Islamabad, Aug 6: The Overseas Investors Chamber of Commerce and Industry (OICCI), which represents more than 200 foreign investors in Pakistan, revealed on Tuesday that, over the previous ten years, its members have contributed $22.6 billion to the country’s economy, demonstrating their support for and belief in the nation’s continued growth. The Pakistani government has stepped up attempts to draw in foreign investment, especially from China, Central Asia, and the Middle East, in order to support the country’s economy amid protracted financial difficulties. To assist in stabilizing its economic circumstances, Pakistan signed a $7 billion staff-level agreement with the International Monetary Fund (IMF) in June.
According to the OICCI’s statement, from 2013 and 2023, Pakistan benefited from net foreign direct investment of $19.8 billion. It went on, “OICCI members contributed $22.6 billion during the same period, showcasing a significant commitment to the country’s economic development.” “This substantial investment demonstrates the faith that international investors have in Pakistan’s long-term prospects.” “The 139 OICCI member companies reported gross revenue of Rs10.4 trillion [$37.37 billion] in 2023, government levies of Rs2.4 trillion [$8.62 billion], capital expenditures of Rs482 billion [1.73 billion], and assets totaling Rs29.6 trillion [$106.36 billion],” the statement continued.
It claimed that this was true in spite of the nation’s general political and economic difficulties. OICCI President Rehan Shaikh stated, “As Pakistan navigates its economic challenges, the sustained confidence and investment by OICCI members provide a solid foundation for future growth and development.” According to the announcement, 51 listed companies with improving financial performance are members of the representative body. The profit before tax’s compound annual growth rate (CAGR) increased to 30.2 percent in 2023 from 18.9 percent in 2018 and 2022.
These businesses recorded a turnover of Rs6,747 billion [$24.24 billion] and a cumulative profit before tax of Rs1,130 billion [$4.06 billion] in 2023. The OICCI secretary general, M Abdul Aleem, stated, “The significant contributions of OICCI members underscore the pivotal role of foreign investment in bolstering Pakistan’s economy.” He continued, “The varied sectoral contributions show a broad-based economic engagement, with consumer goods, banking, and oil and gas leading the way.”
In addition to their financial support, the statement went on, OICCI members have been instrumental in technology transfer, digital transformation, introducing cutting-edge inventions, and exchanging best practices in the areas of supply chain management, manufacturing operations, and marketing globally recognized brands. “The members have positively touched 40 million citizens across Pakistan by investing Rs13 billion [$46.71 million] in 2022–2023 in Pakistan’s communities through its Corporate Social Responsibility (CSR) activities,” the statement continued.
