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How Can Overseas Pakistanis in Italy Play Their Role in Pakistan's Economic Progress?

How Can Overseas Pakistanis in Italy Play Their Role in Pakistan's Economic Progress?

24 Jan 2024


How, as a Pakistani expat in Italy, can you contribute to the economy of Pakistan? If you work in Italy, you play a huge role in Pakistan's economic progress. Many individuals leave their country to live in Italy for better work opportunities so they can send money to Pakistan from Italy. They send money to support their loved ones at home, which becomes economic support for Pakistan.

These remittances are sent for various purposes, such as household management, investments in studies, and businesses, ultimately leading towards Pakistan's economic growth. Another reason behind this economic growth is the friendly relationship between Italy and Pakistan. Italy is also an active investor in Pakistan, and individual sending remittance creates a stronger impact on economic progress.

Remittances from overseas Pakistanis are a significant source of foreign exchange for the country. Overseas Pakistanis in Italy greatly participate in cultural promotion, social welfare, trade increment, and business and industrial development. In this article, you will explore the ways to contribute to Pakistan's economy as an overseas Pakistani worker:

Benefits of Remittance to Contribute Pakistan's Economic Growth

According to a Pakistani senator, Pakistani individuals working in Italy contribute a maximum of 600 dollars to Pakistan. This amount is highly invested in business and development projects. According to foreign research in Italy, around 134,182 Pakistani individuals are getting an education in Italy and making gradual money transfers to Pakistan.
 

Pakistan ranks 5th among the highest remittance-receiving countries. It receives an average of $19.3 billion in remittances every year. Remittance plays a vital role in achieving many progress and factors:

Impact on Foreign Exchange

For any country, currency exchange is vital to economic progress by multiplying national balance and payments. Remittance is a significant source of foreign exchange for Pakistan because betterment in foreign rates leads to direct economic growth and welfare of the country.

Poverty Elimination

When individuals living in Italy send money online to Pakistan from Italy to support their families, they become the backbone and bread earner of the family. Through this, he plays his role in eliminating poverty from his house. Also, when that money revolves around society, it reduces social poverty and becomes economic progress.

Educational Betterment

Most people working overseas send remittances to Pakistan to help their families grow and progress. The remittance is then invested in educational purposes. It becomes the means of spreading awareness and raising educational function in society.

Industrialisation

Economic progress is also linked with industrialisation. Remittances are frequently invested in industrialisation, housing schemes, and infrastructure projects. These activities improve living conditions for individuals and communities and stimulate the state's economic activity.

Role of Overseas Pakistanis in Italy: Empowering Economic Growth of Pakistan

Pakistanis living overseas play a vital role in maintaining economic equilibrium in the country. The remittances serve as vital economic pillars. It encourages investments and contributes to job creation. The remittances create opportunities for local communities. Read ahead to learn how to send money to Pakistan from Italy with the best exchange rates.
 

Most Pakistanis live in Italy because of the better future careers. To stay connected with their family members and culture, they send remittances. The role of remittance is significant for its receiver, but it also positively impacts that particular community, promoting foreign exchange and running the country's economy. Following are the vital roles of Pakistani individuals in Italy in empowering economic growth:

Women Empowerment

Remittance plays a significant role in empowering women. When overseas Pakistanis send money to Pakistan online from Italy, they lessen the unequal distribution of resources. Remittance empowers women by creating job opportunities and stimulating local economic development. The financial inclusion of women strengthens the economic landscape.

Networking

Overseas Pakistanis can help local Pakistanis increase their networking and collaboration with professional setups. It creates opportunities for partnerships, trade, and knowledge exchange. By developing more relations with different communities, a country can pursue multiple opportunities, which helps drive the economy. Moreover, it creates a strong link between the countries.

Social Development

Social development is necessary for the economic growth of any country. Overseas Pakistani plays a vital role in the socio-economic welfare of the country. The circulation of remittances facilitates social exchanges within communities. It increases awareness and tolerance and contributes to social cohesion.

Improvement of Healthcare Services

Pakistani people working overseas play a great role in supporting healthcare services. They facilitate their families' access to better medical facilities, purchase necessary medications, and adopt healthier lifestyles. It increases the overall economic growth of Pakistan's healthcare industry.

Improved Taxation System

Pakistani people living in Italy may have their residency in Pakistan. They have to pay regular taxes and bills for their property. So, most of the remittance is consumed by taxes and bills, making Pakistan's economy strong.

Raising Living Standards

The purpose of sending remittance from Italy is to raise the living standards of the people of Pakistan. Individuals living in Italy look for ways to send money to Pakistan to help their loved ones live happy and healthy lives. There are multiple ways to send remittances in Pakistan, such as banks and online services like ACE Money Transfer.
 

Remittance plays a huge role in driving Pakistan's economy. Almost 7.93% of Pakistan's GDP is dependent on remittance. Italy plays a significant role in Pakistan's economic support. A large number of Pakistanis are living in Italy and sending remittances to Pakistan to support the finances of their loved ones. The remittances are helping people of different communities to get out of their economic crisis. Moreover, on-time payment of taxes and pills supports the country's economy. In this way, remittance senders are not only supporting their families but also helping the communities grow economically.

Bottom Line

A significant part of Pakistan's economy is dependent on remittance. Overseas Pakistanis are playing a huge role in benefiting the country by providing economic growth. They have to pay extra for currency exchange, and foreign currency increases the worth of the Pakistani economy. Moreover, remittance is creating opportunities for the people of Pakistan in many fields.
 

Pakistan's economic sector comprises education, medical, technological, and industrial development. The amount of remittance opens doors for investment, local businesses, and financial stability that leads toward the progress and economic balance of the state. Promoting Pakistani culture in Italy helps build a positive image of Pakistan. It strengthens cultural roles and creates a favourable trade, tourism, and collaboration environment, contributing to economic growth.
 

Overseas Pakistan plays a vital role in Pakistan's economic progress. They must look for the best remittance transfer service to ensure a solid amount reaches their loved ones. ACE Money Transfer is one of the leading ways to send money to Pakistan from Italy. It offers low transaction charges and ensures the security of your money. It ensures that your hard-earned money goes to the secure hands. It provides multiple facilities such as one-click transfer and first-free transaction.
 

FAQs

What is the role of overseas Pakistanis in driving the country's economy?

Overseas Pakistani is vital to a country's development and economic progress. They create opportunities for trade, businesses, healthcare services, and educational sectors by sending remittances. Their financial support contributes to the economic growth and stability of the country.

How does digital remittance support the economic growth of a country?

Digital remittance is speedy, cost-effective, and affordable. Digital remittance supports economic growth by enhancing efficiency, reducing transaction costs, and promoting financial inclusion.

How do remittances from Italy contribute to Pakistan's economy?

Remittances from Italy are a significant source of foreign exchange and economic stability. Remittance is a financial contributor that supports families, alleviates poverty, improves living standards, and facilitates access to education and healthcare.

How much remittance does Pakistan get from Italy?

According to 2021, Pakistan receives high remittances from Italy of around $601 million, which counts 66% of the country's economy.

How does ACE Money Transfer support remittance transfer from Italy to Pakistan?


ACE Money Transfer is one of the leading remittance transfer companies that ensures the security of money transfers from Italy to Pakistan at low cost and reasonable exchange rates.


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