SIFC: FDI inflows hit $2 billion in July-March, Senate told

BusinessSIFC: FDI inflows hit $2 billion in July-March, Senate told

ISLAMABAD, Pakistan: The Country recorded the Foreign Direct Investment (FDI) inflow of approximately US$ 2 billion in the first nine months of the Fiscal Year 2023-24, the Senate was told.

To a question by Senator Shahid Ahmad, the Minister In-charge of Prime Minister’s Office told the House that the Special Investment Facilitation Council (SIFC) was established on June 19, 2023, and since July 2023 till March 2024 approximately US$ 2 billion FDI inflows were recorded by the State Bank of Pakistan.

   

Whereas, as per the Pakistan Economic Survey 2023-24 Report, FDI inflows increased by 8.1 percent to US$ 1.5 billion in July-April 2023-24, as recession fears early receded and financial markets performed well. However, economic uncertainty and higher interest rates adversely affected global investment.

In the previous fiscal year, the FDI inflows remained US$ 1.3 billion from July to April.

It’s worth mentioning that the SIFC is supervised by the Prime Minister and is composed of all Provincial and Federal Ministers, Secretaries, And High-Ranking Representatives from the Pakistan Armed Forces.

It aims to enhance the Country’s business environment by providing a platform that supports foreign businesses and addresses obstacles that international companies may encounter, thereby facilitating their progress.

These initiatives will help revitalize the manufacturing and mining sector and contribute to accelerate performance in the medium term.

“The government has established the Special Investment Facilitation Council (SIFC) to improve business processes through a cooperative and collaborative approach involving all stakeholders. The goal is to tap into Pakistan’s potential in defense production, agriculture, mining, information technology (IT), and energy by attracting domestic and foreign investments,” the Ministry of Finance said.

The ministry said that the primary objective of the SIFC is to facilitate large-scale investments at the government level in the lucrative industries of mining and minerals, energy, agriculture, livestock, information technology, and defence production. The ministry said that these sectors have enormous profit and development potential on a mutually beneficial basis.

Mati
Mati
Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

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