Faiza Tehseen

Overseas Pakistanis must be facilitated in launching joint ventures with local entrepreneurs to revitalise the domestic industry.

“In this regard, chambers of commerce and industry can invite the Pakistani diaspora for joint ventures in different sectors. The country has a vast consumer market and potential for collaboration in different sectors, including housing, infrastructure, tourism, construction, oil, and gas. Pakistani diaspora will contribute smart expertise and business practices crucial for the country’s economic uplift,” a senior official from the Ministry of Overseas Pakistanis and Human Resource Development, told WealthPK on condition of anonymity.

He said that rejuvenating Pakistan’s industrial sector, modernising the manufacturing process and boosting exports were essential for sustainable economic development. “Overseas Pakistanis can be instrumental in facilitating the technology transfer, expertise, and intellectual capital to catalyse national industrial progress and development.” The ministry official said overseas Pakistanis in different countries had pledged to make investments in a variety of trade commodities and sectors, including the information technology.

“To support and encourage these efforts, the establishment of a dedicated authority is necessary to protect their interests and rights, particularly related to business matters. The said authority will help foster a conducive environment for investment and address concerns related to property rights, legal matters, and security,” the official said. 

Speaking to WealthPK, Usman Shaukat, President of Rawalpindi Chamber of Commerce and Industry (RCCI), said: “Partnerships between overseas Pakistanis and local industrialists represent a significant step towards industrial modernisation and economic resilience.” He said by leveraging the expertise and resources of Pakistani diaspora, the country can revitalise its domestic industry, enhance export capabilities, and achieve sustainable economic development.

He said: “Areas for collaboration and joint ventures can be green technologies; water conservation solutions; eco-friendly manufacturing practices; export-oriented product development; skills training and capacity building for local labour and other professionals; smart agricultural technologies and sustainable farming; and renewable energy projects, including solar, wind, and bioenergy.” Shaukat said: “Government must act as a bridge between local entrepreneurs and overseas Pakistanis.”

He said RCCI frequently arranges business-to-business meetings between overseas Pakistanis and local businessmen. “Government support is desperately needed to ensure that overseas Pakistanis are legally protected when they launch joint ventures in their country of origin. This effort will fetch great socioeconomic benefits for Pakistan.”

Credit: INP-WealthPk