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Thursday, April 8, 2010

150th Anniversary of the Overseas Investors Chamber of Commerce & Industry (OICCI) 1860-2010

150th Anniversary of the Overseas Investors Chamber of Commerce & Industry (OICCI) 1860-2010 Commemorative Postage Stamp April 07, 2010:- Established in 1860, the Overseas Investors Chamber of Commerce & Industry (OICCI) is one of the oldest Investment Chambers in the region. The building which houses the OICCI had its foundation stone laid by his Excellency Lieutenant Colonel The Right Honourable, Sir Lesile Orme Wilson, P.C.G.C.I.E., C.M.G., D.S.C., Governor of Bombay on 9th December 1924. The building was inaugurated by His Excellency The Right Honourable, Baron Irwin of Kirby Underdale, G.M.S.I., G.M.I.E., Viceroy and Governor General of India. The building is situated on Talpur Road which at that time was known as Wood Street on a plot of 3555 sq. yards. After the independence of Pakistan in 1947, the building also served as the Embassy of the United Kingdom on temporary basis.

Ever since its inception, OICCI has been navigating the region’s economy thrusting it towards development, growth and prosperity. At the time of its inception the Chamber had 7 members and Karachi was no more than a small fishing village, over the years through its commitment towards the region, the Chamber helped Karachi transform into a bustling port city which is now often referred to as the Jewel of the East.

OICCI’s primary function is to foster a conducive, open and equitable business environment in Pakistan while facilitating transfer of best global practices in the country. It is the only representative body of all major foreign investors currently operating in Pakistan. The membership is diverse both in terms of sector and geography. The 183 members contribute significantly to the overall economy of the country. Their collective contribution mounts to more than 29 percent of Pakistan’s total GNP and 22 percent of total tax receipts.

OICCI plays an active role in terms of representation and advocacy to the government, various regulatory bodies and policy makers as it aims at resolving industry specific issues of member companies through mediation and representation. OICCI invites relevant Ministries to the Chamber to highlight/resolve some of the most important issues affecting member companies. OICCI also participates in the policy making process through submission of Trade Policies, Budget Proposals, among others. Training sessions and workshops are frequently arranged for members on different topics that affect businesses at large and will help enhance their performance.

To commemorate 150th Anniversary of the Overseas Investors Chamber of Commerce & Industry (OICCI) 1860-2010, Pakistan Post is issuing a Commemorative Postage Stamp of Rs.8/- denomination on 07, April 2010.