FDI in IT sector surges to US $491.3m in first nine months of FY 2019-20
ISLAMABAD: Net Foreign Direct Investment (FDI) in Information and Communication sectors during the first nine months of Financial Year 2019-20 (July-March) surged to US $491.3 million.
As per the State Bank of Pakistan, net FDI in the Information and Communication sectors during July 2019 – March 2020 was US $ 491.3 million as compared to the negative net FDI of US $ 113.7 million during the corresponding period of FY 2019-20, said a news release.
The official of IT Minister told APP that on the direction of the Minister for IT and Telecommunication Syed Amin Ul Haque, the Ministry has taken number of steps, including policy interventions, that contributed both directly and indirectly in the economy and national exchequer.
He said that the ministry has played an important role regarding the development of IT and Telecom industry and adopted facilitative approach towards it.
Regular coordination was being done with the industry to obtain objective feedback for planning and policy formulation, he added. The ministry, he said, has also strong coordination with public sector stakeholders for the promotion of ICT sector in the country. – APP