‘Pakistan can attract $5b in foreign investment’
OICCI hopes new government will address issues of governance, security and energy.
DESIGN: CREATIVE COMMON
KARACHI:
The Overseas Investors Chamber of Commerce and Industry (OICCI) expects that the new government can provide right environment and support to Pakistan’s economy and the country can attract as much as $5 to $6 billion in foreign direct investment annually.
The chamber is optimistic that the incoming 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 inflow of foreign direct investment in the country.
In a statement issued on Wednesday, OICCI President Kimihide Ando, speaking on behalf of foreign investors, expressed his confidence in the Government of Pakistan.
As the country moves towards a smooth transition of power at the Centre and in provinces, Ando said the ongoing democratic process is creating a positive international perception, which is partially reflected in the increasing foreign portfolio investment in the country’s stock market.
This window of opportunity can be used to channel longer term FDI to bolster the manufacturing and infrastructure sector for sustained business activities, which will cause an increase in employment and economic growth, he suggested.
Seeing the country’s potential, he expressed confidence that a few bold economic policy initiatives by the new government can dramatically change the economic situation.
Ando asked 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 the way forward to achieve rapid economic growth.
OICCI, representing 190 leading foreign investors from 33 countries and including many leading Fortune 500 companies operating in Pakistan, has put forward proposals to help create an environment that is conducive to economic growth.
The proposals pertain to taxation, changes in public sector and measures for improving policy implementation in various sectors and the chamber hopes that the government will consider them.
OICCI members say they contribute about one-fourth of total tax collection and GDP of the country besides facilitating transfer of technology and skills and providing employment to scores of people.
Published in The Express Tribune, May 30th, 2013.
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The Overseas Investors Chamber of Commerce and Industry (OICCI) expects that the new government can provide right environment and support to Pakistan’s economy and the country can attract as much as $5 to $6 billion in foreign direct investment annually.
The chamber is optimistic that the incoming 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 inflow of foreign direct investment in the country.
In a statement issued on Wednesday, OICCI President Kimihide Ando, speaking on behalf of foreign investors, expressed his confidence in the Government of Pakistan.
As the country moves towards a smooth transition of power at the Centre and in provinces, Ando said the ongoing democratic process is creating a positive international perception, which is partially reflected in the increasing foreign portfolio investment in the country’s stock market.
This window of opportunity can be used to channel longer term FDI to bolster the manufacturing and infrastructure sector for sustained business activities, which will cause an increase in employment and economic growth, he suggested.
Seeing the country’s potential, he expressed confidence that a few bold economic policy initiatives by the new government can dramatically change the economic situation.
Ando asked 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 the way forward to achieve rapid economic growth.
OICCI, representing 190 leading foreign investors from 33 countries and including many leading Fortune 500 companies operating in Pakistan, has put forward proposals to help create an environment that is conducive to economic growth.
The proposals pertain to taxation, changes in public sector and measures for improving policy implementation in various sectors and the chamber hopes that the government will consider them.
OICCI members say they contribute about one-fourth of total tax collection and GDP of the country besides facilitating transfer of technology and skills and providing employment to scores of people.
Published in The Express Tribune, May 30th, 2013.
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