Huge economic costs of corruption: Majyd Aziz
KARACHI: Majyd Aziz, President Global Compact Network Pakistan(GCNP), has said that corruption in business is a universal problem and that the worldwide economic costs of corruption are in excess of $2 trillion. In Pakistan, corruption and bad practices are now institutionalized and hampering economic progress. The widespread corruption results in an inefficient economy. Moreover, the moral cost of corruption is endemic too and those who have discretionary or decision making powers are either forced to commit corrupt practices or are deeply involved in taking advantage of their positions.
Majyd Aziz was chairing the Roundtable Meeting on Identification of Good Practices, Malpractices and Corrupt Practices and their Solutions in Maritime Industry of Pakistan, hosted by GCNP in association with Maritime Anti-Corruption Network (MACN) based in Denmark. He was addressing users and stakeholders of Maritime industry from eleven Chambers and Associations.
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