RAWALPINDI  -   The Rawalpindi Chamber of Commerce and Industry (RCCI) President Malik Shahid Saleem has lauded the government’s “Pakistan Banao Certificate” initiative and termed it a remarkable step towards restoration of overseas confidence.

The PBC will help government to generate funds to build the depleting foreign exchange reserves and support the balance of payments, he added.

RCCI has been vocal and raised the issue of providing conducive environment for overseas as they are major contributor in stability of foreign exchange via remittances.

Malik Shahid Saleem said: “This is a scheme that will not only uplift Pakistan but also generate profits for overseas Pakistanis.”

He stated that Pakistan is facing serious pressure on external account due to lower inflows and massive external debt obligations. It is appreciated that government listened to the recommendations of chamber of commerce and business community to involve overseas to come out of the current financial crunch and uncertainty.

Malik Shahid Saleem said that Pakistan’s economic lifeline is its remittances and as per SBP data, the annual subscription of more than $25 billion acts as its backbone.

These certificates will provide an attractive investment avenue to Pakistani diaspora besides enabling them to contribute to the development of the country.

The issuance of PBC certificates is also an effort to generate funds to build the depleting foreign exchange reserves, he further added.

RCCI president also assured his full cooperation and assistance for road-shows, awareness sessions and said that Chamber platform is available to promote the given initiative. The move will help send a positive signal reflecting that the country’s environment is conducive for the overseas and this will also strengthen the trust level on the government, Shahid said.