Information Technology Sector Fetches $35.1 million FDI in July-April 2020

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 outflows was registered in the information technology sector during July-April (2019-20). The net FDI remained at $32.6 million during this period.

Information Technology Sector Fetches $35.1 million FDI in July-April 2020

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. Inflow remained $635.2 million, outflow $124.9 million during the July-April 2019-20.

Net FDI in software development remained at $13.2 million, with $13.6 million inflow and 0.5 million outflows.

Hardware development received a negative $1.2 million net FDI with $0.4 million inflow 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.

However, the Ministry of Information Technology and Telecommunication released old while saying that net FDI in 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, 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.