The Minister for Commerce and Interior, Dr. Gohar Ejaz, accompanied by Board of Investment (BoI) Secretary Sohail Rajput, on Wednesday visited the Overseas Investors Chamber of Commerce and Industry (OICCI) to engage with foreign investors and discuss critical issues impacting Pakistan’s business environment. During the meeting, OICCI CE, Secretary General M Abdul Aleem provided a comprehensive briefing on the survival challenges faced by foreign investors in Pakistan.
The recent survey conducted by the Chamber highlighted concerns such as rupee devaluation, inflation, the cost of doing business, and increasing tax burden as significant challenges for existing investors. Despite these challenges, the secretary general highlighted the substantial achievements of OICCI members, who collectively reinvested $22 billion in Pakistan from fiscal year 2013 to 2022, surpassing the net FDI inflows of $19.9 billion during the same period.
Minister Dr. Ejaz emphasized that the caretaker government diligently worked to identify problem areas affecting the economy, including issues related to the Afghanistan-Pakistan Transit Trade.
He urged foreign investors to focus on Pakistan’s potential, stating that the country is poised to become a one-trillion-dollar economy. The meeting addressed sector-specific challenges, with the pharmaceutical sector facing pricing policy adherence issues, and the telecommunication sector expressing concerns about spectrum pricing and high taxation. The oil and gas sector raised issues related to timely margin revisions and deregulation challenges.
The Chamber proposed collaboration between the Ministry of Commerce and BoI to enhance the ease of doing business. Suggestions included reducing the number of regulators and regulations, transparent policy frameworks, and consistent application to avoid surprises in tariffs or other regulatory matters.
Abdul Aleem stressed the need for a proactive international presence to promote Pakistan as an investment hub. The visit concluded with a focus on ongoing collaboration to implement reforms that would have a visible impact on investment promotion and ease of doing business in Pakistan.
