Karachi, November 22, 2021 (PPI-OT):International Monetary Fund’s outgoing Resident Representative, Ms. Teresa Daban Sanchez, along with the incoming Representative, Ms. Esther Perez, visited the Overseas Investors Chamber of Commerce and Industries (OICCI) on November 18, 2021. The guests were welcomed by OICCI President Irfan Siddiqui, CE/General Secretary M. Abdul Aleem and Management Committee member Amir Paracha, along with senior executives of member companies.
M. Abdul Aleem shared a comprehensive presentation with the guests, covering the members contribution to the economy, OICCI research profile, insights from latest business confidence, intellectual property rights and security surveys. He talked about FDI landscape of the country, focusing on potential opportunities and key sectors for investment in Pakistan. He also emphasized on building Pakistan as a brand, backed by consistency in policies and its implementation.
Ms. Sanchez appreciated the role of the Chamber in engaging with multiple stakeholders and portraying the potential of Pakistan and advocating to the international community. She talked about Pakistan navigating resiliently through multiple issues, like poverty, transitioning governments, and the pandemic. In response to questions from the participants, she emphasized upon the importance of building a transparent framework, which addresses the compositions that cause swings in the current account balance and how these need to be managed to minimize disruptions. Talking about the challenges, she cited that due to multiple stakeholders, a fragmented policy viewpoint emerges and spoke about the importance of a taxation regime which provides a level-playing field to all stakeholders.
Ms. Perez also appreciated the Chamber’s efforts and talked about the production capacity and variations of perceptions across provinces. She also shed light on Pakistan’s growing current account deficit and emphasized the need for consistent policies and institutional framework being most crucial in stabilizing the swings Pakistan faces. In response to queries, she reflected on the fiscally stretched resources and the need for reallocation to promote long-run growth and stability. She mentioned principled macroeconomic policies could help Pakistan offer sustainable environment for businesses.
Concluding the session, Irfan Siddiqui, M. Abdul Aleem, and Amir Paracha thanked the guests for their time and insights to help Pakistan improve its economic contribution, and the participants for an interactive session to better understand the IMF’s perspective on steps necessary to strengthen Pakistan’s economy.
For more information, contact:
Overseas Investors Chamber of Commerce and Industry (OICCI)
Chamber of Commerce Building, Talpur Road, P.O. Box 4833,
Karachi – 74000, Pakistan
Tel: +92-21-32410814-5
Fax: +92-21-32427315
Email: info@oicci.org
Website: http://oicci.org/