Pakistan's Information Technology Sector Received $35.1m in FDI

Pakistan’s Information Technology Sector Received $35.1m in FDI

In July-April 2020, Pakistan ‘s information technology sector received $35.1 million in Foreign Direct Investment (FDI) compared with $22.9 million in the corresponding period of the last fiscal year, an increase of around $12.2 million.

According to the State Bank of Pakistan (SBP), during July-April (2019-20) there were $35.1 million in inflows and $2.5 million in outflows in the information technology sector. During that time the net FDI stood at $32.6 million.

The overall communications sector (telecommunications, information technology, and postal & courier services) has reported net FDI of $510.3 million compared to negative $144.4 million during the same period last year. Inflows stood at $635.2 million over the period July-April 2019-20 with outflows at $124.9 million.

Net telecommunications FDI stood at $477.7 million, with inflows of $600 million and outflows of 122.4 million during July-April 2019-20.

Also Read: Pakistan’s GDP to Hit an estimate of -0.38% During 2019-20

Net FDI in software development was $13.2 million, with inflows of $13.6 million and outflows of $0.5 million.

Hardware production earned a negative net FDI of $1.2 million with inflows of $0.4 million and outflows of $1.6 million. IT services FDI inflows stood at $21.1 million and outflow at $0.4 million while reporting net FDI of $20.6 million.

The Ministry of Information Technology and Telecommunications released old data stating that during July-March of the current financial year 2019-20, net FDI in the information and communications sector rose to $491.3 million compared to $113.7 million in the corresponding period of 2018-19.

The official statement further stated that the Ministry of IT and Telecommunications has taken a range of measures on the direction of the Federal Minister for IT and Telecommunications, including policy initiatives, which have contributed directly and indirectly to the economy and to the national exchequer.

Muhammad Salman Siddique
Researcher and Content Writer at e-Syndicate Network. A constant learner. Learning and growing every day. Salman has over 5 years of experience in the fields of Digital Marketing, Content Writing, Brand and Business Development.