LAHORE: Overseas Investors Chamber of Commerce and Industry (OICCI) member companies have injected $22.6 billion into Pakistan’s economy during the last 10 years, according to the chamber’s 2023 annual economic contribution survey.
With the contribution of $22.6bn in the last 10 years, the 139 OICCI member companies reported assets amounting to Rs29.6 trillion, capital expenditure of Rs482bn, government levies of Rs2.4tr and gross revenue of Rs10.4tr in the last fiscal year.
Among the OICCI members, 51 are listed companies that have demonstrated remarkable growth in their financial performance. From 2019 to 2023, the compound annual growth rate (CAGR) of profit before tax surged to 30.2pc compared to a CAGR of 18.9pc between 2018 and 2022. In 2023, these companies reported a cumulative profit before tax of Rs1.13tr and a turnover of Rs6.74tr.
The sector-wise turnover for 2023 highlights the diverse contributions of various industries to Pakistan’s economy with the oil, gas and energy recording Rs4.85tr and banking, insurance, finance and leasing Rs1.5tr.
“As Pakistan navigates its economic challenges, the sustained confidence and investment by OICCI members provide a solid foundation for future growth and development,” said OICCI President Rehan Shaikh while commenting on the survey.
Published in Dawn, August 7th, 2024
