Govt working to attract expats in IT, other fields
STAFF REPORT IBD: The government is working on a plan to attract foreign direct investment (FDI) from rich Pakistanis expats in various fields especially information technology, automobile vending industry, medical equipment and services and hospitality sectors.
A senior government official said the work on an incentive package to attract overseas Pakistanis has been triggered following an advice from the World Bank economists Dan Biller and Ernesto Sanchez-Triana who viewed Pakistans economic growth being highly dependent on financial inflows of aid and workers remittances.
The resources with influential and enterprising Pakistanis abroad would facilitate flow in and become a tool to revitalise manufacturing sector for increased jobs, urbanisation and connectivity, the official said.
“Investment in freight transport should be developed, coordinated with efforts to establish or strengthen industrial clusters. Synergies between freight transport and cluster development would boost structural and spatial transformations that Pakistan is undergoing,” the World Bank said.
Importing natural gas would partly address the energy concern, given that natural gas demand in Pakistan far exceeded supply, there would still be a supply gap after 2015 even if indigenous gas reserves and planned projects in pipelines in the country materialize.
Improving skills training and education to workers to better match employment needs and supply in industry was also important.