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Businessmen asked to ensure compliance of anti-corruption laws to grow in business August 29, 2016
Meeting at ICCI
Islamabad Chamber of Commerce and Industry (ICCI) in collaboration with Center for International Private Enterprise (CIPE) organized a training program on anti-corruption compliance to create awareness in the business community about the importance of complying with anti-corruption laws to succeed in business.
Muhammad Talib Uz Zaman, Program Officer, CIPE gave a detailed presentation to the business community on the compliance of anti-corruption standards. It was highlighted that the economy of Pakistan was suffering a daily loss of Rs.10-15 billion due to corruption while the corruption had caused of loss of US$ 94 billion to Pakistan. It was pointed out that corruption was giving rise to many ills in the country which included creation of inefficiencies in public and private sector organizations and promotion of bad systems. Private gains, lack of sound controls, weak enforcement of rules and laws etc. were highlighted as the major motivators of corruption.
Speaking at the occasion, Sheikh Pervez Ahmed, Senior Vice President, Islamabad Chamber of Commerce and Industry said that businessmen should ensure strict compliance of anti-corruption laws to grow fast in business in the current international scenario.
He said companies that were not complying with anti-corruption laws were being panelized heavily. Citing a recent example of one of the world`s largest computer equipment manufacturer and supplier, Hewlett-Packard, he said that due to this phenomenon, HP was barred to sell in Canada for 10 years, which caused HP a loss US$37 million (Rs. 37.6 Billion) per year. It showed that eventually, non-compliant companies would be at great loss of business. He said that compliance of anti-corruption laws would enable Pakistani businesses to improve branding of their products and get better market share in national and international markets.

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