Karachi, February 12, 2025 – The National Accountability Bureau (NAB) on Wednesday revealed alarming statistics regarding capital outflows, highlighting that a significant number of Pakistanis had moved abroad last year, transferring substantial sums to secure foreign citizenship.
During a meeting with members of the Karachi Chamber of Commerce and Industry (KCCI), NAB Chairman Lt. Gen. (Retd) Nazir Ahmed Butt expressed concern over this trend. He stated that approximately 25,000 individuals had likely transferred large amounts of capital abroad under citizenship-by-investment programs. He emphasized the need to curb both the brain drain and capital flight to retain Pakistan’s skilled workforce and financial assets.
Chairman NAB reassured business leaders that the organization remains committed to resolving corporate concerns efficiently. He highlighted that out of 14 cases related to the business community, 13 had been resolved within six months, showcasing NAB’s dedication to prompt action. Additionally, he encouraged KCCI to submit five general cases and five to six individual cases for priority resolution by NAB.
The meeting was attended by Director General NAB Javed Akbar Riaz, Chairman Businessmen Group (BMG) Zubair Motiwala, KCCI President Muhammad Jawed Bilwani, and other key representatives from the business community. Senior NAB officials were also present.
Addressing concerns from the business community, Chairman NAB assured that under his leadership, the culture of fear and harassment at NAB had been eliminated. He announced new regulations designed to protect businesses from unnecessary scrutiny and reiterated NAB’s commitment to enhancing the Businessmen Facilitation Desk, incorporating representatives from KCCI, ABAD, and other key institutions.
Chairman NAB expressed optimism regarding Pakistan’s economic future, stressing that the country has the potential to reach a trillion-dollar economy within six to seven years. He pointed out that Pakistan’s agricultural exports had reached $9 billion, with rice exports alone contributing $3.8 billion, signaling a shift from an import-driven economy to an export-driven one.
Additionally, he emphasized the need for Pakistan to strengthen its competitiveness beyond reliance on the GSP+ agreement. He highlighted artificial intelligence, cloud computing, and software development as key sectors that could drive the country’s economic growth.
During the discussion, Chairman BMG Zubair Motiwala acknowledged the reforms introduced by Chairman NAB but stressed that significant work remained in combating corruption and harassment, which continued to drive individuals and businesses out of Pakistan. He highlighted the IT sector’s untapped potential, estimating that Pakistan’s IT exports could reach $30 billion if bureaucratic challenges were addressed.
KCCI President Muhammad Jawed Bilwani raised concerns regarding multinational companies exiting Pakistan, land possession delays at Port Qasim, and liquidity issues due to delayed sales tax refunds. He urged NAB to intervene and expedite these matters to restore business confidence and stimulate economic growth.
The business community remains hopeful that NAB’s proactive measures will help address longstanding issues, ultimately contributing to a more stable and prosperous economic environment in Pakistan.