National Accountability Bureau (NAB) Chairman retired Lt Gen Nazir Ahmed Butt has expressed concern over the growing number of Pakistanis relocating abroad, revealing that around 25,000 individuals may have transferred substantial wealth overseas to secure citizenship through investment programs.
Speaking at the Karachi Chamber of Commerce and Industry (KCCI), the NAB chief emphasized the need to curb both capital flight and brain drain, calling for measures to retain Pakistan’s financial and human resources. He urged the country to focus on enhancing economic competitiveness rather than relying on trade concessions such as the European Union’s GSP+ scheme. He pointed to artificial intelligence, cloud computing, and software as key sectors for economic advancement.
According to a statement from KCCI, the NAB chief expressed optimism that Pakistan could become a trillion-dollar economy within the next six to seven years if the right economic policies were implemented. He also highlighted the progress in the agriculture sector, noting that rice exports had reached $3.8 billion and total agricultural exports had climbed to $9 billion, shifting Pakistan from an import-driven to an export-driven economy.
Assuring the business community of NAB’s commitment to supporting businesses, Butt stated that 13 out of 14 cases related to the business sector had been resolved within six months. He invited KCCI to submit additional cases for swift resolution and pledged to enhance NAB’s Businessmen Facilitation Desk by including representatives from KCCI, the Association of Builders and Developers (ABAD), and other relevant institutions.
He reiterated NAB’s commitment to creating a fair business environment and discouraging harassment by government departments. He stressed that NAB had implemented new policies to protect business owners and ensure transparency in accountability processes.
Businessmen Group (BMG) Chairman Zubair Motiwala acknowledged improvements in economic indicators, stock market performance, and rising IT exports but noted that a significant trust deficit still hindered business confidence. He urged the government to address corruption and bureaucratic harassment, which he said were forcing people to leave the country.
Motiwala emphasized the untapped potential of Pakistan’s IT sector, which he estimated could reach $30 billion in exports. However, he warned that excessive regulatory pressure was stifling growth, particularly through changes in tax policies such as the replacement of the Final Tax Regime (FTR) with a standard taxation system.
KCCI President Muhammad Jawed Bilwani highlighted a deteriorating business climate, with many multinational companies exiting Karachi. He raised concerns over unresolved issues such as land grabbing and prolonged delays in land possession at Port Qasim, which have persisted for over two decades. He called on NAB to intervene and expedite solutions for affected landowners.
The discussion underscored the need for urgent reforms to restore investor confidence, address economic hurdles, and prevent further capital outflows.
