Daily Times

ISLAMABAD: Islamabad Chamber of Commerce and Industry (ICCI) in collaboration with the Centre for International Private Enterprise (CIPE) organised a training programme on anti-corruption compliance to create awareness in the business community about the importance of complying with anti-corruption laws to succeed in business.

CIPE Programme Officer Muhammad Talibuz Zaman 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 menace had caused of loss of $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 organisations besides 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, Islamabad Chamber of Commerce and Industry Senior Vice President Sheikh Pervez Ahmed 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 $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.