LAHORE: The Federation of Pakistan Chambers of Commerce & Industry’s Businessmen Panel (BMP) on Monday emphasized the need for curbing capital flight and brain drain, calling for measures to retain Pakistan’s financial and human resources within the country.
BMP Chairman and FPCCI former president Mian Anjum Nisar, while addressing a reception held in his honour here at PIAF office, underscored the need for urgent reforms to restore investor confidence, address economic hurdles, and prevent further capital outflows.
Expressing concern over the growing number of Pakistani businesses relocating abroad, he pointed out that thousands of individuals have transferred their businesses overseas to secure citizenship through investment programs.
He 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.
BMP Chairman urged the government 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.
He 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.
He 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.
He highlighted a deteriorating business climate, with many multinational companies exiting Pakistan.
Copyright Business Recorder, 2025
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