ISLAMABAD, Oct 18: Foreign direct investment (FDI) worth $170.2 million was recorded during the first quarter of current financial year, denoting 146 per cent increase over the same period of previous year, an official source quoting State Bank figures stated here on Friday.

The source projected the total FDI inflows into Pakistan during 2002-03 to be around $1 billion.

The countries where FDI for the period July-September 2002 originated included UK ($89.0 million), US ($61.9 million), Saudi Arabia ($10.7 million), Japan ($6.7 million), France ($1.8 million), etc.

During the fiscal 2001-02, according to the source, the inflow of FDI into the country was $484.7 million, which was 50 per cent higher than previous year (2000-01).

The FDI figures for July-September 2002, it was pointed out, did not include sale proceeds from the privatization of United Bank Limited.

Of the total investment, 75.8 per cent was destined for the chemicals sector. Next highest recipient of FDI was oil & gas — 37.5%. Other sectors that received FDI during the period under review were: Transport (21.5%), communications (13.8%), trade (12.7%) and textiles (7.5%).

APP adds: Major economic indicators — exports, workers remittances and revenue collection — have shown positive trends during the first quarter of current fiscal, July-September 2002-03.

The exports recorded 14pc increase to $2.58 billion as against $2.26 billion realized in the same period of last fiscal, the sources added.

The sources said, the country’s imports during the period under review were $2.78 billion as against $2.50 billion imports during the same period of last fiscal.

The balance of trade declined from $0.24 billion in July-September 2001 to $0.20 billion in July — this fiscal, the sources added.

The inflow of foreign remittances during first quarter of the current fiscal $1.053 billion as against $0.34 billion, showing 20 pc increase.

The net revenue collection during July-September 2002 was recorded at Rs90.2 billion, showing 16 per cent increase when compared with Rs77.43 billion last year.