Pakistan Chamber of Foreign Investors reports $22.6 billion contribution to economy in 10 years
ISLAMABAD: The Foreign Investors Chamber of Commerce and Industry (OICCI), the representative body of over 200 foreign investors in Pakistan, announced on Tuesday that its members have contributed $22.6 billion to the national economy in the last decade, underscoring their commitment and confidence in the country's future growth.
Faced with prolonged financial difficulties, the Pakistani government has stepped up efforts to attract foreign investment, particularly from the Middle East, China and Central Asia, to strengthen its economy.
In June, Pakistan signed a staff-level agreement with the International Monetary Fund (IMF) worth $7 billion to help stabilize its economic situation.
OICCI said in its statement that Pakistan received a net foreign direct investment of $19.8 billion between 2013 and 2023.
“Over the same period, OICCI members contributed $22.6 billion, demonstrating a significant commitment to the country's economic development,” he continued. “This solid investment underscores the confidence foreign investors have in Pakistan's long-term potential.”
“In 2023, the 139 OICCI member companies reported assets amounting to Rs 29.6 trillion. [$106.36 billion]capital expenditure of 482 billion rupees [1.73 billion]government taxes amounting to 2.4 trillion rupees [$8.62 billion]and a gross turnover of Rs 10.4 trillion [$37.37 billion]”, reads the note.
He argued that this happened despite the overall political and economic challenges the country faces.
“As Pakistan faces its economic challenges, the continued trust 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 representative body, 51 are listed companies that have demonstrated growth in their financial performance.
From 2019 to 2023, the compound annual growth rate (CAGR) of pre-tax profit increased to 30.2%, compared to 18.9% between 2018 and 2022.
In 2023, these companies reported cumulative profit before tax of Rs 1,130 billion. [$4.06 billion] and a turnover of Rs 6.747 billion [$24.24 billion].
“The significant contributions of OICCI members underscore the critical role of foreign investment in strengthening Pakistan’s economy,” said OICCI Secretary General M Abdul Aleem.
“The diverse sectoral contributions reflect a broad-based economic commitment, with key sectors such as oil and gas, banking and consumer products at the forefront,” he added.
In addition to monetary contributions, the statement continued, OICCI members have also played a leading role in technology transfer, digital transformation, introduction of latest inventions and sharing best practices in the field of manufacturing operations, supply chain and marketing of internationally renowned brands.
“Investing Rs 13 billion [$46.71 million] “In 2022-2023 in Pakistan, through its corporate social responsibility (CSR) activities, members have positively impacted 40 million individuals across the country in communities,” he added.
