Interior Minister Mohsin Naqvi leads a meeting at NADRA headquarters in Islamabad PHOTO: RADIO PAKISTAN
KARACHI:
Interior Minister Mohsin Naqvi on Tuesday called on business to repatriate some of the wealth held overseas, 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 that if traders act decisively, up to $10 billion can return to Pakistan before the upcoming budget.
He encouraged investors to use existing financial channels, including Roshan Digital Accounts, to bring back between 20-30% of their offshore funds.
Assuring the business community that the government would provide a more conducive and business-friendly environment, he emphasized that Pakistan offered some of the highest returns on investment globally.
“If you invest in Pakistan, the level of profit available here is unmatched anywhere in the world,” he said.
The minister revealed that a proposal was being drawn up to introduce a special passport for genuine business people, similar to official and diplomatic passports. The proposal will soon be presented to Prime Minister Shehbaz Sharif.
“The initiative aims to ease visa-related challenges faced by legitimate traders, especially for travel to countries such as China, the US, Europe and the UK,” he added.
Highlighting government reforms, Naqvi said the Federal Investigation Agency (FIA) would be made more business-friendly and stressed that the entire business community should not suffer because of the actions of a small minority. However, he warned that strict action would be taken against those involved in illegal remittances.
Acknowledging concerns over the role of money changers, he stated that several major transaction groups in Karachi had already been identified and would face action without leniency.
