The Overseas Investors Chamber of Commerce and Industry (OICCI) released its annual report for 2024 on Monday, highlighting the significant economic contributions of its members, which have come to the fore despite persistent economic challenges. The most prominent revelation is the massive tax contribution of Rs 2.7 trillion from these investors, demonstrating their unwavering confidence in Pakistan’s market and their role in stabilizing the national economy.
OICCI member entities have not only maintained their resilience but also achieved financial successes. They reported a pre-tax profit of Rs 1.2 trillion in the fiscal year 2024, a significant increase of 34% compared to 2020. With a total turnover exceeding Rs 11 trillion, these companies have consistently supported the government’s revenue streams, contributing approximately Rs 10 billion daily, which constitutes about 30% of the Federal Board of Revenue’s (FBR) total tax collection.
The report further emphasizes the substantial investments made by OICCI members over the past decade. From 2015 to 2024, these investors injected $22.9 billion into Pakistan’s economy, surpassing the new Foreign Direct Investment (FDI) of $22.1 billion during the same period. This trend of reinvestment reflects the sustained confidence of foreign investors in Pakistan’s economic prospects.
A sector-wise analysis reveals that industries such as oil and gas, banking, telecommunications, and chemicals were instrumental in driving this economic contribution. Notably, the banking and finance sector accounted for 73% of the total member assets, highlighting its crucial role in driving financial growth and profitability.
M. Abdul Aleem, Secretary General OICCI, commented on the steadfastness of the members, who span 30 countries across 13 sectors. Despite global uncertainties and domestic hurdles, these members have not only maintained but also expanded their investments, creating jobs, paying substantial taxes, and fostering industrial innovation.
Aleem reaffirmed the vital role of OICCI as a platform for foreign investors in Pakistan, pledging to continue efforts for policy reforms to attract new investment, ensure sustainable growth, and explore emerging opportunities. The contributions of OICCI members are crucial in strengthening Pakistan’s national exchequer, infrastructure, and export capabilities in key sectors.