Karachi, February 12, 2025 – In a startling revelation, the National Accountability Bureau (NAB) has disclosed alarming statistics about capital outflows from Pakistan, highlighting a trend of affluent individuals transferring significant sums abroad. The NAB’s Chairman, Lt. Gen. (Retd) Nazir Ahmed Butt, raised concerns over the increasing number of Pakistanis securing foreign citizenship through investment programs. The data presented during a meeting with the Karachi Chamber of Commerce and Industry (KCCI) suggests that over 25,000 individuals moved substantial amounts of capital out of Pakistan last year, a trend that threatens to exacerbate both the brain drain and capital flight in the country.
This phenomenon, which is largely driven by citizenship-by-investment programs, sees individuals moving their wealth to foreign countries in exchange for permanent residency or citizenship. While these programs offer a path to safety, economic stability, and mobility, they are also seen as a warning sign of a weakening domestic economy and a loss of confidence in the nation’s future.
During the meeting, Chairman NAB expressed his concerns about this capital outflow, emphasizing the need for immediate actions to retain both skilled professionals and financial assets within the country. He noted that, while Pakistan’s economy is facing numerous challenges, losing its talent pool and capital would further damage its prospects.
Chairman Butt reassured the business community, particularly those present at the KCCI meeting, that NAB remains committed to resolving corporate and business-related issues swiftly. In fact, of the 14 cases involving the business community, 13 had been resolved in under six months, highlighting NAB’s focus on efficiency. He urged KCCI members to submit new cases for priority resolution, promising swift and effective responses to business grievances.
Among the notable attendees at the meeting were Director General NAB Javed Akbar Riaz, Chairman of the Businessmen Group (BMG) Zubair Motiwala, KCCI President Muhammad Jawed Bilwani, and other prominent figures from Pakistan’s business community. Senior NAB officials were also in attendance to address the concerns of the private sector.
In his address, Chairman Butt assured the business community that, under his leadership, NAB had made significant strides in eliminating the culture of fear and harassment that had long plagued businesses and entrepreneurs. He announced new regulations aimed at protecting businesses from unwarranted scrutiny and affirmed that NAB’s Businessmen Facilitation Desk would be strengthened with the inclusion of KCCI and other vital stakeholders. This initiative is part of NAB’s broader efforts to foster a more business-friendly environment in the country.
Looking ahead, Chairman Butt expressed optimism about Pakistan’s economic potential, asserting that the country could transform into a trillion-dollar economy within the next six to seven years. He pointed to the significant growth in Pakistan’s agricultural exports, which have reached $9 billion, with rice exports alone contributing $3.8 billion. This shift, he noted, signals a move away from an import-driven economy towards a more export-oriented growth model.
Furthermore, Chairman Butt emphasized the importance of bolstering Pakistan’s competitiveness in the global economy. Beyond agriculture, he identified the fields of artificial intelligence, cloud computing, and software development as key drivers that could fuel future economic expansion.
However, the business community’s concerns about Pakistan’s economic environment remain pressing. Zubair Motiwala, Chairman of the BMG, acknowledged the positive reforms NAB had introduced but insisted that much more work was needed to combat the ongoing challenges of corruption and harassment, which continue to drive both talent and businesses out of the country. He highlighted the IT sector’s untapped potential, estimating that Pakistan’s IT exports could surge to $30 billion if bureaucratic hurdles were removed.
KCCI President Muhammad Jawed Bilwani also raised critical issues, including the departure of multinational companies from Pakistan, delays in land possession at Port Qasim, and liquidity challenges due to postponed sales tax refunds. Bilwani urged NAB to step in and expedite these matters, stressing that doing so would restore confidence in the business sector and stimulate much-needed economic growth.
The business community remains hopeful that NAB’s proactive stance on these issues will help resolve long-standing challenges and pave the way for a more stable and prosperous economic future for Pakistan.