BoI chairman briefed about FDI issues

KARACHI: Chairman Board of Investment (BoI), Saleem H. Mandviwalla recently visited Overseas Investors Chamber of Commerce and Industry (OICCI) to discuss the issues being faced by foreign investors in Pakistan. He met President OICCI, Ameena Saiyid OBE, members of the Managing Committee and OICCI.

It was decided to strengthen engagement between the government and foreign investors by formulating a committee comprising representatives from OICCI and BoI. This committee would work towards the promotion of Foreign Direct Investment by resolving genuine concerns of foreign investors. The committee would hold regular quarterly meetings to bridge the gap between investors and the government and devise measures after concurrence of both the stakeholders. The prime objective of the committee would be to highlight investors' concerns and challenges and submit suggestions and recommendations to the Board of Investment for implementation.

During the meeting, economic situation of the country was also discussed with primary focus on the issues hampering FDI. It was observed that the law and order and energy crisis are the major obstacles in the economic progress of the country. Speaking on the occasion, Ms Ameena Saiyid, OBE President OICCI, said "OICCI plays a significant role in increasing investment and economic growth, despite the challenging times, and is committed to providing all possible support to make Pakistan an investment friendly-destination."

OICCI represents 185 foreign companies doing business in Pakistan. It is the oldest chamber in the country and region having been established 150 years ago. Its 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 rupees one billion a year on corporate social responsibility. OICCI also plays an active role in terms of representation and advocacy to the government, various regulatory bodies, and policymakers.-PR