Naqvi urges business elite to repatriate billions before budget

-- Unveils plan for exclusive business passport

KARACHI: Interior Minister Mohsin Naqvi on Tuesday called on Pakistan’s business community to repatriate 20–30 per cent of their overseas wealth within the next three months, ahead of the upcoming federal budget, in a move he said could unlock stronger government support for investors.

Addressing a ceremony at the Federation House in Karachi, Naqvi urged business leaders to take what he described as a simple but impactful step. “Bring back $10 billion before the budget — this is easily achievable,” he said, emphasizing that the process was streamlined through an online system.

He assured participants that Pakistan offers attractive returns on investment, adding that such a gesture from the business community would encourage the government to introduce more business-friendly measures. “If you take this step, it will compel us to go further in facilitating you,” he remarked.

In a significant policy signal, Naqvi also revealed that a proposal to introduce a dedicated passport for businessmen is nearing completion and will soon be presented to Prime Minister Shehbaz Sharif.

The proposed initiative aims to address long-standing visa challenges faced by genuine businesspersons, particularly for key destinations such as China, the United States, Europe, and the United Kingdom. He noted that misuse of visa systems by some individuals had created difficulties for legitimate applicants.

“We have worked extensively on this proposal and consulted with relevant countries. Now we will see what feedback the prime minister and cabinet provide,” he said.

According to Naqvi, the special passport would be issued after strict verification, incorporating detailed information such as tax records and business credentials. It is expected to include around 100 to 150 eligibility requirements along with a processing fee.

Highlighting its benefits, he said the passport would help foreign embassies easily identify verified businessmen, expediting visa processes. Additionally, dedicated airport counters would be established to facilitate holders of the document.

“We believe this initiative, once approved, will significantly ease the concerns of the business community,” Naqvi added, expressing confidence that the proposal would receive strong consideration at the highest levels.