A HIGH PROFILE US DELEGATION VISITS OICCI

Karachi, November 30, 2010: A high profile US delegation recently visited the Overseas Investors Chamber of Commerce & Industry (OICCI) to discuss ways to identify and promote foreign investment opportunities in Pakistan as well as to best utilize the aid for economic development in the country. The delegation which comprised Ambassador Robin Raphel Special Coordinator for Economic & Development Assistance; Mr. William Martin Consul General; Mr. Joe Bergen Assistant to Coordinator for Economic Development Assistance; Ms. Julie Koenen Karachi Director for USAID and Mr. Bo Palmer Economic Officer was received and welcomed by Mr. Naved A. Khan Vice President OICCI. 

Ms. Raphel discussed the current economic situation, energy crisis, law and order and the infrastructure of Pakistan. The delegation also discussed issues hampering foreign direct investment (FDI) in Pakistan and what role and steps could be taken by the US government and OICCI to overcome them. 

Speaking on the occasion, Mr. Naved A Khan Vice President of OICCI said “The OICCI, a premier body of multinationals in the country is playing a significant role in increasing investment and economic growth despite challenging times. Pakistan offers excellent investment opportunities and a close liaison and collaboration between the government and the investor community can make the country an investment-friendly destination.” While commenting on measures that could be used to further increase FDI, Mr. Khan said, “In order to improve the investment climate, the government needs to strengthen its policy implementation, as pointed out by the OICCI Perception Survey Report where 86% of the members agreed that proper policies were in place, but lack of implementation was hampering FDI.” 

Appreciating the efforts being made to improve the economic development in Pakistan, in spite of severe damage from 2010 floods, Ms. Raphel reaffirmed that US would continue to assist Pakistan in improving their economic infrastructure and that it would continue to interact with trade bodies like the OICCI to identify areas where potential investments can be made. Ambassador Raphel also noted that 36 companies from the US were already members of the Chamber and were major stakeholders in Pakistan’s economy. 

The Overseas Investors Chamber of Commerce & Industry represents 185 foreign companies doing business in Pakistan, many of whom began operations in Pakistan almost 60 years ago. The Chamber itself is by far the oldest such trade body in the country and region having been established 150 years ago. OICCI members collectively contribute over 29 percent of Pakistan’s total GNP, 22 percent of total tax receipts, and provide direct employment to approximately 150,000 people. OICCI also plays an active role in terms of representation and advocacy to the government, various regulatory bodies, and policy makers. 

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