Naqvi makes bold appeal: return 30% of wealth held abroad

KARACHI: Federal Interior Minister Mohsin Naqvi has said $100 billion has been transferred out of Pakistan in the past three to four years, prompting a call to traders to return part of their wealth.

Speaking at the Federation House in Karachi, he appealed to traders and investors to repatriate 20 to 30 percent of their capital through formal channels, stating that even a partial return could bring in more than $10 billion before the upcoming budget.

He said Pakistan offers some of the most profitable business returns globally and assured improved business conditions for investors. He also announced that proposals regarding business-friendly visa reforms for traders would soon be presented to the Prime Minister.

The Interior Minister noted that reforms are being introduced to make the Federal Investigation Agency (FIA) more business-friendly and emphasized that the actions of a few individuals should not result in penalties for the wider business community.

He further stated that intelligence-based actions have identified major financial transactions involving several business groups in Karachi, adding that strict action would be taken where necessary.

Mohsin Naqvi also highlighted potential reforms, including the issuance of specialized passports for genuine businesspersons after verification of their financial and tax records, aimed at improving Pakistan’s passport ranking.

He said efforts are underway to improve the country’s business climate, attract foreign investment, and simplify regulatory processes. Referring to development plans in Islamabad, he mentioned large-scale investment opportunities in housing, hospitality, and infrastructure projects.

The minister also spoke about potential tourism development in Balochistan, saying island resort projects could make the region an international destination, and announced plans to visit the province soon to review proposals.