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KARACHI
(December 19 2003): Foreign direct investment into the country
has drastically shrunk in the first five months of the current
fiscal year, reflecting low confidence on the country's
economic progress. |
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In
the last five months, the total direct investment dropped by 53
percent to reach at $216.9 million from $465 million in the
corresponding period of the previous year.
Highest investment in the five months came from United States, which
was $ 84.7 million, but it was also a decline of 18.8 percent as
compared to the corresponding period of the previous year.
Another drastic drop was recorded in the investment of Saudi Arabia,
which fell to $ 1.3 million only in the first five months as compared
to $ 18.3 million in the same period of the last year.
China being the closest friend of Pakistan has significantly improved
its five months investment to $ 5.8 million from $ 0.6 million in the
same period of the previous year.
The foreign direct investment had increased last year, 2002-03, to $
798 million from $ 484.7 million in 2001-02.
The portfolio investment in the first five months of the current
fiscal year is negative, as the total investment in the period was
minus $ 12.5 million as compared to plus $ 12.3 million in the
corresponding period of the last year.
The total foreign investment, both portfolio and direct investment,
has dropped by 57 percent in the five months as compared to the
corresponding period of the previous year.
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