Lahore: The State Bank of Pakistan (SBP) on Friday shared the data of foreign investment inflows recorded during (Financial Year) FY2019-20, a news source reported. According to the details available, Pakistan crossed the USD 2 billion mark in foreign investments during the said fiscal period.
The SBP revealed that the total foreign investment inflows stood at USD 2.038 billion — with this figure significantly better than the inflows recorded in FY2018-19. In addition, as per sources, while the second half of FY2019-20 was challenging due to the pandemic situation, the country still managed to record handsome investments during this period.
According to the data shared, the Foreign Direct Investment (FDI) reached a figure of USD 2.56 billion, along with an 88% year-on-year growth. China was the major contributor to the FDI given the focus on the China-Pakistan Economic Corridor (CPEC) initiative. Meanwhile, investors showed the most interest in the country’s power sector.
Due to the economic impact of the ongoing COVID-19 pandemic, predictions for the current fiscal year are not favourable. However, experts opined, that the government’s policy on the housing and construction sectors might help attract additional investments.