRP) and only 10 per cent withholding tax will be charged on profits. TLTP