LCCI, NAB resolve to join hands against corruption to promote investment

LAHORE, Oct 12 (APP):National Accountability Bureau (NAB) and Lahore Chamber of Commerce and Industry (LCCI) have resolved to strengthen institutional cooperation against corruption, saying that transparent governance, accountability and the elimination of corrupt practices are essential for attracting investment, accelerating economic growth and creating a business-friendly environment.

The understanding was reached during a meeting between NAB Director Muhammad Akmal and LCCI President Ali Hussam Asghar here Monday, while LCCI Vice President Chaudhry Khadim Hussain was also present.

The meeting focused on strengthening coordination between the two institutions, addressing corruption-related complaints faced by the business community, improving transparency in government departments and ensuring that industrialists and traders could conduct their legitimate business activities without unnecessary hurdles or harassment.

Both sides agreed that eliminating corruption from government departments was the need of the hour. They observed that a transparent administrative system and effective complaint-resolution mechanisms could help restore business confidence, encourage domestic and foreign investment and improve the overall business climate.

They said that corruption not only increases the cost of doing business but also discourages entrepreneurship, delays investment decisions and undermines confidence in public institutions. They stressed the need for a coordinated approach through which businesses could report corruption-related concerns and seek appropriate action through established legal channels.

LCCI President Ali Hussam Asghar said that the business community played a vital role in economic development, industrial growth, employment generation and exports. He said that businesses required a transparent and predictable regulatory environment in which decisions were made fairly and government procedures were followed without unnecessary delays.

He said that corruption-free governance was fundamental to building investor confidence and creating opportunities for sustainable economic growth. When businesses were confident that government procedures were transparent and that complaints would be addressed fairly, they would be better positioned to undertake new investments, expand production and generate employment.

Ali Hussam Asghar said that stronger coordination between LCCI and NAB would help improve communication, facilitate the reporting of concerns and promote awareness of the available complaint mechanisms. He added that the objective should be to ensure transparency, protect legitimate business interests and strengthen confidence in public institutions.

The LCCI president said that businesspeople should have a clear and accessible mechanism for reporting instances of alleged corruption in government departments. He said that members of the business community should be able to approach the relevant NAB authorities directly when they encounter corruption-related issues falling within NAB’s jurisdiction.

Ali Hussam Asghar proposed that NAB representatives or designated liaison arrangements be made available in relevant government departments to facilitate the business community and improve coordination on corruption-related complaints.

Director NAB and LCCI President agreed in principle to sign a fresh Memorandum of Understanding (MoU) between LCCI and NAB to strengthen their institutional partnership and establish a framework for continued cooperation.

They agreed to conduct joint awareness programmes for the business community to highlight the importance of transparency, integrity and compliance with applicable laws and regulations.