ISLAMABAD: National Accountability Bureau (NAB) Chairman, retired Lt Gen Nazir Ahmed Butt, expressed serious concerns over the growing number of Pakistanis leaving the country, revealing that around 25,000 individuals may have transferred significant capital abroad to secure citizenship through investment programs.
Speaking at the Karachi Chamber of Commerce and Industry (KCCI), the NAB chairman stressed the urgent need to curb both brain drain and capital flight to preserve Pakistan’s human and financial resources. He emphasized that Pakistan’s economic progress hinges on improving its global competitiveness rather than over-relying on preferential trade agreements like the European Union’s GSP+ tariff scheme.
He highlighted emerging technologies and the critical role of artificial intelligence, cloud computing, and software development in fostering economic growth.
In a KCCI press release, retired Lt Gen Butt expressed optimism about Pakistan’s economic potential, predicting the country could become a trillion-dollar economy within six to seven years if it remains focused on sustainable growth.
Opportunities in Agriculture and Export Growth
He pointed to the agriculture sector as a bright spot, citing rice exports worth $3.8 billion and total agricultural exports reaching $9 billion. He noted Pakistan’s shift from being an agriculture-import-driven economy to one focused on exports, a trend he urged the nation to build upon.
NAB’s Support for the Business Community
Addressing concerns from the business community, the NAB chairman assured maximum relief in resolving irrational cases. He highlighted that 13 out of 14 cases involving the business community were resolved within six months, reflecting NAB’s commitment to providing swift resolutions.
He invited KCCI to submit five general cases along with five to six individual cases for prioritization by NAB, promising immediate relief to distressed business members. “New rules to prevent harassment of businessmen have been instituted at NAB,” he stated, adding that the NAB Businessmen Facilitation Desk would be expanded to include representatives from KCCI, ABAD, and other relevant institutions.
Vision for a Business-Friendly Environment
Retired Lt Gen Butt stressed the importance of creating an enabling business environment and a level playing field, adding that NAB is continuously striving to address these challenges. He expressed confidence in Pakistan’s long-term investment potential, citing the advantages of its large population and growing consumer market.
Challenges Highlighted by Business Leaders
Businessmen Group (BMG) Chairman Zubair Motiwala highlighted areas requiring urgent attention, particularly the ongoing issues of corruption and harassment, which continue to drive talent and capital out of the country. Despite improvements in economic indicators, a booming stock market, and rising IT exports, he noted that a lack of trust among the business community still hinders full economic recovery.
Motiwala emphasized the potential of Pakistan’s IT sector, which he estimated could achieve $30 billion in exports, but warned that this growth was being undermined by bureaucratic harassment. He also voiced concerns over budgetary measures, particularly the replacement of the Final Tax Regime (FTR) with the normal tax regime, which he argued has negatively impacted exporters.
The discussion underscored the need for collaborative efforts to address structural and regulatory challenges to unlock Pakistan’s full economic potential.
