Overseas Investors brought $2.7 billion in Pakistan: President OICCI

September 12, 2018 (MLN): Overseas Investors have brought in investments worth $2.7 billion into the country during the year 2017, despite a challenging and instable environment, said President Overseas Investors and Chamber of Commerce and Industry (OICCI) while sharing the perspective of foreign investors regarding the current situation and investment opportunities in the country.

According to Irfan Wahab, President OICCI, a survey of 190 members of OICCI in which 130 members participated, revealed that this investment was about 20 percent higher than that made in the prior year, and was mainly targeted towards the Energy, Chemicals and Telecom sector.

In his discussion with the media, he also highlighted that the total assets of OICCI members stood at $90 billion in the year 2017, with revenue logging in at over $36 billion, putting the members of OICCI as the top tax contributors in the country yet again, with a total contribution in excess of Rs One Trillion.

In his words, “the 2017 OICCI members survey re-affirms the confidence of existing foreign investors, who believe in the high economic and investment potential of Pakistan.  OICCI Security survey conducted in June 2018 exclusively among the foreign investors has also confirmed significant improvement in the security environment in Pakistan supported by substantial increase in the number of overseas visitors since 2014 including staff from overseas Headquarters of leading MNC’s.”

Commenting on the OICCI’s recommendations for accelerated economic growth, OICCI President, representing the collective view of the 190 members, was confident that “the new government will soon take some bold measures to put the economy on a solid growth trajectory in line with the great potential of the country.”

OICCI members have recommended measures to boost business confidence through policy announcements on matters relating to taxation, debt management, reform in FBR and tax regime and measures to boost FDI, as well as improving Ease of Doing Business in Pakistan. “Pakistan currently attracts low FDI, which is less than one percent of its GDP against the norm of three percent in the regional countries,” he said.

Looking ahead, OICCI is positive about substantial growth in the FDI, in addition to CPEC investment, due to a competitive advantage to Pakistan supported by a more focused approach by the Government towards growth oriented economic and trade policies. Wahab also stressed on the need to continue aggressive documentation of the economy to broaden the tax base, which will significantly strengthen the revenue base of the country.

He also said that there are immense opportunities to transform Pakistan into a “Digital Pakistan” with the objectives of increasing the ease of doing business, enhancing transparency, improving Govt2Govt and Govt2Citizen services, thereby encouraging longer term investment into the Services sector and export oriented industries.

“OICCI is committed to support the government in managing many of the challenges through active engagement and support on many fronts including standing up for Pakistan at international and national forums to share the success stories and experience of its members. On September 11th, OICCI had an interactive session with diplomats of 35 countries represented at OICCI, giving a comprehensive overview of the experience and opportunities for foreign investors in Pakistan”, Irfan Wahab concluded.

OICCI is the largest chamber of commerce in Pakistan in terms of economic contributions with its members employing around one million people, besides being the leading stakeholders on the CSR front, benefiting a very large population all over the country.

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