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ISLAMABAD: Despite a global economic crisis caused due to the outbreak of COVID-19 pandemic, Pakistan’s Foreign Direct Investment (FDI) has jumped by 32% and recorded at $133.2 million in the month of April, announced the State Bank of Pakistan.
Various industries especially the ongoing projects in the telecommunication, power, and chemical sectors were the main areas where the multinational companies (MNCs) have poured in investments.
Even though China is a major investor in Pakistan, Pakistan experienced an influx of fresh FDI from new companies of various countries.
Hong Kong emerged as the largest investor with net FDI of $28.4 million in April 2020, followed by the Netherlands investing $24.5 million, the US with $22.5 million, Malta $18.5 million, and the UK investing $10.5 million.
A large sum of FDI recorded at $39.1 million was attracted by the oil and gas exploration sector in April 2020. The financial sector followed with $30.8 million in investments. The communication sector recorded investments at $20 million, the power sector $18.4 million, and chemical sector $14.9 million.
Investors are hopeful to revive economic activities to create a better economic environment with the lockdown slowly lifted and the government’s construction incentive package.