KARACHI: Foreign Direct Investment (FDI) in Pakistan rose by 8 percent during the first five months of the current fiscal year (FY24).

The State Bank of Pakistan (SBP) on Monday revealed that Pakistan fetched FDI amounting to $ 656 million during July-November FY24 compared to $ 607 million in the same period of last fiscal year (FY23), showing an increase of $ 49 million. During the period under review, FDI inflows were $ 943 million against outflow of $ 287 million.

Most of FDI received from China under the CPEC projects. With an investment of $ 233 million, China contributed 35 percent share in overall FDI arrived during this fiscal year. While, Hong Kong ranked second with an investment of $ 129 million.

During the first five months of this fiscal year, the power sector attracted $ 334 million investment followed by oil & gas exploration which amounted to $79 million and the financial business sector worth $71 million.

Month-on-month basis, during November alone, net FDI posted a 12 percent growth to reach $131.4 million compared to $117 million in the same month of the previous year. FDI in November 2023 is also 7 percent higher than October 2023, in which the country attracted $ 122.46 million foreign direct investment.

Foreign Portfolio Investment (FPI) also mounted up by 374 percent to $38.4 million in July-Nov of FY24. The total foreign investment including FDI, portfolio investment and public investment, rose by 21 percent or $119 million to $ 695 million in the first five months of this fiscal year.

Copyright Business Recorder, 2023