The federal government is preparing to introduce a mechanism requiring prior clearance from regulatory and business bodies before any probe into corporate entities can be launched by agencies such as NAB, FIA or FBR.
This move, dubbed a “firewall”, aims to protect legitimate businesses from what officials call undue harassment. Investigations would first need approval from institutions like the Securities and Exchange Commission of Pakistan (SECP), the State Bank, or top chambers including the FPCCI and KCCI.
Special Assistant to the Prime Minister on Industries and Production Haroon Akhtar Khan announced the plan during a visit to the Karachi Chamber of Commerce and Industry (KCCI) on Saturday. “This is not about shielding wrongdoers, but ensuring honest entrepreneurs are not intimidated by arbitrary action,” he said.
He outlined a series of reforms to revive Pakistan’s industrial base, which he said had suffered due to poor policies in previous years, leading to the closure of key sectors like steel, paperboard, and textiles. Akhtar said the government was focused on export-led growth and reducing dependence on imports.
He highlighted recent steps such as a 10 per cent cut in the policy rate and reduced electricity tariffs, and said further interest rate drops were expected due to falling inflation. Corporate tax rationalisation was also on the agenda, along with the introduction of a bankruptcy law to help distressed businesses.
To enhance support for small and medium enterprises (SMEs), the government plans to restructure SMEDA and the Ministry of Industries, turning them into central hubs for industrial support. Credit access for SMEs and the agriculture sector will also be expanded.
On business regulations, Akhtar criticised the excessive certification requirements, calling for simplification. He also announced a committee to investigate capital flight and recommend ways to retain and attract investment.
Business leaders at the meeting, including BMG Chairman Zubair Motiwala and KCCI President Muhammad Jawed Bilwani, raised concerns about rising taxes, increased scrutiny, and inconsistent policies that have driven many businesses to relocate abroad.
They urged the government to adopt long-term, business-friendly policies in line with regional competitors to stop the ongoing capital flight and retain industrial investment.
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