Impressive figures, which show the amazing financial resources of Pakistani’s not just in North America, but I am sure other parts of the world. With continued economic stability I am sure more and more of this hard earned money will continue to be invested in Pakistan…
http://www.dawn.com/2003/10/20/nat15.htm
**‘Expatriates’ $250bn asset base to benefit country’ **
Pakistanis living in the United States and Canada have an annual income of about $55 billion, almost 75 per cent of Pakistan’s total GDP. They also save up to $20 billion a year, twice the national saving in Pakistan, says Shahid Javaid Burki, a prominent Pakistani economist and former World Bank official. Mr. Burki, speaking at a seminar at the Pakistan Embassy in Washington on Saturday, disregarded the concept of “brain drain” and said that manpower was "the richest exportable commodity Pakistan had and the government should focus “on educating, training and sending abroad” skilled workers. The day-long seminar, which had 11 speakers and dozens of commentators, was the first by the Pakistani American Leadership Initiative, a group the embassy is setting up to develop a network of Americans of Pakistani heritage. The Pakistani community in North America, said Mr Burki, has an asset base of $200-250 billion, mostly in housing but also in capital investment and small businesses.
“Take more risks with your money. Invest in Pakistan,” he urged the community. “Not just because it is the country of your origin, Pakistan is turning the corner and there’s a lot of money for those willing to take risks.” Zia Chishti, a Pakistani-American entrepreneur, who setup businesses in Pakistan creating 700 offshore jobs, told the audience how his American colleagues warned him not to do so when he decided to invest in Pakistan. “There are strong biases against Pakistan as a business place, really difficult to overcome - but once you do, the reality is very different.” He said that after doing business in Pakistan, he can say with confidence that “Pakistan is one of the best places for business - a very workable place.”
“The corruption that you had five years ago, that’s gone - the government is not corrupt and it is open to business proposals - the place is completely unexplored and eager to welcome investors,” said Mr Chishti. He said that because of high unemployment, the educated youths, “are very eager to work and are very hardworking.” “There’s money in the stock market as capital for investment and there are lots of opportunities.” Dr Raza Bokhari, a physician who took over unsuccessful pathology labs and turned them around into successful businesses, explained how successful Pakistani-Americans can help bring prosperity to Pakistan as well. Later, during the question-answer session, Mr Burki urged Pakistani-Americans to find qualified and able Pakistanis and network with them. To a student who wanted to know whether he should stay in the US or go back to Pakistan, Mr. Chishti said: “We desperately need our best people in Pakistan. You can make more money in Pakistan if you decide to go.” Mr Burki, however, said that those who want to stay in the United States should be encouraged to do so. “Those who stay also contribute to Pakistan’s prosperity. Brain drain is not a bad thing. It is part of the globalization process.”