[ad_1]
Faisalabad, February 19 (APP): Engineer Ahmad Hassan, former Vice Chairman and Convener of FCCI (Faisalabad Chamber of Commerce and Industry) R&D Standing Committee has proposed setting up a separate dedicated Department to develop highly skilled human resources that can be exported to other countries. The country will almost double existing overseas remittances.
In his speech at the Standing Committee meeting, he said that our current exports are only US$20 billion, while remittances are US$30 billion, but there is still a gap of US$20 to US$25 billion.
“We have to focus on exporting highly skilled manpower to overcome this trade deficit. The economy is facing multiple challenges and fundamental administrative changes are needed to address them. We are exporting unskilled and semi-skilled workers, who are being remitted 30 billion in remittances. The proposed department may be tasked with identifying the specific needs of each potential country and developing human resources in that particular area.”
He further said that due to the global economic collapse and internal instability, exports are decreasing, so we must focus on increasing foreign exchange remittances through exporting a large number of well-trained labor force. “This is the easiest way to balance the trade deficit,” he added.
Earlier, HM Dr Arif Javaid introduced a comprehensive documentary on remittances and said that global remittances amounted to US$647 billion in 2022 and the amount is expected to jump to US$800 billion by 2024.
He explained the data of South Asian countries and said that remittances flowed into India the highest at $111.2 billion. “Pakistan received $29.9 billion in remittances, which is only 7.9 per cent of our GDP,” he said, explaining the importance of foreign remittances, global and regional trends, South Asia situation, Pakistani diaspora, remittances sent by them , the evolution of remittances and other related topics. .
Muhammad Amjad Khawaja proposed that a comparative study of the textile industry of Pakistan and Bangladesh may be presented at the next meeting of the Standing Committee.
Abdullah Qadri, Muhib Mujtaba Amjad, Muhammad Irfan and Muhammad Faizan were also present.
[ad_2]
Source link