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Jeddah - Yasmine El Tohamy - Pakistan’s overseas investors’ chamber reports $22.6 billion contribution to economy in 10 years
ISLAMABAD: The Overseas Investors Chamber of Commerce and Industry (OICCI), the representative body of over 200 foreign investors in Pakistan, announced on Tuesday its members had contributed $22.6 billion to the national economy over the last ten years, underscoring their commitment to and confidence in the country’s future growth.
Amid prolonged financial challenges, the Pakistani government has intensified efforts to attract foreign investment, particularly from the Middle East, China and Central Asia, to bolster its economy.
In June, Pakistan secured a $7 billion staff-level agreement with the International Monetary Fund (IMF) to help stabilize its economic situation.
The OICCI said in its statement Pakistan received a net foreign direct investment of $19.8 billion between 2013 and 2023.
“During the same period, OICCI members contributed $22.6 billion, showcasing a significant commitment to the country’s economic development,” it continued. “This robust investment underscores the confidence foreign investors have in Pakistan’s long-term potential.”
“In 2023, the 139 OICCI member companies reported assets amounting to Rs29.6 trillion [$106.36 billion], capital expenditure of Rs482 billion [1.73 billion], government levies of Rs2.4 trillion [$8.62 billion], and gross revenue of Rs10.4 trillion [$37.37 billion],” the statement added.
It maintained this was despite the overall political and economic challenges faced by the country.
“As Pakistan navigates its economic challenges, the sustained confidence and investment by OICCI members provide a solid foundation for future growth and development,” OICCI President Rehan Shaikh said.
The statement said that among the representative body’s members, 51 are listed companies that have demonstrated growth in their financial performance.
From 2019 to 2023, the compound annual growth rate (CAGR) of profit before tax surged to 30.2 percent compared to 18.9 percent between 2018 and 2022.
In 2023, these companies reported a cumulative profit before tax of Rs1,130 billion [$4.06 billion] and a turnover of Rs6,747 billion [$24.24 billion].
“The significant contributions of OICCI members underscore the pivotal role of foreign investment in bolstering Pakistan’s economy,” the OICCI secretary general, M Abdul Aleem, said.
“The diverse sectoral contributions reflect a broad-based economic engagement, with key sectors such as oil and gas, banking, and consumer products leading the way,” he added.
Besides the monetary contribution, the statement continued, OICCI members have also played a leading role in the transfer of technology, digital transformation, introducing latest inventions and sharing of best practices in the field of manufacturing operation, supply chain and marketing of internationally renowned brands.
“By investing Rs13 billion [$46.71 million] in 2022-2023 in Pakistan’s communities through its Corporate Social Responsibility (CSR) activities, the members have positively impacted 40 million individuals across the country,” it added.
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