ISLAMABAD, July 6: The government is projecting $1 billion foreign direct investment (FDI) during 2002-03 specially from the United States and the United Kingdom.

“Despite ongoing global recession and slowdown in world economies, we are projecting to have $1 billion FDI mainly from the USA and UK”, said Chairman Board of Investment (BoI), Wasim Haqqie.

Talking to Dawn here on Saturday, he also said that final figures showed that FDI worth $375 million was received during 2001-02 compared to $322 million of 2000-01. “So there is an increase of about 18 per cent which is not bad despite unfavourable circumstances and events of September last year”, he added.

Giving the details, he said that FDI mainly came in oil & gas, power, Information Technology (IT), transport and communication sectors. “Out of $375 million, $200 million FDI was received from the United States”, Haqqie said.

He said Pakistan had attracted a total of $5.9 billion foreign investment during the last 13 years which mainly included 40 per cent from the US and 22 per cent from the UK.

He said that efforts were also being made to attract domestic investment which in fact would eventually lead to more foreign investment in the country.

When asked how was the government luring foreign investors, he said that basically the existing multinationals and overseas Pakistanis were being given much importance for increased investment during the current financial year.

He said about 500 overseas Pakistanis have been approached by the BoI for making new investment in the country. They also included prominent overseas Pakistanis and 25 honorary counsel generals in 19 countries.

Haqqie agreed that Pakistani missions needed to be pushed to help find out new markets for Pakistan’s exports and at the same time help bring more foreign investment in the country.

He said various regions have been identified to attract foreign investment. For example, he said in Europe, focus was on the UK, Germany, France, Italy and the Netherlands, while further efforts were being made to have increased investment from the United States. Similarly, he said that some of the Middle Eastern countries were being attracted for foreign investment. “And in this behalf we have received some good response”, he added.

Answering a question he said that agriculture was being given much importance specially to encourage corporate farming. He said the government was primarily expecting domestic investment in corporate farming later to be also joined by the foreign investors.