ISLAMABAD: The Federation of Pakistan Chamber of Commerce and Industry (FPCCI) on Monday demanded steps to bring back billions of dollars stashed by wealthy Pakistanis in the Swiss banks.
All the political parties should play their role to bring back money to Pakistan which is a more important issue than the CPEC and nuclear tests, as less than half of that money can help country clear entire foreign debt of eighty billion dollars, the federation said.
In 2014, our finance minister revealed that Pakistanis have 200 billion dollars in Swiss banks. If other foreign banks, offshore companies, investment in the property market of Dubai and Malaysia etc. is added, the amount can jump well over 300 billion dollars, said Atif Ikram Sheikh, FPCCI Regional Committee on Industries Chairman.
He said that the entire amount isn’t stolen funds but many have transferred their money abroad due to fear of losing it to inconsistent policies and political uncertainty. For the same reason many industries have also been shifted abroad that can be convinced to come back, he added.
Those who have transferred their funds abroad are getting a negligible profit; if they are convinced and offered better returns, they may bring their money back and invest it into industry and SMEs, he further said.