FPCCI demands repatriation of wealth stashed abroad
Blames inconsistent policies, political uncertainty for offshore wealth transfers
PHOTO: REUTERS
ISLAMABAD:
The Federation of Pakistan Chamber of Commerce and Industry (FPCCI) demanded on Monday steps to bring back billions of dollars stashed by wealthy Pakistanis in Swiss banks.
“All the political parties should strive to bring money stashed abroad back to Pakistan since even as less than half of that money can help clear the entire foreign debt of $80 billion,” a statement released by FPCCI stated, adding that this issue is more important than CPEC or nuclear tests.
Recovery of Pakistani cash stashed in Swiss banks unlikely
Noting former finance minister Ishaq Dar’s revelation in 2014 of $200 billion stashed abroad in different assets and companies, FPCCI Regional Committee on Industries Chairman Atif Ikram Sheikh said the figure would increase by another hundred billion dollars if wealth stored in foreign bank accounts, offshore companies and real estate markets of Dubai and Malaysia was taken into account.
Conceding that not all wealth stored abroad is illegal or derived through illegal means, Sheikh said that businesspersons are also compelled to transfer funds abroad to safeguard their legitimate earnings against risks arising due to inconsistent policies and political uncertainty.
Pakistani cash in Swiss banks pulled out?
“Several manufacturing and service-sector businesses have also shifted abroad due to fears of instability,” he claimed. “Those who have transferred their funds abroad are getting negligible profits; if they are contacted and shown the possibility of better returns [by developing a conducive environment for businesses], they may bring their money back and invest in industry.”
Published in The Express Tribune, August 1st, 2017.
The Federation of Pakistan Chamber of Commerce and Industry (FPCCI) demanded on Monday steps to bring back billions of dollars stashed by wealthy Pakistanis in Swiss banks.
“All the political parties should strive to bring money stashed abroad back to Pakistan since even as less than half of that money can help clear the entire foreign debt of $80 billion,” a statement released by FPCCI stated, adding that this issue is more important than CPEC or nuclear tests.
Recovery of Pakistani cash stashed in Swiss banks unlikely
Noting former finance minister Ishaq Dar’s revelation in 2014 of $200 billion stashed abroad in different assets and companies, FPCCI Regional Committee on Industries Chairman Atif Ikram Sheikh said the figure would increase by another hundred billion dollars if wealth stored in foreign bank accounts, offshore companies and real estate markets of Dubai and Malaysia was taken into account.
Conceding that not all wealth stored abroad is illegal or derived through illegal means, Sheikh said that businesspersons are also compelled to transfer funds abroad to safeguard their legitimate earnings against risks arising due to inconsistent policies and political uncertainty.
Pakistani cash in Swiss banks pulled out?
“Several manufacturing and service-sector businesses have also shifted abroad due to fears of instability,” he claimed. “Those who have transferred their funds abroad are getting negligible profits; if they are contacted and shown the possibility of better returns [by developing a conducive environment for businesses], they may bring their money back and invest in industry.”
Published in The Express Tribune, August 1st, 2017.