Advisor to the Prime Minister for Commerce and Investment Abdul Razak Dawood said that in the first 10 months of the current fiscal year (July-April), Pakistan had a net Foreign Direct Investment (FDI) of $2.281 billion compared to $1.006 billion in the corresponding period of FY2018-19 (Jul-April) showing a 126.8 percent raise.
“In recent years, the country has been gaining prompt attention from investors for a variety of reasons,” said Abdul Razak Dawood.
According to recent statistics issued by the State Bank of Pakistan, COVID 19’s negative impact on FDI in Pakistan has so far not been significant, but Pakistan has attracted net FDI of US$ 2.281 billion compared to US$ 1.006 billion compared to the corresponding FY 2018-19 (Jul-April) period.
The World Bank (WB) also projected a 23 percent decline in remittances for Pakistan, totaling approximately $17 billion in 2020 compared to a total of $22.5 billion in 2019 due to the pandemic-induced economic crisis and lockdowns in most cities abroad.
He further stated that COVID 19 has undoubtedly slowed down business activities worldwide including Pakistan.
The advisor said most economies are experiencing a recession which is evident from the fact that nearly 80 countries have called for support from the International Monetary Fund (IMF).
Extracted from City42 News
