Business Recorder
KARACHI: Federal Interior Minister Mohsin Naqvi has issued a direct appeal to the country’s business elite, urging them to reinvest a portion of their foreign wealth currently parked in safe havens back into Pakistan over the next three months as a gesture of confidence ahead of the upcoming federal budget. The minister set a repatriation target of USD10 billion and proposed a fascinating special passport regime and policy concessions as incentives for compliance. Speaking at a ceremony at Federation House on Tuesday, Naqvi framed the three-month window preceding the budget as a litmus test for government-private sector partnership. “Facilitate us by bringing 20-30 percent of your wealth back before the budget, and then see what happens,” the federal minister told the gathering of business leaders. “If the business community takes this one step, it will compel the government to take more measures in their interests.” The minister downplayed procedural friction, insisting that the process of repatriating funds would be streamlined through digital channels. “It is not tedious. You have to go online and use an app,” he stated, emphasizing that Pakistan currently offers robust returns on investment. He maintained that the $10 billion figure is “easily possible” given the scale of capital parked by Pakistani nationals in foreign jurisdictions. In a parallel announcement aimed at greasing the wheels of international commerce, Minister Naqvi confirmed that a comprehensive proposal for a distinct passport category for businessmen has been finalized. The document, which will serve as a pre-vetted credential, will soon be presented to Prime Minister Shehbaz Sharif and the federal cabinet for approval. The initiative is designed to resolve chronic visa hurdles faced by exporters and industrialists traveling to priority markets including China, the United States, Europe, and the United Kingdom. “We thought a lot about what to do regarding the visa issues faced by genuine businessmen, who inadvertently suffer when a few attempt illegal immigration methods,” Naqvi explained. “We have taken all these destination countries on board regarding the issuance of a separate visa.” The proposed passport will be issued only after complete verification and will be linked directly to official data including tax returns and the verified scale of business operations. The document may entail between 100 to 150 verification requirements as well as a specific fee structure. “The embassies will know immediately that the passport holder is a genuine, verified businessman,” the federal interior minister 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.” Upon implementation, the government plans to establish separate, dedicated counters at airports for holders of the special passport to further expedite their travel experience. “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 added. During his address to the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), attended by President Atif Ikram Sheikh, Patron-in-Chief of United Business Group (UBG) SM Tanveer, former Federal Minister Gohar Ijaz, Vice President and Regional Chairman Punjab Zaki Ijaz, Vice President and Regional Chairman Sindh Abdul Mahiman Khan, Vice Presidents Aman Paracha and Asif Inam, and other business leaders including Zubair Tufail, Khalid Tawab, Akhtyar Baig, Haji Ghani Usman, and Ikram Rajput, the interior minister reiterated the government’s commitment to eliminating smuggling, money laundering, and narcotics trade. Naqvi stated that establishing law and order is the top priority for economic stability and assured the business community that their suggestions would be considered to improve the security situation nationwide. “The business community is the backbone of the country’s economy and their problems will be solved on a priority basis,” he said. FPCCI President Atif Ikram Sheikh briefed the minister on the challenges facing exporters, emphasizing that consultation on government measures is critical for increasing exports and industrial development. “We are happy that the Interior Minister has assured the traders of complete cooperation, law and order, and a conducive business environment,” Sheikh said. SM Tanveer, Patron-in-Chief of UBG, highlighted the adverse impact of heavy taxation on industrial activity and characterized the attitude of the Federal Board of Revenue (FBR) as unfriendly. Zaki Ijaz, Vice President and Regional Chairman Punjab, stressed the need for continuity in economic policies to restore business confidence, stating, “The path of Pakistan’s development is linked to the development of industry and trade.” Abdul Mahiman Khan, Vice President and Regional Chairman Sindh, noted that the minister’s visit would help restore confidence within the business community. Copyright Business Recorder, 2026
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