KARACHI - Overseas Investors Chamber of Commerce and Industries has urged the federal and provincial governments to take emergency measures in order to attract higher FDI inflows as low FDI retards economic growth and has long term implications.

OICCI offered to assist the authorities by sharing experience and expertise of members who have benefited from investments in Pakistan, said M Abdul Aleem Chief Executive OICCI while exclusively talking to The Nation.

Aleem said interaction needs to be substantially increased as government and business needs to work in tandem to meet the challenges of a developing economy.

The main reason for a substantial FDI inflow and the high economic growth rate of Asian countries was due to a transparent governance and sound physical and institutional infrastructure. Pakistan needs to improve substantially in these areas to compete with the region for attracting higher FDI.

He said the major concern of OICCI members is that the government institution is not responding properly, specially they are not happy with FBR.

Pakistan discussing every part of the world in term of investment, but it depends on our polices, regional trade of Pakistan especially trade with India will brought further investments in the country.

Giving the example of Myanmar he said Myanmar sharply catching foreign investment and the only thing is governance that facilitates investors properly, he added and said it’s a job of government to make happier the existing investors that creates good gesture for new investors.

Stability of rupee and foreign reserve settled by the government but the prevailing situation of the country hurt all these initiatives, he added and said operation in Waziristan brought positive impact but attack on Karachi Air Port, incident of Dockyard and sit-ins in Islamabad are not good for the country.

He hoped that both political parties resolve all theses issues for the economic growth of the country. Especially the cancellation of Chinese President’s visit to Pakistan brought negative image in the world.

He advised the government to fill all the key vacancies in the Regulatory and state-owned organisations and urged the Federal and Provincial Governments to introduce a robust accountability mechanism to build confidence, check poor implementation of policies and help counter the negative image of the country amongst potential overseas investors.

He advised that government should form a system and ask the problems of stakeholder at all levels and gives directives to concern authorities with timeframe to resolve the issues.

Aleem said as all these actions will ensure that the country moves rapidly towards realising its true potential for economic growth, providing employment to the youth and development of the economy on solid foundations.

Talking over the current scenario he showed some fear about brain drain from Pakistan. He said a large number of youth willing to leave the country to save their future.

Initiatives from the side of government are much needed to handle the situation which is not possible without the will of government, he added. 

Aleem said we are not negative, we have concern because its our country, we don’t want any new policy but we just want the implementation of the policies.