Telecom sector; third highest contributor in terms of FDI for July-August 2017

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Karachi:  Pakistan’s telecom sector was the third highest contributor in terms of foreign direct investment (FDI) during July and August, reported State Bank of Pakistan on Monday.

For the first two months of financial year 2017-18, the telecom sector contributed $92.5 million with a major chunk of investment coming from Zong for expanding its 3G and 4G services.

Pakistan received foreign direct investment (FDI) of $457.2 million in July-August 2017, up by 155 per cent or $277.8 million compared to $179.4 million in same period last year (SPLY).

In August 2017, the country received inflows of $258.2 million in the head of direct investment, while investors pulled back their $23.7 million.

In August 2017, the country received major investment in power sector of $154.3 million most of it from China in the development projects of CPEC ($130 million in Coal Projects), Oil and Gas Exploration that received $10.6 million and $35 million in Construction Industry, the SBP’s data said.