Foreign Investors Hopeful for Economy as Government Transitions

Mr. Kimihide Ando, the President of The Overseas Investors Chamber of Commerce and Industry (OICCI), on behalf of the foreign investors expressed his confidence in the Government of Pakistan. He congratulated Mian Mohammad Nawaz Sharif, PML (N) leadership and other major election leaders as the new set up moves towards a smooth transition of the power at the Centre and in the provinces

The Chamber is optimistic that the new Government will set a clear and focused direction to address key issues of governance, security, energy, and inconsistent policy implementation which in the recent past has severely affected the inflow of Foreign Direct Investment (FDI) in the country.

OICCI believes that the ongoing democratic process is creating a positive international perception which is partially reflected in the increasing level of FPI in the stock market. This window of opportunity can be used to channel the longer term FDI to bolster the manufacturing and infrastructure sector for sustained business activities which will help increase employment and economic growth. OICCI believes in Pakistan’s great potential and is confident that a few bold economic policy initiatives by the new government can dramatically change the economic situation. OICCI expect that given the right environment and support the FDI inflow can substantially increase to as much as US$ 5 to 6 billion annually.

Mr. Kimihide Ando suggested to the Government to constitute a high powered Economic and Investment committee with representation from key trade bodies, like OICCI to get periodical feedback on policies and performance and, more importantly, agree on way forward to achieve rapid economic growth.

OICCI has regularly put forward specific proposals to help achieve an environment that is conducive to economic growth that include taxation, changes in public sector and measures to improve policy implementation in various sectors which the Chamber is hopeful that the government would like to consider.

OICCI is the collective voice of 190 leading foreign investors belonging to 33 countries and include many leading Fortune 500 companies operating in Pakistan. OICCI members collectively contribute about one fourth of the total tax collection and GDP of the country besides facilitating transfer of technology and skills and employment to a sizeable number of people.

Visit the OICCI website www.oicci.org for more information.

© 2012 Overseas Investors Chambers of Commerce and Industry
The Overseas Investors Chamber of Commerce & Industry (OICCI) serves as the national point of reference for foreign investors in Pakistan. Established in 1860 as the Karachi Chamber of Commerce, it is the oldest of the existing chambers.