National Accountability Bureau (NAB) Chairman Lt. Gen. Nazir Ahmed Butt (ret.) on Thursday assured the business community of maximum relief in dealing with “irrational” cases, maintaining the anti-graft body was committed to supporting them.
In a visit to the Karachi Chamber of Commerce and Industry (KCCI), he claimed NAB had improved its efficiency, resolving 13 of 14 cases involving the business community within six months. To prove his claims, he invited the KCCI to submit five general cases and 5-6 individual cases to NAB for priority resolution.
Addressing concerns of the business community, the NAB chairman said he had Chairman NAB assured that under his leadership, the culture of fear and harassment had been completely eradicated at NAB. “New rules to prevent harassment of businessmen have been instituted at NAB,” he said, adding NAB’s Businessmen Facilitation Desk would soon include members from KCCI, ABAD, and other relevant institutions.
Stressing on the need for an enabling business environment and level playing field, he voiced optimism about Pakistan’s future, highlighting the benefits of the country’s large population and growing consumer market. He also expressed confidence that Pakistan has the potential to become a trillion-dollar economy within 6-7 years if the nation maintains its focus and dedication to growth.
Outlining opportunities within Pakistan’s agriculture sector, he noted rice exports alone had reached $3.8 billion, while total agricultural exports touched $9 billion. He said the country had shifted from an agriculture-import-driven economy to an agriculture-export-driven one.
On Pakistan’s global competitiveness, the NAB chairman emphasized that instead of depending on the GSP+ agreement, the country must strive to become competitive on a level playing field. He also highlighted the growing significance of artificial intelligence, cloud computing, and software as key drivers of Pakistan’s growth in the global economy.
Pointing to a surge in the number of Pakistanis who have left the country in the past year, he said around 25,000 such individuals had likely moved substantial capital abroad for citizenship by investment. He stressed the need to reverse this trend to retain human and financial resources.
Business optimism
Businessman Group Chairman Zubair Motiwala acknowledged the positive changes at NAB, but stressed significant work was pending, particularly in combating corruption and harassment. Praising improving economic indicators, he voiced concern over the trust deficit in the business community, hindering full economic recovery. He said Pakistan’s I.T. sector has the potential to reach $30 billion in exports, but this in unachievable amidst harassment by numerous departments.
Motiwala also raised concerns about the impact of budgetary measures on exporters, particularly the replacement of the Final Tax Regime with the normal tax regime. He further urged NAB to review delays in export cargo processing in addition to establishing a facilitation desk at KCCI.
KCCI President Muhammad Jawed Bilwani, meanwhile, lamented that the business environment in Pakistan had deteriorated. He cited issues such as land grabbing and delays in land possession at Port Qasim and urged NAB to intervene and resolve long-standing issues.
Bilwani also raised the issue of delayed sales tax refunds, saying these had created severe liquidity issues for businesses. He said timely release of these refunds would enable businesses to expand and create more jobs, benefiting the economy as a whole. He also hoped NAB would help resolve issues faced by the business community and help restore investor confidence in Pakistan’s economy.