Islamabad Chamber of Small Traders on Sunday said exports continue to fall while the deficit is increasing, therefore, the government should focus on the promotion of the neglected sector of overseas employment.
Expatriates are helping the government by sending around nineteen billion dollars annually which is helping finance half of the import bill, it said.
The government should patronize overseas employment promoters which are helping country earn foreign exchange and reduce unemployment, said Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt.
Expats are sending around nineteen billion dollars to Pakistan which is a great service to the nation, therefore, the government should chalk out a strategy to safeguard their interests, he added.
Shahid Rasheed Butt said that this sector has potential to help turn the economy around but it is neglected which is against the national interests.
He said that economies of oil producing countries continue to shrink due to lower oil prices and political turmoil resulting in the budget deficit, unemployment, and currency devaluation.
This situation can take a toll on countries dependent on remittances which include Pakistan whose exports are less than half of the imports, he noted.
The business leader said that the export sector continues to nosedive therefore government should promote overseas employment sector to reduce unemployment and strengthen forex reserves which are under threat.
Government and private sector should join hands to find new markets, he said, adding that the concerned ministry should be empowered as it has become counterproductive.