Foreign investors in Pakistan report $22.6 billion contribution to economy over 10 years
ISLAMABAD: The Overseas Investors Chamber of Commerce and Industry (OICCI), the representative body of more than 200 foreign investors in Pakistan, announced on Tuesday that its members contributed $22.6 billion to the national economy. in him in the last ten years, highlighting his commitment and confidence. in the future development of the country.
Amid long-term financial challenges, the Pakistani government has stepped up efforts to attract foreign investment, particularly from the Middle East, China and Central Asia, to boost its economy.
In June, Pakistan won a $7 billion deal with the International Monetary Fund (IMF) to help stabilize its economy.
OICCI said in its statement that Pakistan received foreign direct investment worth $19.8 billion between 2013 and 2023.
“During the same period, OICCI members gave 22.6 billion dollars, showing great commitment to the economic development of the country,” he continued. “This strong investment reinforces the confidence of foreign investors in Pakistan's long-term potential.”
“By 2023, OICCI's 139 member companies reported assets worth Rs29.6 trillion. [$106.36 billion]capital expenditure Rs482 billion [1.73 billion]state tax of Rs2.4 trillion [$8.62 billion]and revenue of Rs10.4 trillion [$37.37 billion]”, he added.
He emphasized that despite the political and economic challenges facing the country.
“As Pakistan navigates its economic challenges, the continued confidence and investment of OICCI members provides a solid foundation for future growth and development,” said OICCI President Rehan Shaikh.
The statement said that among the members of the body, 51 are listed companies that have shown an increase in their financial management.
From 2019 to 2023, the pre-tax compound annual growth rate (CAGR) rose to 30.2 percent compared to 18.9 percent in 2018. and 2022.
In 2023, these companies reported a combined profit before tax of Rs1,130 billion [$4.06 billion] and Rs6,747 billion [$24.24 billion].
“The participation of OICCI members highlights the role of foreign investment in strengthening Pakistan's economy,” said OICCI Secretary General M Abdul Aleem.
“The participation of various sectors reflects broad economic cooperation, with major sectors such as oil and gas, banking and consumer products leading the way,” he added.
In addition to financial contributions, the announcement continued, it has played an important role in technology transfer, digital transformation, exposure to the latest innovations and sharing of best practices in the areas of production, supply chain and sales. OICCI members are internationally renowned brands.
“With an investment of Rs13 billion [$46.71 million] In the year 2022-2023 in the Pakistani community through Corporate Social Responsibility (CSR) activities, these members have positively impacted 40 million people across the country,” he said.
