IT Sector inflow FDI reaches $1.6 Million in July 2019

IT Sector
By | August 27, 2019

According to statistics published by the Pakistan State Bank (SBP), during July 2019, $1.6 million in inflows and $0.7 million outflows were recorded in the IT sector. Over this era, net FDI stayed at $0.9 million.

In July 2019, the IT sector raised $1.6 million in Foreign Direct Investment (FDI).

With $24 million in inflows and $16.2 million outflows, the general telecom industry (telecommunications, data technology and postal & courier facilities) recorded $7.8 million net FDI.

Net FDI stayed at $0.3 million in software development, with $0.7 million in inflows and 0.4 million outflows. During this era, hardware advancement did not receive any FDI.

IT service FDI inflows stayed at $0.9 million and outflow at $0.3 million, resulting in net FDI of $0.6 million.

Data from the State Bank of Pakistan (SBP) disclosed that Pakistan’s foreign direct investment (FDI) inflows dropped by around 59 % year-on-year to $73.4 million in the first month of the present fiscal year compared to $179 million in the same span last year.

In July 2019, the nation got $168.4 million in outflows of $95.1 million.

Due to the slowdown in China’s Pakistan Economic Corridor (CPEC) inflows, net FDI in Pakistan decreased by 50% in the last fiscal year (July-June 2018-19).

The decrease in FDI was mainly motivated by the country’s Chinese outflows during the month under evaluation, according to the recent SBP information. In July, the Chinese companies received $4.5 million from multiple Pakistani companies compared to last year’s $90 million inflows in the same month.