KARACHI, Aug 1: The Overseas Investors Chamber of Commerce and Industry (OICCI) has shown grave concern over the deteriorating law and order situation in Karachi, stating that it is negatively affecting foreign investors who collectively contribute approximately 20 per cent of total taxes collected.

In a press release issued on Wednesday, OICCI president Humayun Bashir said that OICCI has consistently sought to counter the negative image of Pakistan and hosted many foreign delegations and promoted Pakistan overseas.

These steps attracted more foreign visitors in recent months to Pakistan, particularly Karachi, to facilitate business and investment in the country but these efforts will be futile if authorities responsible for maintaining law and order do not control the situation immediately, he added.

The release said that OICCI’s managing committee has recently approached the governor and chief minister Sindh, calling for urgent corrective action by the authorities. The chamber has also invited Sindh’s political leadership for an interactive meeting with its members to discuss plummeting law and order.

Referring to the recent report by State Bank of Pakistan, OICCI said that the FDI decreased by over 65 per cent to $680.4 million during 2011-12, an all-time low in the country’s recent history.

The OICCI members have invested close to one billion dollars from their retained earnings in the same period, the release said, adding: “However, this trend may not be sustainable if foreign companies operating or planning to invest in Pakistan are driven away due to poor operating and security conditions.”