Daily Times

KARACHI: China emerged as the top investor in Pakistan by making $596 million investment during the first nine months of current fiscal year, 9MFY17.

The Chinese investment mainly related to China Pakistan Economic Corridor CPEC lifted the overall Foreign Direct Investment FDI by 12.4 percent during Jul-March FY17 as compared to the same period of last fiscal year, 9MFY16. The total FD investment stood at $1601.6 million as compared to the $1425.2 million of the previous year. According to the State Bank of Pakistan data, the United State of America remained the second largest investor with net investment of $310.4 million but outflow to the country also recorded at $280.6 million.

United Kingdom, United Arab Emirates, and Egypt invested $206.7 million, $181.8 million and $110 million respectively.

During the 9MFY17 outflows of around $288.4 million were recorded against $689.2 million recorded previous year, according to the SBP data. The portfolio investment also increased by substantial 2,372.6 percent to $992.5 million during the period under review. The total foreign investment increased by 116.4 percent or $1.2 billion to $2.2 billion as compared to $1 billion of 9MFY16.