Pakistan’s IT Sector Received $35.1 Million Foreign Investment in July-April 2020May 19, 2020
Pakistan’s information technology sector received $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 inflows and $2.5 million outflows were registered in the information technology sector during July-April (2019-20). The net FDI remained at $32.6 million during this period.
The overall communications sector comprising (telecommunication, information technology, and postal & courier services) registered $510.3 million net FDI compared to negative $144.4 million during the same period of last year. Inflows remained at $635.2 million with outflows at $124.9 million during the July-April 2019-20.
Net FDI in the telecommunication sector remained $477.7 million, with $600 million inflows and 122.4 million outflows during July-April 2019-20.
Net FDI in software development was $13.2 million, with $13.6 million inflows and $0.5 million outflows.
Hardware development received a negative $1.2 million net FDI with $0.4 million inflows and $1.6 million outflows. FDI inflows for IT services remained at $21.1 million and outflow at $0.4 million thus registering $20.6 million net FDI.
The Ministry of Information Technology and Telecommunication released old data saying that net FDI in the Information and Communication sector surged to $491.3 million during July-March of the current financial year 2019-20 compared to negative $113.7 million during the corresponding period of 2018-19.
The official statement further stated that on the direction of the Federal Minister for IT and Telecommunication, the Ministry of IT and Telecommunication has taken a number of steps, including policy interventions, which contributed both directly and indirectly in the economy and national exchequer.