ISLAMABAD: The Overseas Investors Chamber of Commerce and Industry (OICCI) President Haroon Rashid has urged the government to address emerging challenges like currency devaluation and uncertain regulatory environment to attract additional Foriegn Direct Investment (FDI).
“OICCI members believe in Pakistan and have always been the leading economic contributors to the country, however we need to take note of emerging challenges, like currency devaluation, that are affecting the ability of OICCI members to attract additional investment,” said the OICCI president.
“There is also growing concerns among our members regarding the uncertain regulatory and operating environment which, if not addressed, could threaten the attractiveness of Pakistan as a destination for Foreign Direct Investment (FDI),” he added.
The OICCI which includes 200 foreign investors in Pakistan, released the consolidated financial contribution of its members, according to which OICCI members contributed Rs1.2 trillion in tax revenue and invested $3 billion in the country in 2019.
“We are very proud that in the past twelve months, OICCI members contributed over Rs1.2 trillion, or Rs5 billion each working day, towards the tax revenue of Pakistan, which is approximately one third of the total tax collection in the country,” said the OICCI president.
He highlighted that during 2019 two OICCI members paid taxes in excess of Rs100 billion each.
The five sectors contributing over 80 per cent of the tax revenue from OICCI members include energy, tobacco, FMCG and food, telecommunication and banking.
“With an asset base of $120 billion, OICCI members maintain their position as the leading foreign investors in Pakistan during 2019 with new investments of over $3 billion mainly in the energy, telecom and chemicals sectors,” said OICCI Secretary General M Abdul Aleem.
OICCI members, during the past eight years have invested $16 billion, largely in the energy, telecom, chemicals, food, FMCG and banking sectors.
Besides the monetary contribution, OICCI members also play a leading role in the transfer of technology, digital transformation, introduction of latest inventions and sharing of best practices in the field of manufacturing operations, supply chain and marketing of internationally renowned brands.
Moreover, OICCI members are the largest contributor towards the social sector. During 2019. OICCI members contributed Rs5.5 billion to social initiatives, benefiting 58 million people throughout the country.
The OICCI secretary general expressed hope that the authorities will proactively and in a structured manner engage with OICCI members in the policy formulation and implementation process for better management of the economic challenges faced by the country.
