Commerce minister, BoI meet OICCI

KARACHI: Minister for Commerce and Interior Dr Gohar Ejaz and Board of Investment (BoI) Secretary Sohail Rajput met with members of the Overseas Investors Chamber of Commerce and Industry (OICCI) on Wednesday to discuss ways to improve the business environment and attract more foreign investment.

The OICCI briefed the officials on the challenges faced by its members, such as currency depreciation, inflation, high cost of doing business and rising tax burden.

The chamber also highlighted the achievements of its members, who have reinvested $22 billion in Pakistan from fiscal year 2013 to 2022, exceeding the net foreign direct investment (FDI) inflows of $19.9 billion in the same period.

Dr Ejaz said the caretaker government was working hard to address the economic issues, including the leakages through the Afghanistan-Pakistan Transit Trade, and urged the foreign investors to focus on the potential of the country.

"Pakistan is poised to be a one trillion-dollar economy," he said.

The meeting also discussed some of the sector-specific issues, such as the pricing policy and patent registration for the pharmaceutical sector, the spectrum pricing and taxation for the telecommunication sector, and the margin revisions and deregulation for the oil and gas sector.

The OICCI suggested measures to reduce the number of regulators and regulations, ensure a transparent and consistent policy framework, and avoid any surprises on tariffs or other matters.

The chamber also recommended that the government should promote Pakistan as an investment destination by having a proactive presence at key international forums and media, and by enhancing the communication of Pakistani diplomats and trade officers abroad.