KARACHI, Sept 05 (NNI): Investors’ confidence for attracting new FDI has been dented by the ongoing standoff in Islamabad and Lahore, stated in a press release issued here on Friday.
Coming at the back of Karachi airport attack in June this year, the political deadlock in Islamabad and Lahore has negatively impacted ongoing business activities and the future investment plans of the investors.
Based on the feedback of a brief survey done in the first week of September with OICCI members, over fifty percent of the respondents have indicated that the recent events have caused postponement or cancellation of scheduled business meetings in Pakistan with overseas shareholders and regional management.
It was further revealed that about a third of the respondents expect a fresh review of their planned new investment for the next three years. About half of the respondents expressed the opinion that such incidents affect their ability to retain critical talent in Pakistan.
In terms of its immediate impact on the ongoing business operations and product distribution, 40% of the respondent expect decline in sales and profitability with resultant reduction in tax payments. Majority of the respondents (62% ) foresee serious damage to the 2014-15 fiscal targets of the Government, with a small minority suggesting that this may also impact on the recently launched Vision 2025 targets.
Commenting on the survey findings, Asad S Jafar, President OICCI said that “OICCI believes in Pakistan and that brief surveys like this are not exhaustive but are meant to reflect an immediate assessment of the foreign investors of the current events in Pakistan.”.
Asad Jafar added that we expect that the current uncertainty in the business environment will soon be stabilized and that the authorities, both at the federal and provincial level, would continue to address the key issues affecting business and investment , which is security, law and order, energy supply gap , serious concern on governance and policy implementations and need for a structured accountability on business and investment issues in line with Vision 2025.
The Overseas Investors Chamber of Commerce and Industry is the collective voice of 195 major foreign investors in Pakistan from 35 different countries, operating in 14 different sectors of the Pakistan economy. Established over 150 years ago in 1860, primarily as a Business Chamber for foreign investors, the OICCI is today not only engaged in the promotion and protection of existing foreign investment in the country and to attract new foreign investors, its diversified activities contribute significantly to supporting commerce and industry across the country. NNI
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