Interior Minister Mohsin Naqvi chairs a meeting at NADRA headquarters in Islamabad PHOTO: RADIO PAKISTAN
KARACHI:
Interior Minister Mohsin Naqvi on Tuesday urged the business community to repatriate some of the wealth held abroad, estimating that nearly $100 billion has been moved out of the country over the past three to four years.
Addressing business leaders in Karachi, the minister said if traders act decisively, up to $10 billion could return to Pakistan before the next budget.
He encouraged investors to use existing financial channels, including Roshan digital accounts, to repatriate between 20 and 30 percent of their funds offshore.
He assured the business community that the government would provide a more conducive and business-friendly environment, emphasizing that Pakistan offered one of the highest returns on investment in the world.
“If you invest in Pakistan, the level of profit available here is unmatched in the world,” he said.
The minister revealed that a proposal was being prepared to introduce a special passport for genuine businessmen, similar to official and diplomatic passports. The proposal will soon be presented to Prime Minister Shehbaz Sharif.
“The initiative aims to alleviate visa-related difficulties faced by legitimate traders, particularly when traveling to countries such as China, the United States, Europe and the United Kingdom,” he added.
Highlighting governance reforms, Naqvi said the Federal Investigation Agency (FIA) would be made more business-friendly, emphasizing that the entire business community should not suffer from the actions of a small minority. He, however, warned that strict action would be taken against those involved in illegal money transfers.
He acknowledged concerns over the role of money changers, saying several major transaction groups in Karachi had already been identified and would be subject to inclement action.
