OICCI – Pakistan Tech News

OICCI asks for Heavy penalties for Intellectual Property protection

Overseas Investors Chamber of Commerce and Industry (OICCI), the collective body of over two hundred top foreign investors, has recommended substantial increase in penalties for IPR (Intellectual Property Rights) violations to attract FDI in high value research-based products and services in Pakistan. Sharing the results of OICCI IPR Survey 2022, conducted annually, the chamber has expressed concern that IPR enforcement is lukewarm, and is not top of the agenda of key stakeholders including the government authorities. The IPOP, (Intellectual Property Organisation of Pakistan) the regulatory body for IPR is without a Chairman since May 2021, and there has not been any significant action taken to strengthen the IPR Tribunals, especially in Karachi. IPR violations has denied the government of significant revenue loss besides endangering the life and well being of public exposed to counterfeit products including medicine.

Commenting on the survey results, Ghias Khan, President OICCI emphasized that “timely registration of Copyrights, Trademarks and Patents supported by strict enforcement regime is critical for building confidence of the existing and potential foreign investors in Pakistan. OICCI as before”, Ghias added, “will continue to support IPOP and share its international knowledge base on IPR towards ensuring a robust IPR regime in the country”.

The research based foreign pharmaceutical companies based in Pakistan are quite concerned that there is no linkage between Patent Law and DRAP (Drug Regulatory Authority of Pakistan) Product Registration, who continue to issue registrations to companies infringing patents, forcing the patent holders to approach court for protection of IPR at a heavy cost.

Lengthy processing timelines for granting IP rights, complicated procedure for registration and long drawn judicial procedure for the protection of IP rights are the key issues highlighted in the OICCI IPR Survey 2022. More than 50% of the respondents believe that Trademarks and Copyrights get registered in 1 – 3 years whereas 53% of the respondent (vs 46% in previous survey) record that it takes more than 3 years to resolve an IPR dispute. While majority of the members expressed that IPR tribunals are functional in major cities, excluding Karachi, yet 32% believe there is no improvement in the protection of IP rights and enforcement of IP laws. OICCI members, however, have appreciated the increasing focus of Karachi Port Custom authorities in closely monitoring the import of counterfeit products.

In conclusion, M Abdul Aleem, CEO of OICCI added that “OICCI works closely with IPOP in supporting initiatives towards strict monitoring of IPR violated products, more engagement with brand owners in Pakistan and improving check on import valuation which will go a long way in boosting the government revenue and manufacturing of legitimate value-added products in Pakistan. IPOP together with LEA and media has a pivotal role in promoting high level of protection of IPR in Pakistan and attracting quality research-based product and investment in the country.

The over 200 OICCI members doing business in 14 sectors, are the largest contributors to Pakistan Economy. Collectively, they invested US$ 2.4 billion last year, contributed about a third of the country’s total tax collections and employ about one million people with a significantly larger contribution to the socio-economic development of the community through their CSR activities as well.

Federal Finance Minister unveiled 4 point agenda to put Pakistan on path of prosperity

ISLAMABAD: Leaders in Islamabad are instrumental in bringing new thoughts and significant perspectives always. They had invited Dr. Miftah Ismail Federal Minister for Finance and Revenue and Sherry Rehman Federal Minister for Climate Change as guests of honor for their 5th edition titled “Imagineering The Future.”

The Summit is jointly hosted by Nutshell Group and Martin Dow, in strategic partnership with OICCI – Overseas Investors Chamber of Commerce & Industry.

‘’The government is considering promoting exports of the country at an aggressive level through an incentive of significant tax waiver to companies which could enhance their exports by 10% of its productions.’’

This was stated by Dr. Miftah Ismail, Minister of Finance while addressing Summit held at a local hotel on Wednesday.

He said that the government will provide full support to companies having plans for exporting their products to different countries because it is a daunting task that must be taken as a challenge. Various business groups in Pakistan are performing outstandingly and contributing to the national economy through taxes and different ways but they spend $200 million on imports every year which needs to be addressed by enhancing our exports, he said. ‘’If you make something, sell it abroad, if you build, go construct abroad, if you offer a service, offer it abroad. The nation should set the direction to the promotion of exports.’’
Businesses in Pakistan should think beyond the local market to explore foreign markets to enhance their exports through aggressive value-addition. Dr. Ismail insisted on 3 things essential for progress:

Export

Bring sustainability and technology to the Agriculture

Educate every child

Containing the expenses in imports can stabilize the budget deficit including the trade deficit and current account deficit in tandem.

The government may not enhance the export overnight but it did control imports of non-essential goods which impacted inflows of foreign exchange to the tune of $700-800 million in the interbank market in the last few months while the country also paid its scheduled debt-servicing in the first week of August.

Federal Minister for Climate Change Senator Sherry Rahman spoke about the urgency of required action to combat climate change. She said climate change is a matter of national security which have affected adversely food and energy security, supply chain, infrastructure, and precious lives of the citizens across the country.

One-fifth of Pakistan is submerged at present due to heavy monsoon rains which have wreaked havoc on the infrastructure in many parts of the country especially Balochistan and Sindh. Pakistan is at the front of climate change and we would like all corporates to interweave sustainability goals in their mission statements. She said that greenwashing has to end and genuine efforts have to be made.

She also mentioned that they are trying to move the markers for 2050 down to 2030 as climate change is accelerating and our pace needs to match it.

5th LEADERS IN ISLAMABAD BUSINESS SUMMIT to take place in Islamabad

Islamabad: The 5th edition of LEADERS IN ISLAMABAD BUSINESS SUMMIT, is to be held on August 17 and 18, 2022 at the picturesque Serena Hotel in Islamabad. The Summit will be jointly hosted by Nutshell Conferences Group and Martin Dow Group, in strategic partnership with OICCI – Overseas Investors Chamber of Commerce & Industry.

LIIBS 2022 is 5th in the series and brings together the top local and international business and corporate leaders, as well as notable Government and political personalities, entrepreneurs, strategists, tech gurus and intelligentsia, to discuss and share best practices and routes, reflect on challenges, envision the future, and share creative and innovative strategies. The Summit highlights the best way forward for success, which is sustainable, inclusive, and profitable.

Federal Minister for Finance & Revenue, Dr. Miftah Ismail; Senator Sherry Rahman, Federal Minister for Climate Change; and Senator Musadik Malik, Minister of State (Petroleum Division); will grace the event as guests of honor.

“Imagineering the Future’’ will be the theme of this year’s two-day Summit, which will bring together more than 30 distinguished and renowned panelists belonging to diverse industries. The primary agenda will entail discussions and solutions about the present and the future of public health, digital opportunities, healthcare, value systems, economic realities, productivity, innovation, and investments. The Summit will have the leadership from Pakistan’s corporate and public sectors, joined by the following international speakers:

·        Ralph Simon, Founder & Chief Executive, Mobilium Global Limited, UK
·        Jimmy Nguyen, Founding President, BSV Block Chain Association
·        James Michael Laﬀerty, CEO & Board Member, Fine Hygienic Holding; Olympic Coach, Speaker & Corporate Trainer
·        Khoo Boo Hock, Chairman, InfraZamin; Director & Co-Founder, Green Guarantee Company, UK
·        Malak Al Akiely, CEO, Golden Wheat for Grain Trading Limited
·        Markus Strohmeier, Managing Director & CEO, Siemens Pakistan
·        Prof. Francis Davis, Professor of Public Policy, University of Birmingham & Vising Professorial Fellow, University of Oxford, UK
·        William Bao Bean, General Partner, SOSV and Managing Director, Orbit Start-ups
·        Ron Thomas, Managing Director, Strategy Focus Group, USA & UAE
·        Douglas Corley, Founder, DHB Global & CEO, Alaunius Technologies & Global Panel Member, MIT Technology Review
·        Dr. Selena Milanovic, Strategy Consultant – Healthcare, Siemens Advanta Consulting and Global Shaper, World Economic Forum
·        Joey Wilson, Senior Consultant, EY-Parthenon and Global Shaper, World Economic Forum
·        Nick Van Breda, Co-Founder, Vertelknuﬀel & Premium Coach, ExO Works
·        Dorine Van Der Wijk, Founder & Researcher, Swirls of Life, The Netherlands
·        Paul Papadimitriou, Founder, Intelligencr, London; Global Keynote Speaker & Futurist
·        Oscar Wendel, Journalist, Author / Partner, METAL International, USA

·        Michal Kugleman, Deputy Director & Senior Associate for South Asia, The Wilson Centre
·        Arif Anis, USA Today & Wall Street Journal Bestselling Author of “I’MPOSSIBLE” and “MADE IN CRISES” & Founder of HumanX, UK
·        Zain Jeewanjee, CEO & Founder, Zain Jeewanjee Insurance Agency, USA and Member Board of Advisors, RAND Corporation

Nutshell Conferences Group has always been a keen and active supporter of transformative initiatives and maintains a wide platform for the launch of ideas that can help Pakistan and other countries in the context of regional and global development. With an impressive lineup of the best of the best from Pakistan and beyond, LIIBS is going to be an excellent showcase of ideal structures to work with.

Muhammad Azfar Ahsan, Founder of Nutshell Group and CORPORATE PAKISTAN GROUP, is a strong supporter of innovation and development. He believes that sharing of good ideas and focused conversations are essential for progress. He is enthusiastic about the 2 days of great learning and exchange of ideas. Announcing the Summit, Azfar said that Covid-19 refrained the world from such opportunities for the last couple of years. The platform of LIIBS, and the associated discussions, will help us project on the global stage, the potential of Pakistan for investment and collaboration. This will also create several new opportunities for coming together and devising strategies for innovation and growth. Moreover, LIIBS is a very effective tool to encourage foreign investors and regain their confidence in Pakistan.

Chairman Martin Dow Group, Ali Akhai, believes that Pakistan is the land of opportunities for investors and businessmen, with a huge potential for business and the economy, worldwide. The Summit, according to him, will give a platform to foreign investors, businessmen, and policymakers to explore and multiply these opportunities.

Alleviating Concerns: SBP Management Visits OICCI for Interactive Session with Members

The Overseas Investors Chamber of Commerce and Industry (OICCI) members met with Dr. Murtaza Syed, Acting Governor, State Bank of Pakistan (SBP), Dr. Inayat Hussain, Deputy Governor, SBP and Sima Kamil, Deputy Governor, SBP for a discussion on urgent fiscal and monetary policy measures that need to be taken to help stabilize Pakistan’s economy.

Ghias Khan, President OICCI and Abdul Aleem, Secretary General, OICCI led the discussions and raised member concerns related to the pre-approval procedure of LCs for import of machinery and spare parts, timely remittance payments, approval exemptions of shipping values being too low, and other operational issues. It was stressed upon the SBP leadership to set timelines so that industry supply chain is not compromised.

The SBP team gave a comprehensive overview of the current economic situation and the planned strategy to tackle issues in 2023. Pakistan is primarily a consumer-driven economy with consumption driving up to 95% of the GDP. The SBP team was confident that Pakistan’s problems were temporary and urged the OICCI members to work on improving exports to help balance the exchange rate fluctuations and currency depreciation.

Ghias Khan stated, “This meeting was a much needed first step towards the recovery of Pakistan’s economy. It is imperative that we implement cogent measures to halt our pattern of circular debt. The SBP has always played a critical role in stabilizing Pakistan’s economy, and I am confident that under Dr. Murtaza Syed’s leadership we will be able to withstand the current economic climate while charting a path for growth.”

Dr. Murtaza Syed commented, “SBP is taking tough measures and making difficult decisions to help avert the economic crisis. Global inflationary pressures coupled with a procyclical expansionary fiscal policy during a pro-cyclical period is one of the main reasons Pakistan is at this crossroads today. Once these measures are implemented and the IMF loan is received, the pressures on the economy will ease, specifically with regards to the depreciating Rupee.”

OICCI serves as a platform to promote foreign investments and plays a major role in the growth of commerce and industry in the country. Collectively, OICCI invested USD 2.4 billion last year, contributing one-third of the country’s total tax collections.

OICCI organizes Industry Dialog on Climate Actions needed for Pakistan to achieve NDCs

Karachi, Thursday, June 16, 2022: The Overseas Investors Chamber of Commerce and Industry (OICCI) organized the first of a series of Industry Dialogs to debate the various climate actions needed for Pakistan to achieve the Nationally Determined Commitments made at COP26.

The Industry Dialog builds on the effort started by the OICCI earlier this year through the Pakistan Climate Conference, which built on learnings from COP 26 to identify and implement efforts needed to promote positive climate actions and reduce climate change impact in Pakistan.

The Industry Dialog brought together local climate experts, policy makers and corporate decision-makers to share learnings and best practices to help Pakistan reduce climate impact. The main speakers at the event include Waqar Hussain Phulpoto, Focal Person, Department of Climate Change, Government of Sindh as well Ahmad Rafay Alam, prominent Environment Lawyer.

Since the beginning of 2022, the OICCI has taken a leading role to organize a national discourse on several critical areas to support Pakistan’s efforts for the commitments made at COP26. The OICCI has committed to organizing multiple Industry Dialogs to get national alignment on actions needed and will also be releasing a detailed White Paper in Q3 2022 on learnings from global climate experts, policy makers and corporate decision makers to help Pakistan craft its climate journey.

Mr. Ghias Khan, President OICCI, added “Pakistan has much to do to meet its ambitious Nationally Determined Commitments (NDCs). The Pakistan Climate Conference was just the beginning and today’s Industry Dialog is the next step towards highlighting the climate best practices needed by the country.”

Mr. Amir Paracha, Vice President, OICCI, highlighted, “Climate change has a real and visible economic impact. I am confident that the efforts being made by the OICCI will lay the foundation for an action plan to help Pakistan meet its global climate commitments and ensure the sustainability of its economy.”

OICCI is the representative body of international investors operating in Pakistan, aiming to leverage the expertise of OICCI members for the benefit of the Investor and the Country. The OICCI draws on a diverse membership both in terms of sector and geography with the current 210 members representing 31 different countries and 14 different sectors of trade and industry.

OICCI Taxation proposals seek predictable policies and use of technology to facilitate FDI

Karachi March 30, 2022: The Overseas Investors Chamber of Commerce and Industry (OICCI) has submitted comprehensive Taxation Proposals for the upcoming Fiscal Budget 2022-23 highlighting various measures to facilitate business and FDI, promote the ease of doing business and documentation of the economy beside broadening the tax base and enhancing the revenue collection to match the economic potential of the country.

Commenting on the Taxation proposals, Ghias Khan, OICCI President, highlighted that “Tax policies should be predictable, transparent, and consistent. The policies should be implemented for longer term to attract large investment in industrial and infra-structure projects including from foreign investors”. Considering the economic challenges facing the country post COVID and international cost pressure, the OICCI has not asked for any reduction in corporate tax rate and has emphasized that no new taxes should be levied during the year except removing harsh anomalies and doing away from some of the measures introduced through the supplementary budgetary measures earlier in the year.

Besides general tax measures, the chamber has also recommended industry specific taxation proposals to promote manufacturing and optimize revenue collection in the country. The chamber has highlighted, as an example, that revenue collection can be increased by as much as Rs 70 billion by strict monitoring of massive tax evasion in the tobacco sector.

OICCI has strongly recommended that the Minimum Tax regime should be rationalized and immediately reduced to 0.25% for businesses dealing in sectors with high turnover and low margins, (eg. Oil Marketing/ Refineries/ LNG Terminal Operators, large chemical companies, authorized dealers of local vehicle manufacturers, distributors, and traders, including large trading houses). The OICCI members have asked for rationalising the complex withholding tax regime from 26 to 5 rates only which negatively impacts Ease Of Doing Business of all compliant tax payer especially in the manufacturing and services sectors.

OICCI has recommended enhanced use of technology and data mining by leveraging substantial information already made available to FBR in relation to registered/unregistered businesses. FBR should use such available information for broadening tax net, instead of penalizing tax compliant sector by disallowing their legitimate expenses and input Sales tax through measures like those covered u/s 21(q) of Income Tax Ordinance, 23(1) and 8(1)(h) & (J) of Sales Tax Act,

OICCI has emphasized on doing away with undue recurring audit/ examinations/ reviews and recovery proceedings. OICCI members in a recent survey have also shown concern on delayed tax refunds which, it has recommended, be settled withing 45 days and inter-adjustment of income/sales tax refunds be allowed in the law.

The chamber has again recommended Intercorporate Dividends (ICD) in Eligible Group Structures shall be reinstated [section 59B], in line with established global practice of protecting intercorporate dividends from multiple taxation, restoration of proviso regarding incorrect provision of CNIC details by purchaser and to increase the limit of cost of vehicle for the purpose of depreciation to Rs. 5 million.

OICCI members believe in the potential of Pakistan which can be harnessed with positive and regular engagement of relevant authorities and private sector. There is need to continuously improve and align policies and practices in Pakistan with the best in the region, to be able to attract sizeable FDI in the manufacturing, IT and services export and other job creating sectors.

OICCI is the collective voice of over 200 members, representing all the largest foreign investors in Pakistan, coming from 35 different countries and operating in 14 different sectors of trade and industry. 30 percent OICCI member companies are listed on the Pakistan Stock Exchange and 50 Members are associates of the 2020 Global Fortune 500 companies. OICCI members contribute, annually, over one third of the revenue collections in the country by the federal and provincial revenue authorities and invest over US$ 18.5 billion in new capital expenditure, since 2012. OICCI members invested PKR 11 billion in various CSR initiatives, benefiting over 34 million underprivileged sections of society.

Foreign Investors remain optimistic on Investment prospects in Pakistan

Islamabad March 7, 2022: Overseas Investors Chamber of Commerce and Industry (OICCI), the collective voice of top foreign investors in Pakistan, has unveiled the results of the biennial “Perception and Investment Survey 2021”.

The survey results present an array of insights, shedding light on the increase in confidence of OICCI members on the growth potential of the country and some areas where government attention is required.

OICCI President, Mr. Ghias Khan, in a meeting with the media representative today, shared the salient features of the survey and highlighted that foreign investors are largely positive on several business climate parameters. OICCI members forecast healthy growth of their respective business entities in Pakistan with an overwhelming 80 percent of respondents willing to recommend new FDI in Pakistan. Mr. Ghias Khan added that “the case for business growth potential and opportunities in Pakistan is supported by over 65 percent of survey respondents indicating their plans to make new investments, out of which 8 out of 10 respondents plan to invest more or similar amounts over the next 1 to 5 years, as compared to the investments they made in the previous corresponding period”.

Foreign investors’ sentiments about the investment and operating conditions in Pakistan, in comparison with regional countries have shown notable improvement, compared to the previous survey, as Pakistan has been rated “Better” ahead of India, Thailand, Vietnam, Bangladesh, Sri Lanka and Philippines but behind Indonesia, Malaysia, UAE and China. Survey respondents have been positively influenced, amongst other considerations, by measures easing business operations such as improved banking infrastructure, access to local financing avenues, and repatriation of profits. However, concerns have been shown on area of ease of doing business and perception of Pakistan.

CE/Secretary General, OICCI, M. Abdul Aleem added that “OICCI members have once again emphasized on the need for predictable, consistent, and transparent policy framework and its fair implementation. Governance issues, including ‘Gap in Policy implementation’ continue to remain an area of serious concern along with increasing tax burden and cost of doing business. These factors not only hinder business environment but also contribute to lower FDI in the future.” The survey also highlighted sector-wise issues which OICCI intends to take up with the concerned stakeholders.

While engagement of the federal government with investors has slightly declined compared to the previous survey, OICCI members have acknowledged that senior functionaries in the federal government have shown understanding and commitment to resolve investors’ issues.

Authorities in the provincial government of Sindh has shown improvement versus previous engagement levels. However, respondents have also mentioned that at times, policies and regulations tend to be inconsistent and abruptly introduced with ineffective enforcement. The performance of regulatory bodies also reveals a mixed perception and concerns have been expressed over the excessive regulatory environment in certain areas.

In conclusion, the OICCI Vice President, Amir Paracha commented, “Going forward, we believe the largely positive feedback from foreign investors through PIS 2021 survey need to be leveraged by all the key stakeholders, especially those in the federal and provincial government, and institutions like Board of Investment, FBR, and other regulatory bodies.”

The issues identified need to be addressed on priority and opportunities are to be explored with speed and determination so that Pakistan can accelerate its growth momentum and attract large FDI”. To achieve this, regular and structured engagement with foreign investors, along with a predictable, transparent, and consistent policy framework is imperative. Simplifying the tax regime and increasing positive visibility of Pakistan at international forums will also contribute to improving the perception of the business environment of Pakistan.

OICCI announces ‘Pakistan Climate Conference 2022’ to support positive climate actions in Pakistan

Karachi, February 8, 2022: The Overseas Investors Chamber of Commerce and Industry (OICCI), the collective voice of top foreign investors in Pakistan, revealed its plan to organize the ‘Pakistan Climate Conference 2022’ on 16 March 2022 in Karachi.

While announcing the date and unveiling the logo of the Conference, Mr. Ghias Khan, President OICCI, mentioned “The Pakistan Climate Conference will build on learnings from COP 26 to identify and implement efforts needed to promote positive climate actions and reduce climate change impact in Pakistan. The event will bring together global climate experts, policy makers and corporate decision-makers to share learnings and best practices to help Pakistan develop necessary policy and climate interventions.”

The Pakistan Climate Conference aims to start dialog on several critical areas to support Pakistan’s achievement of the Nationally Determined Commitments (NDC) made at COP26. This commitment aims to cut 50% of projected emissions and achieve 60% renewable energy by 2030. In addition, Pakistan has set the vision to work on clean transport, with 30% electric vehicles by 2030 and trusting and investing in nature.

Pakistan has a long way to go to demonstrate progress against its ambitious Nationally Determined Commitments (NDCs). The Pakistan Climate Conference aims to start dialogue on several critical areas that can help with policy direction and provide the best practices needed for the country to speed up its climate positive journey.

Mr. Abdul Razak Dawood, Adviser to PM on Commerce and Investment stated, “Climate change has an economic impact as well. I am confident that the Pakistan Climate Conference will lay the foundation for an action plan that will help Pakistan meet its global climate commitments and ensure the sustainability of its economy.”

Mr. Amir Paracha, Vice President, OICCI, highlighted, “The Pakistan Climate Conference is being organized in a hybrid format, with speakers and participants joining physically and virtually. The Conference will provide best practices and a roadmap on areas such as reducing emissions and renewable energy, reducing waste, ensuring fair usage of water and better monitoring of positive climate actions.”

OICCI acknowledges members for empowering women at 4th Women Empowerment Awards

Karachi, February 3, 2022: The Overseas Investors Chamber of Commerce and Industry (OICCI) members, comprising of top 200 foreign investors, recognize the growing importance of women towards creating an enabling environment necessary to accelerate the economic growth in the country, President OICCI, Ghias Khan, remarked while commending the efforts of foreign investors at the OICCI Women Empowerment Awards 2021 organized today. OICCI has initiated various research and has been holding annual competition among the members by recognizing those who have focused on women empowerment. “Increasing Women’s inclusion in the Pakistan Economy” a policy paper by OICCI has been shared with the Ministry of Human Rights last year.

Ghias Khan added, “OICCI had initiated the OICCI Women Empowerment initiative in 2017 and has been regularly advocating for women empowerment among its membership. The fourth (2021) edition of the awards this year was organized to recognize the progress made by OICCI members in raising the engagement of women within their respective organization and give awards to the outstanding performers.

The awards were judged by an independent jury who vetted the performance of the companies from different aspects and awarded the best performers overall and in seven separate categories. Three companies emerged victorious across all the categories and won top three positions: Procter & Gamble Pakistan and Telenor Pakistan were declared the first and second runner-up respectively while Unilever Pakistan won the top position and declared winner of “OICCI Women Empowerment Award 2021.”

Special Recognition Awards were given in seven categories. Nestlé Pakistan won in the ‘Leadership & Strategy’ category; Mobilink Microfinance Bank in ‘Gender Balance Workforce’; Standard Chartered Bank in ‘Work Life Integration’; Bank Alfalah in ‘Women Leaders Development’; Pakistan Mobile Communications (Jazz) in “Driving Change Beyond Workspace”; TRG (ibex. Pakistan) in “Notable Growth in Women Empowerment”; and L’Oreal Pakistan bagged the ‘Top Performer amongst companies of 300 employees’ Award.

The ceremony was attended by a large number of CEOs and corporate professionals from different OICCI member companies, as well as diplomats and other distinguished guests. The keynote speakers included the Political Counsellor at British High Commission, Iona Thomas; European Union Ambassador to Pakistan, H.E. Androulla Kaminara; and Executive Vice President Unilever, Annemarieke de Haan. The speakers termed OICCI the trendsetter for women empowerment in Pakistan and advised that the corporate sector across Pakistan should replicate the ‘OICCI Women’ initiative to foster economic growth of the country.

Deputy Governor State Bank of Pakistan (SBP), Sima Kamil, during a panel discussion, lauded the efforts of the OICCI and observed that OICCI Women is a great platform to create a movement for women empowerment in the country and appreciated the OICCI initiative to publicly acknowledge the efforts of member companies to give women equal employment opportunity and congenial working environment for the economy to grow.

The speakers also emphasized that empowerment of women and gender equality are essential tools to achieve sustainable development in a global world. Therefore, it is important to bring women into the mainstream in all sectors, to build strong economies and improve the quality of life for women, men, families and communities alike.

At the conclusion, Secretary OICCI, M. Abdul Aleem, hoped to see OICCI Women initiative become an inspiration for all organizations across the country and joining hands for a greater cause.

Ghias Khan elected President of OICCI – the largest business Chamber in Pakistan based on economic contribution

Karachi, January 31: Mr Ghias Khan, President & Chief Executive Officer, Engro Corporation Limited has taken over as the President of the Overseas Investors Chamber of Commerce and Industry (OICCI) for the 2022 term.

This was announced at the 162nd Annual General Meeting of the OICCI held at the Chamber on Monday, January 31, 2022. Mr. Amir Rasool Paracha, Chairman & Chief Executive Officer, Unilever Pakistan Limited, was elected as the Vice President.

The other elected members of the OICCI Managing Committee for 2022 are MR. AHMED ZAHID ZAHEER, CHEVRON PAKISTAN LUBRICANTS (PVT) LIMITED, MR. ALI AHMED KHAN, FRIESLANDCAMPINA ENGRO PAKISTAN LIMITED, MS. ERUM SHAKIR RAHIM, GLAXOSMITHKLINE PAKISTAN LIMITED, MR. ALI ASGHAR JAMALI, INDUS MOTOR COMPANY LIMITED, MR. SAMER CHEDID, NESTLE PAKISTAN LIMITED, MR. WAQAR IRSHAD SIDDIQUI, SHELL PAKISTAN LIMITED, MR. MARKUS STROHMEIER, SIEMENS PAKISTAN ENGINEERING COMPANY LIMITED and MR. REHAN MUHAMMAD SHAIKH, STANDARD CHARTERED BANK (PAKISTAN) LIMITED.

In his message to the members, Incoming President Ghias Khan said he strongly believes that Pakistan offers considerable growth potential for existing and new foreign investors. He lauded OICCI’s role in promoting Pakistan to potential foreign investors. He further appreciated the quality of OICCI Business surveys and the Chamber’s focused and continuing advocacy efforts for streamlining the taxation system, pragmatic policy input for increasing the efficiency of energy sector, initiatives on women empowerment, gender equality, climate and sustainability, and the Chamber’s role in pursuing an effective Intellectual Property Rights regime in Pakistan.

Ghias Khan holds an MBA from the Institute of Business Administration, Karachi and also serves as Chairman on the Boards of Engro Fertilizers Limited, Engro Polymer & Chemicals Limited, Engro Enfrashare (Pvt) Limited, and Engro Energy Limited.