Structures and strategies are needed to be developed for diversifying skill development opportunities as par with international standards to increase the rate of remittances inflow, Yassar Sakhi Butt, President, Islamabad Chamber of Commerce and Industry (ICCI) said Saturday. He said foreign remittances is considered to be an important part of country’s foreign exchange earnings, but in Pakistan it have increased at a much lower rate as compare to other countries of the region.
“Therefore, Government should device strategies to initiate various skill development programs for people to work abroad which would ultimately increase the rate of remittances inflow,
The President ICCI was of the view that 73 percent of our local labor force was employed in the informal sectors as they have lower level of skill. Government should address skill development needs of workers and develop programs comprising language courses and preparatory information regarding the social and economic structure of the host economy. Yassar Sakhi Butt said that remittances could accelerate the growth momentum of our fragile economy by maintaining macroeconomic stability at a time when foreign investment was on steep decline. Thus, training programs should be in line with international standards because types of skills demanded in the international job market are also changing rapidly, he maintained. ICCI President said that the rate of remittances flow should go up as par the countries of our region like India with the highest remittances-receiving country worth of $58 billion followed by China $57 billion. He also called upon the financial institutions to become more proactive and increase the speed of remittance transactions for sustained growth of the economy. He said that Government should develop its own capacity to conduct research and facilitate other organizations involved in research related to skill development of people which would enhance their positions in the national and international labor market.
