FDI increases 17pc to $1.902bn in FY24

By Our Correspondent
July 21, 2024
A currency dealer is counting notes of $100 while Rs5,000 notes are placed on the table. — AFP/File
A currency dealer is counting notes of $100 while Rs5,000 notes are placed on the table. — AFP/File

KARACHI: Pakistan’s foreign direct investment (FDI) increased 17 per cent to $1.902 billion in the last fiscal year, data from the State Bank of Pakistan showed on Friday.

The country received a net FDI inflow of $169 million in June, which was 37 per cent lower than the $270 million inflow in May, but 38 per cent higher than the $122 million inflow in the same period of the previous fiscal year.

According to the SBP’s data, China accounted for the majority (30 per cent) of FDI inflows into the country. However, investments from Chinese companies dropped by 18 per cent to $568 million in July-June FY24.

Direct investments from Hong Kong increased by 43 per cent to reach $359 million in FY24, compared with the previous year. Additionally, Pakistan received $268 million in FDI from the UK, slightly less than the $270 million received a year earlier.

FDI in the gas and exploration sector rose 120 per cent to $304 million in FY24. However, FDI in the power sector dropped 11 per cent to $800 million.