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Foreign private investment jumps 51pc – Newspaper

KARACHI: Foreign private investment increased by 51 percent to $ 564.8 million in the first quarter of this fiscal year, compared to $ 374 million in the same period of 2018.

Meanwhile, foreign direct investment (FDI) fell 3.1pc to $ 542.1 million during July-September, compared to $ 559.4 million in the same quarter last year.

However, FDI in September registered $ 385.3 million, with an increase of 111.6{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} over $ 182.1 million in the corresponding month last year.

If the September trend persists during the remaining fiscal year, the country could receive a record investment it received during the last five years, but it depends on the business environment and the low cost of doing business.

The data reveals that the most important part came from Norway, even surpassing China, which has been the largest investor in the country for the past three years.

Norwegian FDI stood at $ 263.7 million, with a huge 1,600pc, more than just $ 15.5 million in the same quarter of fiscal year 19. Of this, $ 253.2 million was invested in September.

On the other hand, China's tickets fell 70.4pc to $ 103m during July-September compared to $ 348m in the corresponding months of last year.

Prime Minister Imran Khan recently visited China to accelerate work on projects under the China-Pakistan Economic Corridor.

Sector investment indicates that telecommunications attracted the largest amount of $ 246.4 million during the quarter. This represented a massive growth of 389.6pc over $ 54m recorded in July-September FY19.

Entries in oil and gas exploration, on the other hand, fell by 54{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} to $ 34.1 million during the first quarter, compared to $ 74.1 million in the same period last fiscal year.

The sector is at the top of the government's priority list to attract investments, but the response during the last quarter is disappointing.

The attraction for Hydel Power also declined as the investment fell to $ 27.3 million, from $ 36 million. Car tickets did not show much difference, since they reached $ 25.8 million, below $ 29.5 million.

However, there was a big jump in electrical machinery, as it received $ 64.8 million during the quarter, rising from the level of 1TF19 of only $ 5.2 million.

There was a significant change in portfolio investment that had been showing outflows for most of the time, but in the last quarter it registered a net income of $ 22.7 million, compared to a net outflow of $ 185.3 million in the corresponding months. from last year.

Posted on Dawn, October 18, 2019

Source: https://www.dawn.com/news/1511499/foreign-private-investment-jumps-51pc

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