Governor, State Bank of Pakistan visits OICCI

Karachi, 16 March 2011: Governor, State Bank of Pakistan (SBP), Mr Shahid H. Kardar visited the Overseas Investors Chamber of Commerce and Industry (OICCI) recently to discuss the fiscal deficit of the country and its impact on foreign investments in Pakistan.

The Governor acknowledged and appreciated the role of the private sector in the growth of the country’s economy and recognized the key role of foreign investors   in the promotion of Pakistan as a destination for investment to prospective foreign investors.

The President OICCI Ms Ameena Saiyid, OBE, presented an overview of the Chamber and shared the results of the OICCI Business Confidence Index (BCI), a first initiative of its kind. The BCI helps in identifying and understanding key issues hampering business growth and gauges the overall business confidence in the country. Ms Saiyid pointed out that the third quarter results indicated a minor improvement in the confidence levels of the business community. She further added that poor governance, inflation, and the prevalent law and order situation continued to be the major deterrents to business activity.

On a positive note, Ms Saiyid said OICCI members saw an improvement in the performance of SBP.  

Being the premier representative of top multinationals in the country, Ms Saiyid informed the Governor that the Chamber had been in continuous dialogue with the government, trade organizations, and policy makers to voice the concerns of foreign investors at all levels.

The Governor, SBP, urged OICCI members to continue such dialogues with the government of Pakistan for better governance and policy reforms. He asked OICCI to work with the government for improving the economy and finding solutions for national issues. He also encouraged the private sector to continue investing in human capital and the transfer of technology.

 OICCI members raised various concerns on the destabilization of foreign exchange rates, reconciliation issues of withholding tax deductions, the fiscal deficit of the country, and capacity under- utilization.

OICCI represents 184 foreign companies doing business in Pakistan, many of whom began operations in Pakistan over 60 years ago. It is the oldest Chamber 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, provide direct employment to approximately 150,000 people and spend Rs 1 billion a year on CSR. 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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