Naqvi calls on businessmen to bring back ‘20-30pc’ of wealth to Pakistan

Interior Minister Mohsin Naqvi on Tuesday called on the business community to bring back “20-30 per cent” of their wealth to Pakistan ahead of the upcoming budget.

Speaking at a ceremony at the Federation House in Karachi, he said that the government would facilitate the business community but “at least give this one gesture over the next three months, before the budget and then see what happens”.

“It is not tedious. You have to go online and use an app,” he said, adding that Pakistan offered strong returns on investment. He said that if the business community took this one step, it would compel the government to take more measures in their interests.

“So, before the budget, bring back $10 billion … This is easily possible,” he said.

In his address, he also said that a proposal for a separate passport for businessmen would be shared with Prime Minister Shehbaz Sharif soon.

“We have almost prepared a proposal … which will be taken to the prime minister soon,” he said. He said that “genuine businessmen” face visa issues, highlighting China, the United States, Europe and the United Kingdom as their priority destinations.

He said that everyone inadvertently suffered when certain people tried to acquire visas through illegal means.

“We thought a lot about what to do about this … Let’s see what the cabinet approves and what feedback the prime minister gives. But we are taking this proposal for which we have taken all these countries on board for issuing a separate visa for businessmen,” he said.

“The passport will be [used] for a limited extent with the authorities having knowledge of tax return, the extent of business [and] related information,” he said, adding that it may have between 100 to 150 requirements as well as a fee.

Explaining the benefits of such a passport, he said the embassies would know that the passport holders were genuine businessmen. He asserted that the document would be issued after complete verification. He also said that separate counters would be established for the passport holders at airports.

“We have to get this approved by the prime minister, then the cabinet but I know that if we achieve this, it will greatly satisfy the business community,” he said.