KARACHI: Pakistan can tap another $4 billion remittances annually from United Arab Emirates provided the existing potential is 100 per cent exploited.

This was revealed in a Roundtable Conference on remittances held in Dubai recently by Xpress Money, the largest remitter to Pakistan having presence in 150 countries with over 200 destinations world over.

The company, which has the largest share in remittances to Pakistan, carried out surveys and marketing in the Arab region as well as Europe and Untied States, was sure that Pakistan can easily boost its remittances with more incentives and attractions.

While appreciating the role of PRI (Pakistan Remittance Initiative), X-press Money Vice President and Business Head Sudhesh Giriyan showed concerns that delay in payment to remitter companies regarding the incentive under PRI could have negative impact. The company sends remittances through banking channels and has partnership with 11 Pakistani banks and two mobile service providers.

The PRI was established in 2009 and is a joint initiative of State Bank of Pakistan, Ministry of Overseas Pakistanis and Ministry of Finance to create an ownership structure in Pakistan for remittance facilitation.

Their research presentations showed that banking channels have reduced the remittances through illegal channels but it still exists which requires more effort and incentives to bring these remittances under the banking channels.

The company has established 6,000 payout locations in Pakistan and offers free door delivery service, free life insurance, mobile account credit and instant money transfer to the customer’s account.

Sudhesh said the remittances grew from $8bn in 2009 to $14bn in 2013 is 6.2 per cent of Gross Domestic Product of Pakistan while it is the second biggest source of foreign exchange after exports.

He said most of the Pakistanis working in Arab countries have blue collar jobs with low income while those living in Europe and America have white collar jobs with high income. The potential is high in Europe and America for remittances.

“Pakistan needs to tap this opportunity with policies, strategies and incentives.”