PM urges overseas Pakistanis to invest in NPCs for better returns

ISLAMABAD: Prime Minister Imran Khan has urged overseas Pakistanis to invest in their home country and earn better returns.

Addressing the launching ceremony of Naya Pakistan Certificates (NPC) on Thursday, the prime minister asked the State Bank of Pakistan (SBP) to devise a new product to attract overseas Pakistanis to invest in the country.

"It is when you’re away from your country, you care about it the most. This is true for Pakistani expatriates who are the biggest investors for the country," the premier stated.

He said that overseas Pakistanis have proven their mettle in every field and they own wealth equal to the total GDP of Pakistan. "We can convince overseas Pakistanis to invest their dollars in Pakistan by providing them with an enabling environment."

Talking about the government's efforts to revamp the economy, Imran Khan said that all economic indicators are showing a positive trend. He said the current account deficit has become surplus for the first time in the last 17 years; exports have witnessed an increase of 24pc; while remittances have been on the rise for the last five months.

"Record cement sales indicate that the construction industry is flourishing," the PM noted. "The economy is now heading in the right direction and Pakistan has come out of the difficult period."

On inflation plaguing the country, the PM said untimely rainfalls caused great damage to wheat crops, while food security issues also surfaced due to the Covid-19 outbreak. He added that the "mafia" in sugar industry played an instrumental role to cause the crisis and asserted the government will henceforth ensure to tighten the noose around them.

Imran Khan linked rupee devaluation to hike in commodity prices, saying "when the dollar appreciates against the local rupee, it renders commodities and groceries expensive; however, the rupee has been performing well now and it is towards stability".

It may be noted that Naya Pakistan Certificates (NPCs), which are being introduced to facilitate overseas Pakistanis in the opening of a Foreign Currency Value Account (FCVA), are for those who have declared assets abroad with the Federal Board of Revenue (FBR).

Earlier, Senator Faisal Javed had said that NPC holders will get up to 7pc return in US dollars and 11pc in Pakistani currency, whereas Islamic Certificates (Shariah-compliant) are also being offered by the central bank.

"The certificates will be made available for a period of three months to five years while early encashment is allowed," said Faisal Javed. "No tax filing is required for Non-Resident Pakistanis (NRP) and only 10pc withholding tax will be charged on profits."