Pak FDI Jumps 57%

Foreign direct investment in Pakistan surged 57.2% year on year to $1.146 billion in the five months of the current fiscal year with China being the key source of foreign inflows, the central bank’s data showed, APP reported. The State Bank of Pakistan’s figures revealed that investment inflows from China increased to $837.4 million in July-November FY2018 from a meager $217.3 million in the corresponding period a year ago. In November, foreign direct investment stood at $206.7 million, 8.3% higher than the inflows recorded during the same month last year. Most of the Chinese investments came in Pakistan under the China-Pakistan Economic Corridor projects. China pledged more than $50 billion of investment in infrastructure developments, including mainly energy sector, in the country under CPEC connecting northern Xinjiang in China with southern Karachi. FDI in the energy sector hit $538.9 million during the five-month period, up 151% from a year earlier and accounting for almost half of total foreign direct investment.