ISLAMABAD, Sept 22: The government has decided to launch a $100 million new overseas investment fund to attract overseas Pakistanis investment in the country. Official sources told Dawn on Wednesday that State Bank and the Board of Investment (BoI) had been asked to identify major areas of investment for expatriates with the help of the private sector.

Details of 7.4 million overseas Pakistanis had been collected who would be asked individually and collectively to make investment in Pakistan where the government was considering offering further fiscal and non-fiscal incentives in some areas including power, infrastructure, tourism, communication and information technology.

When contacted State Minister for Overseas Pakistanis, Tariq Azeem confirmed that new overseas investment fund was being established with the help of a number of organizations including National Investment Trust.

Initially, he said the government would extend $100 million for the fund which was expected to be substantially enhanced with the active participation of wealthy expatriates.

“Our overseas Pakistanis possess about $82 billion worth of assets and accounts in foreign banks and we are trying to mobilize some money out of that huge amount,” the state minister said.

Responding to a question, he said that the government had decided to remove various hurdles that were blocking considerable investment by the overseas Pakistanis across Pakistan.

“All possible incentives will be offered to expatriate so that they could invest here freely,” Tariq Azeem said.

He said that the government would encourage partnerships between local and overseas investors in various fields. Overseas Pakistanis, he said, would be allowed to bring any amount of investment and could take them back without any problem.

“The government will play a role of real facilitators,” the state minister for overseas Pakistanis said adding that various complaints relating to offering early infrastructure facilities would be removed.

Expatriates, he said, were one of the major resources of Pakistan as they were not only performing ambassadorial functions but earn value foreign exchange so preciously needed for economic development.

The government, he said, was receiving over $4bn remittances every year by the overseas Pakistanis who certainly deserved better treatment in the country.

To a question, he said that it was good to see that expatriates were now sending their remittances through normal banking channels.