The telecom sector has received US $ 21 million as Foreign Direct Investment (FDI) in the first quarter of the current fiscal year as against the US $ 6.9 million in the corresponding period of last year.
Information Technology sector fetched US $ 3.3 million FDI in July-September 2016 as compared to 0.2 million in the corresponding period of last fiscal year.
Figures published by State Bank of Pakistan (SBP) on Sunday revealed overall communications sector comprising telecommunication, Information Technology and postal & courier services) registered US $ 24.2 million net FDI with US $ 40.9 million inflow and US $ 16.7 million outflows.
Telecommunication sector registered US $ 37.6 million inflow, US $ 16.6 million outflows and US $ 21 million net FDI during the period under review.
Net FDI in software development remained at the US $ 1.5 million during July-September.
This increase in FDI is a welcome boost to the economy of Pakistan and we hope that things keep progressing in a similar stance as our IT industry is a major backbone of the country’s economy.