be arbitrarily removed. They are not answerable to any executive authority and
hold public hearings and consultations with stakeholders.
The National Accountability Bureau (NAB) has been functioning quite
effectively for the last five years as the main anti-corruption agency. A large
number of high government officials, politicians and businessmen have been
sentenced to prison, subjected to heavy fines and disqualified from holding public
office for twenty-one years on charges of corruption after conviction in the courts
of law. Major loan and tax defaulters were also investigated, prosecuted and
forced to repay their overdue loans and taxes.
Despite these positive outcomes and their impact on the business
community and other stakeholders, within the country as well as abroad, the
incidence of poverty is still quite high and unemployment rates are worrisome.
The challenge therefore for the next phase of the reform process is to accelerate
growth rate and reduce poverty and unemployment.
Concluding Remarks:
Pakistan today meets most of the essential requirements that the foreign
businesses and investors are looking for. Macroeconomic stability, deep-rooted
structural reforms, high standards of economic governance, outward looking
orientation, liberalized trade and investment regime, easy access to policy
makers, low production costs, sophisticated financial sector and its location as a
regional hub make it a highly attractive country for business and investment.
Investors’ concerns about security, law and order are being addressed
and the situation is improving gradually. But the negative perception that prevails
about Pakistan abroad due to the hype created by the median can only be
removed if the potential businessmen and investors visit Pakistan and make onthe-
spot assessment for themselves.
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