Information Technology sector fetched $35.1 million Foreign Direct Investment (FDI) in July-April 2020 compared to $22.9 million in the corresponding period of last fiscal year, registering an increase of around $12.2 million.
According to the State Bank of Pakistan (SBP), $35.1 million inflow and $2.5 million outflow was registered in information technology sector during July-April (2019-2020). The net FDI remained at $32.6 million during this period.
The overall communications sector comprising (telecommunication, information technology and postal and courier services) registered $510.3 million net FDI compared to negative $144.4 million during the same period of the last year.
Inflow remained $635.2 million, outflow $124.9 million during the July-April 2019-2020.
Net FDI in telecommunication sector remained $477.7 million, with $600 million inflow and 122.4 million outflows during July-April 2019-2020.
Net FDI in software development remained at $13.2 million, with $13.6 million inflow and 0.5 million outflow.
Hardware development received negative $1.2 million net FDI with $0.4 million inflow and $1.6 million outflow.
The FDI inflows for IT services remained at $21.1 million and outflow at $0.4 million, thus registering $20.6 million net FDI.
However, the Ministry of Information Technology and Telecommunication released old data, while saying that net FDI in information and communication sectors surged to $491.3 million during July-March of the current financial year 2019-2020 compared to negative $113.7 million during the corresponding period of 2018-2019.
The official statement further stated that on the direction of the federal minister for IT and telecommunication, Ministry of IT and Telecommunication has taken number of steps, including policy interventions, which contributed both directly and indirectly in the economy and the national exchequer.
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