AGL 40.17 Increased By ▲ 0.17 (0.43%)
AIRLINK 127.31 Increased By ▲ 0.27 (0.21%)
BOP 6.60 Decreased By ▼ -0.07 (-1.05%)
CNERGY 4.48 Decreased By ▼ -0.03 (-0.67%)
DCL 8.55 No Change ▼ 0.00 (0%)
DFML 41.95 Increased By ▲ 0.51 (1.23%)
DGKC 87.71 Increased By ▲ 0.86 (0.99%)
FCCL 32.70 Increased By ▲ 0.42 (1.3%)
FFBL 65.15 Increased By ▲ 0.35 (0.54%)
FFL 10.26 Increased By ▲ 0.01 (0.1%)
HUBC 109.90 Increased By ▲ 0.33 (0.3%)
HUMNL 14.62 Decreased By ▼ -0.06 (-0.41%)
KEL 5.11 Increased By ▲ 0.06 (1.19%)
KOSM 7.56 Increased By ▲ 0.10 (1.34%)
MLCF 41.60 Increased By ▲ 0.22 (0.53%)
NBP 59.80 Decreased By ▼ -0.61 (-1.01%)
OGDC 194.00 Increased By ▲ 3.90 (2.05%)
PAEL 28.28 Increased By ▲ 0.45 (1.62%)
PIBTL 7.81 Decreased By ▼ -0.02 (-0.26%)
PPL 151.85 Increased By ▲ 1.79 (1.19%)
PRL 26.48 Decreased By ▼ -0.40 (-1.49%)
PTC 16.20 Increased By ▲ 0.13 (0.81%)
SEARL 84.21 Decreased By ▼ -1.79 (-2.08%)
TELE 7.67 Decreased By ▼ -0.04 (-0.52%)
TOMCL 35.39 Decreased By ▼ -0.02 (-0.06%)
TPLP 8.11 Decreased By ▼ -0.01 (-0.12%)
TREET 16.07 Decreased By ▼ -0.34 (-2.07%)
TRG 52.63 Decreased By ▼ -0.66 (-1.24%)
UNITY 26.35 Increased By ▲ 0.19 (0.73%)
WTL 1.25 Decreased By ▼ -0.01 (-0.79%)
BR100 9,953 Increased By 69.4 (0.7%)
BR30 30,908 Increased By 307.7 (1.01%)
KSE100 93,785 Increased By 429.6 (0.46%)
KSE30 29,050 Increased By 119.3 (0.41%)

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.

Copyright Business Recorder, 2020

Comments

Comments are closed.