Pakistan is facing severe economic crises since the last few years. The country’s economic situation is deteriorating day by day. The inflation rate is high, the unemployment rate is increasing, and the value of the Pakistani rupee is continuously falling. The government of Pakistan has taken several measures to overcome these crises, but still, the situation is not improving. In this report, we will discuss how overseas Pakistanis can help Pakistan overcome economic crises.
According to the statistics, there are more than 9 million Pakistanis living abroad, and they are contributing to the development of Pakistan in several ways. The overseas Pakistanis are sending remittances, investing in Pakistan, and promoting Pakistani products in foreign countries. However, their potential to contribute to Pakistan’s economy is much more significant than what they are currently doing.
How overseas Pakistanis can help Pakistan overcome economic crises?
There are several ways in which overseas Pakistanis can help Pakistan overcome economic crises. Some of them are as follows:
- Investing in Pakistan
he overseas Pakistanis can invest in Pakistan’s economy by investing in various sectors such as real estate, agriculture, and manufacturing. The government of Pakistan has announced several incentives for foreign investors, and the overseas Pakistanis can take advantage of these incentives. By investing in Pakistan, the overseas Pakistanis can create job opportunities, increase the country’s production, and promote economic growth.
- Sending remittances
The overseas Pakistanis are the main source of foreign exchange for Pakistan. According to the State Bank of Pakistan, the overseas Pakistanis sent a record-breaking $29.4 billion in remittances during the fiscal year 2020-21. This amount is equivalent to 10% of Pakistan’s GDP. The overseas Pakistanis can help Pakistan overcome economic crises by sending more remittances. The government of Pakistan can also provide incentives to the overseas Pakistanis for sending remittances.
- Promoting Pakistani products in foreign countries
The overseas Pakistanis can promote Pakistani products in foreign countries by setting up Pakistani restaurants, shops, and other businesses. By doing so, they can increase the demand for Pakistani products in foreign countries, which will help increase Pakistan’s exports. Moreover, the overseas Pakistanis can also participate in Pakistani exhibitions and trade fairs, which will help promote Pakistani products in foreign countries.
- Bringing skills and knowledge to Pakistan
The overseas Pakistanis can bring skills and knowledge to Pakistan by working in various sectors such as IT, healthcare, and education. The government of Pakistan has announced several programs to encourage overseas Pakistanis to work in Pakistan. By bringing skills and knowledge to Pakistan, the overseas Pakistanis can help improve the quality of Pakistan’s human resources.
- Promoting tourism in Pakistan
The overseas Pakistanis can promote tourism in Pakistan by encouraging their friends and families to visit Pakistan. Pakistan has enormous potential for tourism, and the overseas Pakistanis can help promote it by sharing their experiences of visiting Pakistan with others. Moreover, the overseas Pakistanis can also invest in the tourism industry in Pakistan, which will help create job opportunities and promote economic growth.
Besides above, overseas Pakistanis can play major role in following avenues to help Pakistan to come out of this economic crises;
- Support Education: Overseas Pakistanis can help improve education in Pakistan by funding schools and universities, providing scholarships and training opportunities.
- Provide Health Care: Overseas Pakistanis can fund hospitals, clinics, and other healthcare services, providing better healthcare access to the general public.
- Create Employment Opportunities: Overseas Pakistanis can create job opportunities by investing in different sectors of the economy.
- Encourage Entrepreneurship: Overseas Pakistanis can fund and support startups and entrepreneurs to create new businesses and contribute to economic growth.
- Develop Infrastructure: Overseas Pakistanis can help improve Pakistan’s infrastructure by funding development projects such as highways, bridges, and water supply systems.
- Develop Industries: Overseas Pakistanis can fund and support the development of new industries to generate more revenue and create more job opportunities.
- Promote Agriculture: Overseas Pakistanis can invest in agriculture to improve food security and reduce dependency on imports.
- Fund Research and Development: Overseas Pakistanis can fund research and development projects to create new products and services, which can increase exports and generate more revenue.
- Provide Disaster Relief: Overseas Pakistanis can provide emergency relief during natural disasters, helping to rebuild damaged infrastructure and homes.
- Support Arts and Culture: Overseas Pakistanis can fund and support arts and culture events, which can help promote Pakistani culture and generate tourism revenue.
- Support Women Empowerment: Overseas Pakistanis can fund projects that empower women and create more opportunities for them.
- Support Minority Groups: Overseas Pakistanis can support minority groups and help promote their rights.
- Promote Clean Energy: Overseas Pakistanis can fund and support clean energy projects to reduce Pakistan’s dependency on fossil fuels and promote sustainable development.
- Promote Sports: Overseas Pakistanis can fund and support sports events and facilities, which can help promote a healthy lifestyle and generate tourism revenue.
- Support Philanthropy: Overseas Pakistanis can fund philanthropic activities to help the poor and underprivileged communities.
- Promote Technology: Overseas Pakistanis can support the development of the technology sector, creating more jobs and revenue opportunities.
- Promote Democracy and Peace: Overseas Pakistanis can support initiatives that promote democracy and peace in the country, helping to create a stable and prosperous future for all.
