ISLAMABAD, Pakistan: The Foreign Direct Investment (FDI) into Pakistan increased by 68.3 percent in the first half of the current Fiscal Year (July-December 2019-20) and reached to $1,341 million as compared to $796.8 million in FY 2018-19.
Replying to a question by Pakistan People’s Party’s (PPP) lawmaker Mussarat Rafiq Mahesar, the Minister In-charge of the Prime Minister’s Office told the National Assembly on Thursday that according to the State Bank of Pakistan, the FDI increased at 19.1% and 26.4% during 2016-17 and 2017-18 respectively; however, it declined by 51.9% during 2018-19.
The minister told that the reasons for the FDI decline during 2018-19 was the completion of Early Harvest Phase of China Pakistan Economic Corridor (CPEC). He said that the majority of Early Harvest Projects were in Engineering Procurement Construction (EPC) mode and a huge volume of investment poured in those EPC projects.
Now, the investment in the second phase of CPEC is focused on real FDI sectors i.e. industry, trade and construction which is picking up progressively, and as a result of initiatives including Ease of Doing Business and Regulatory Reforms, the FDI grew up by 68.3% during the current financial year till December 2019, the minister told.
To another question by PPP’s Shams Un Nisa PPPP, the Minister In-charge of the Prime Minister’s Office told that the total amount of net FDI received since FY 2013-14 (June 2013) till FY 2019-2020 (upto December 2019) was $12,519.8 million.
Pakistan’s exports to Eastern European block increased by 5%
Separately, the Minister for Commerce told the House that Pakistan’s exports to the Eastern European block have witnessed an increase of five percent during the period July to December 2019 as compared to same period last year.
