The Overseas Investors Chamber of Commerce and Industry (OICCI) expects that given the right environment and support, Foreign Direct Investment (FDI) inflow can substantially increase to as much as $ 5 to 6 billion annually.
The chamber is optimistic that the new government would 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 FDI in the country.
OICCI President Kimihide Ando on behalf of foreign investors, expressed his confidence in the newly-elected government.
He congratulated Nawaz Sharif and the PML-N leadership and other major election leaders as the new set up moves towards a smooth transition of power at the Centre and in the provinces.
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.
Kimihide Ando suggested that the government 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 the way forward to achieve rapid economic growth. The 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. The 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.
