Karachi (March-14-2025) The Chairman of National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the President of All Karachi Industrial Alliance, the Chairman of the FPCCI Advisory Board, and the President and former provincial minister, Mian Zahid Hussain, said on Friday that the need and importance of remittances increases during difficult economic conditions.
He said it is encouraging that remittances have increased to a record level, significantly supporting the country’s economy.
Mian Zahid Hussain said more facilities should be given to Pakistanis living abroad to increase remittances. These facilities could include easier and more affordable ways to send money back home and support for skill development programs.
The Chairman of National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the President of All Karachi Industrial Alliance, the Chairman of the FPCCI Advisory Board, and the President and former provincial minister, Mian Zahid Hussain,
While interacting with the business community, the veteran business leader said that in February 2025, the volume of remittances reached $3.1 billion, 32 percent more than February 2024 and a record.
He confidently predicted that the total volume of remittances will reach $35 to $36 billion by the end of the current fiscal year, a significant increase from the previous year’s $30.3 billion.
Mian Zahid Hussain said that remittances account for seven to eight percent of Pakistan’s GDP and that Pakistan ranks fifth in the world in foreign remittances.
He said that remittances not only support the Pakistani economy but also help about five crore people and one crore families improve their standard of living despite the current inflation.
Mian Zahid Hussain underscored the importance of equipping the youth with skills and legally sending these skilled individuals abroad. He believes this will not only improve their standard of living but also benefit the country’s economy.
He noted that currently, a large number of Pakistanis going abroad are unskilled, so they receive low wages and send less money back to Pakistan. Still, increasing their income is not a difficult task.
A process should also be started to encourage wealthy Pakistanis living abroad to invest in their country’s stock exchange. The government should provide guarantees to protect their capital, positively impacting the country’s economy.
If Pakistanis living in other countries invest in their country’s industrial sector, it will reduce unemployment and increase government revenue. However, he opined that the investment environment must be improved, the tax system should be made balanced, and energy prices must be reduced.
Mian Zahid Hussain said that the current volume of international remittances is more than 900 billion dollars, a large part of which goes to poor and developing countries.
He informed that in 2023, poor and developing countries received remittances worth $656 billion, while billions of dollars are also being transferred through illegal channels, of which there is no record. If this trend can be stopped, the economies can improve significantly.
Mian Zahid Hussain further said that according to the available data, India is currently receiving the highest remittances in the world, $129 billion. Mexico is second, with $68 billion in remittances, and China is third, with $50 billion.
