Naqvi promises business-friendly reforms, urges $10b inflows ahead of budget

Federal Minister for Interior and Narcotics Control Syed Mohsin Raza Naqvi on Tuesday pledged sweeping reforms to create a business-friendly environment, while urging the business community to help bring $10 billion into the country before the upcoming budget.

Addressing presidents of federations and members of the business community at the Federation of Pakistan Chambers of Commerce and Industry in Karachi, Naqvi said the government was committed to easing regulatory burdens and resolving long-pending cases.

“We can discuss matters at the level of the Federal Investigation Agency (FIA), but our aim is to make the system business-friendly,” he said, adding that thousands of inquiries would be ended and cases finalized to provide relief to businesses.

Highlighting capital flight, the minister claimed that around $100 billion had moved out of Pakistan over the past three to four years, of which only 20 to 30 percent had been brought back. He urged collective efforts to reverse the trend, stating that the target of bringing in $10 billion before the budget was achievable.

He said that Field Marshal Asim Munir and Prime Minister Shehbaz Sharif are men of their words and keep their promises.

Naqvi emphasized the need to move beyond outdated approaches, saying a shift from “30 to 40-year-old thinking” was essential to improve the business climate. He acknowledged the concerns of the business community as valid and assured them of facilitation.

He also revealed that the government was preparing a proposal to issue separate passports for the business community to ease international travel and visa-related difficulties. Efforts were underway to improve Pakistan’s passport ranking from the current lower tier to between 50 and 60, he added.

Discussing structural reforms, the minister said the FIA would undergo significant changes by the end of the year. He also expressed confidence that Pakistan International Airlines (PIA) would see visible improvement within the same timeframe.

Naqvi touched on tourism and infrastructure development, mentioning proposals to promote investment in hospitality, including tax waivers for hotel projects for up to 16 months. He referred to plans under discussion for developing Astola Island into a resort destination, suggesting that such initiatives could reduce outbound tourism.

He noted that major urban centers like Islamabad required additional hotel infrastructure and said the government was working to create opportunities in this sector.

On financial channels, Naqvi defended the role of money changers, stating they operate in areas frequented by tourists and facilitate currency exchange alongside banks. However, he warned against illegal outflows of capital, stressing that violations would not be tolerated.

Reiterating the government’s commitment, Naqvi said Prime Minister Shehbaz Sharif was holding daily meetings to steer economic and policy decisions, particularly in the run-up to the budget.

He underscored that creating a business-friendly environment remained the government’s top priority, warning that failure to achieve this goal would be considered a collective shortcoming.