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July-October foreign direct investment inflow up by 234 percent

ISLAMABAD (November 17 2002) : The flow of foreign direct investment during July-October 2002 period increased by 234 percent as compared to the corresponding period of last year.

During October alone the inflow of FDI was $ 229 million. The inflow of FDI during July-October 2002 was $ 299.1 million while it was $ 119.6 during the same period of last year.

The Finance Minster talking to Business Recorder said, “This increase is in line with the targets of $ 1 billion for FDI. It would have a very positive impact to increase investment growth and industrial activity.”

The expected FDI is in privatisation proceeds, oil and gas sector and expansion of the existing 600 foreign companies.

The major sectors which attracted sizeable FDI during July-October were financial businesses ($ 156 million), chemical ($ 76.7 million), oil and gas ($ 54 million), transport ($ 30 million), and trade ($ 15.5 million). The shares of major sectors were financial businesses 30 percent, chemical 19 percent, oil and gas 14 percent, trade 13.9 percent. The share of major investing countries in FDI was UAE 38 percent, UK 24 percent, USA 22 percent, Saudi Arabia 3.6 percent and others 12.4 percent.

The BOI is making extensive efforts for marketing the investment potential and opportunities of Pakistan to the foreign investors. The visits of foreign business delegations to Pakistan and vice versa have increased. The substantial increase in the flow of FDI is an indicator that perception of Pakistan is fast changing in positive direction. During current financial year, it is expected that FDI inflows will cross $ 1 billion mark.

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