OICCI informs PM Imran about hurdles to attracting FDI

Imran Khan assures officials of full support in addressing their concerns

ISLAMABAD: The prime minister has repeatedly met with businessmen and industrialists to assure them of his government's pro-business stance and addressing their issues.

In a fresh move, Prime Minister Imran Khan held an interactive session with officials of the Overseas Investors Chamber of Commerce and Industry (OICCI), where the two sides discussed the current economic situation of the country.

Speaking on the occasion, OICCI President Shazad Dada told the prime minister that the OICCI had always been at the forefront as an ambassador of foreign direct investment (FDI) in Pakistan.

He said the OICCI also promoted positive aspects of the country and the business opportunities it offered to potential foreign investors.

"OICCI members walk the talk and have been significant investors as a group and in 2018 alone they made capital investment of over $2.7 billion, and injected $13 billion in the past seven years," he added.

The OICCI team also shared key findings of a recently released Perception and Investment survey. The officials briefed PM Imran about the key challenges faced in attracting significant FDI into the country and also gave recommendations for creating an enabling environment for the investors.

Dada emphasised the need for a "focused international projection to dilute the negative perception of the country, as well as predictability, transparency and consistency of policy and its implementation as key factors for success".

Speaking on the occasion, Nestle Pakistan CEO Samer Chedid said being among the top five milk-producing countries in the world, Pakistan's gross production of milk was estimated at 56 billion litres, but only 5% of which was sold in packaged form.

"This shows the potential of the processed milk and dairy sector in the country," he added.

OICCI members requested the prime minister to direct the relevant persons to immediately address the major issues of tax refund and circular debt.

They also stressed the need for actively and productively engaging with key stakeholders to ensure seamless coordination between federal and provincial governments, and making ease of doing business visible and accepted by the business.

Talking to the businessmen, PM Imran appreciated the contribution of OICCI members and promised full support to foreign investors in addressing their issues.

He also shared key points of the government's economic recovery strategy which, he said, would ensure sustainable economic growth in the medium term and set the country on a clear path to recovery.

He added that results of the economic strategy would be visible over the next six to nine months.

He assured them that the government would act upon the recommendations suggested by the OICCI members.