Karachi, August 6, 2024 — The Overseas Investors Chamber of Commerce and Industry (OICCI) has unveiled its 2023 annual economic contribution survey, revealing that foreign investors have significantly bolstered Pakistan’s economy over the past decade. From 2013 to 2023, these investors injected an impressive $22.6 billion into the country, surpassing the net Foreign Direct Investment (FDI) of $19.8 billion received during the same period.
This substantial investment by OICCI members highlights their unwavering confidence in Pakistan’s long-term economic potential. Despite various challenges faced by the country, the commitment from these foreign entities underscores a strong belief in Pakistan’s growth trajectory.
In 2023 alone, the 139 OICCI member companies reported assets totaling Rs29.6 trillion, with a capital expenditure of Rs482 billion. Their contributions also included Rs2.4 trillion in government levies and a remarkable Rs10.4 trillion in gross revenue. These figures reflect not only the financial strength of these companies but also their significant role in Pakistan’s economic landscape.
OICCI President Rehan Shaikh emphasized the importance of these investments: “As Pakistan navigates its economic challenges, the sustained confidence and investment by OICCI members provide a solid foundation for future growth and development.” This sentiment is echoed by the robust performance of member companies, particularly those listed on the stock exchange. From 2019 to 2023, these companies experienced a Compound Annual Growth Rate (CAGR) of 30.2% in profit before tax, up from 18.9% in the previous five years. In 2023, their cumulative profit before tax reached Rs1,130 billion, with a turnover of Rs6,747 billion.
Sectoral contributions for 2023 reveal the diverse impact of foreign investment across industries. The Oil, Gas & Energy sector led with a turnover of Rs4,857 billion, while Banking, Insurance, Finance & Leasing contributed Rs1,555 billion. These figures reflect the broad-based economic engagement of OICCI members.
OICCI CE/Secretary General M Abdul Aleem highlighted the pivotal role of foreign investment in strengthening Pakistan’s economy. “The significant contributions of OICCI members underscore the vital impact of foreign investment,” he said. “Their diverse sectoral involvement, from technology transfer to CSR initiatives, demonstrates a deep commitment to the country’s economic and social development.”
In addition to their financial contributions, OICCI members have invested Rs13 billion in Corporate Social Responsibility (CSR) activities, benefiting 40 million people across Pakistan. This investment in community welfare, technology, and innovation underscores the comprehensive role of foreign investors in shaping Pakistan’s future.
