Survey shows improvement in country’s business climate
The BOI secretary said that economic uplift was an area of priority for the government, which was introducing economic reforms to increase the confidence of business community. Photo: File
Foreign investors are largely positive on several parameters related to the business climate of Pakistan, said Overseas Investors Chamber of Commerce and Industry (OICCI) Secretary General Ghias Khan.
Presenting the results of Perception and Investment Survey 2021 on Monday, he added that the case for business growth potential and opportunities in Pakistan was supported by over 65% of survey respondents who indicated their plans to make new investments.
Almost 8 out of 10 respondents plan to invest more or similar amounts over the next one to five years against the investments they made in the corresponding period of previous year, he said.
According to him, OICCI members had once again emphasised upon the need for predictable, consistent and transparent policy framework and its fair implementation.
Governance issues, including gap in policy implementation, continue to remain an area of serious concern along with rise in tax burden and cost of doing business.
These factors not only hinder business environment but also contribute to lower FDI in the future, he said.
The Perception and Investment Survey 2021 showed an increase in confidence of OICCI members on the growth potential of the country and highlighted few areas where government intervention was required.
The survey reflected the opinion of the foreign investors about the investment and operating conditions of Pakistan.
Compared to the previous survey, notable improvement was witnessed in Pakistan’s economy against regional countries.
Pakistan was rated better than of India, Thailand, Vietnam, Bangladesh, Sri Lanka and the Philippines however, it remained behind Indonesia, Malaysia, UAE and China.
OICCI members forecasted healthy growth of their respective business entities in Pakistan with an overwhelming 80% of respondents willing to recommend fresh FDI.
Among other considerations, survey respondents were positively influenced by the measures taken to ease business operations such as improved banking infrastructure, access to local financing avenues and repatriation of profits.
However, concerns were expressed over the ease of doing business and the perception of Pakistan.
The survey also highlighted sector-wise issues which OICCI would discuss with the concerned stakeholders.
While the engagement of the federal government with investors registered a slight decline compared to the previous survey, OICCI members acknowledged that senior functionaries in the federal government had shown understanding and commitment to resolve investors’ issues.
Published in The Express Tribune, March 8th, 2022.
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