Gov’t promoting ease of doing business with reforms in investment regime: Hafeez Shaikh

ISLAMABAD, Nov 17 (APP): Advisor to Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh said Tuesday that the government was promoting ease of doing business with reforms in investment regime to further strengthen investors’ confidence.

In a tweet here the advisor said that the Foreign Direct Investment (FDI) has risen by 151% to $317.4 million in October 2020 compared to Oct 2019.

While during the first four months of the current fiscal year (July-Oct 2020) the FDI was recorded at $733.1million, 9.1% higher than same period last year during which it stood $672 .

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“Foreign Direct Investment rises 151% to $317.4M in Oct 2020 compared to Oct 2019.

In July-Oct 2020, FDI was $733.1M, 9.1% higher than same period last year.

To further strengthen investors confidence, Govt is promoting ease of doing business with reforms in investment regime,” the advisor tweeted.

According to the latest figures of the State Bank of Pakistan, in absolute terms, the FDI into the country increased by $61.1 million during the first four months compared to the last year.

The major direct investments, during the period under review, were received from China, wherefrom the net investments were recorded at $332.3 million. The trend was followed by Malta with $74.1 million net FDI, Netherlands with $51.5 million and Honkong with $46.4 million.

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The Sector-wise data showed the most of the investments coming in power sector, standing at $352.3 million followed financial business $118.5 million and oil and gas exploration at $83.1 million and electricity machinery $36.5 mln.

On year-on-year basis, the direct investment increased by 150 percent to $317.4 million during the month of October 2020 as compared to the investments of $126.5 million in the same month of 2019.

The major net inflows during the month were received from China standing at $64.3 million followed by Malta with $74.1 million, Honkong with $51.1 million and Malaysia $ 31.9 million.