Telecom sector receives $ 21 mln FDI in first quarter

06:11 AM | 24 Oct, 2016
Telecom sector receives $ 21 mln FDI in first quarter
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ISLAMABAD - 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.

Statistics of State Bank of Pakistan (SBP) on Sunday showed 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.