Karachi: A latest survey conducted by the Overseas Investors Chamber of Commerce and Industry has revealed that the investors' confidence in Foreign Direct Investment (FDI) in Pakistan has surged to seventy-three percent as compared to sixty-one percent. Adviser to the Finance Minister on Economy Khurram Schehzad said it is a clear manifestation of the restoration of confidence of foreign investors in the government policies and initiatives taken under the Special Investment Facilitation Council.
According to Radio Pakistan, Khurram Schehzad highlighted that economic stability and a favorable investment environment have made Pakistan an attractive and first choice for investment. Giving a breakdown of foreign investment in the country, he mentioned that Nestle has announced an additional investment of 60 million dollars in Pakistan. This investment aims at creating a regional export hub, with Nestl© planning to strengthen local manufacturing and expand production capacity through exports from Pakistan to twenty-six countries.
Similarly, Azerbaijan's state-owned energy company, SOCAR, is set to finalize its investment in Pakistan's oil and gas sector by February. Khurram Schehzad also noted that twenty foreign investors have arrived in Pakistan over the last fifteen to eighteen months, reflecting a significant improvement in industrial activities. The foreign companies entering Pakistan include Google, BYD, Aramco, Wafi, Abu Dhabi Ports, Samsung, Turkish Petroleum, Nova Minerals, among others.
Moreover, large-scale manufacturing has also registered a record six percent increase during the first five months of the current fiscal year. In the first half of the current fiscal year, vehicle sales registered a record thirty-two percent increase, cement sales showed a ten percent increase, fertilizer sales increased by twenty-four percent, and mobile phone sales recorded a twenty percent increase, indicating a restoration of consumer and industry confidence.
The advisor further mentioned that remittances in the first half of the ongoing fiscal year reached a record 19.7 billion dollars, reflecting an eleven percent increase, while technology exports reached a record 437 million dollars. Khurram Schehzad added that about eighty percent of imports consist of raw materials, intermediate components, and capital goods, indicating that manufacturing activities are also stabilizing.