Foreign Direct Investment (FDI) nosedived for Telecom Sector with a mere US 138.3 million dollars invested during the first eight months (July-February) of 2015-16, down from US 939.4 million dollars during same duration last year.
Net FDI, however, remained somewhat consistent with a total net FDI of US 54.1 million during the reported period, slightly down from US 59.2 million during same period last year.
According to statistics released by the State Bank of Pakistan (SBP), $9.6 million inflow and $29.3 million outflow was registered in information technology sector during July-February (2015-16).
Net FDI in software development remained at $3.2 million and in hardware development it measured at $1.1 million.
On other hands, FDI inflows for IT services remained at $5.2 million and outflow at $29.3 million thus registering negative $24.1 million investment.
According to the SBP data, FDI remained at $74.1 million in telecommunications after $128.7 million inflow and $54.7 million outflow during the period under review.
The postal & courier services registered negative net FDI after outflow of $0.3 million.
According to SBP data, FDI increased by 5 percent in the first eight months of this fiscal year (FY16) as the country fetched FDI amounting to $751 million in July-February of fiscal year 2015-16 compared to $716 million in same period of fiscal year 2014-15, depicting an increase of $35 million. During the period under review, FDI inflows stood at $1.334 billion as against outflow of $583.2 million.