ISLAMABAD, July 24: The Board of Investment (BoI) is projecting $600 million Foreign Direct Investment (FDI) for 2002-2003.

It also said that there has been a 50 per cent increase in the flow of FDI during 2001-2002 compared to 2000-2001.

The flow of FDI during 2000-2001 were $322.4 million while it rose to $484.7 million during the last financial year.

“This shows that foreign investors have started reposing confidence in improving investment climate of Pakistan and business-friendly policies of the government,” says an official announcement on Wednesday.

The leading sectors, which attracted sizable FDI during the period 2001-2002 are oil & gas ($268.2 million), power ($36.4 million), trade ($34.2 million), transport ($21.4 million), textiles ($18.4 million), electronics ($15.9 million) and information technology & telecom ($12.7 million).

Major investing countries are the US ($326.4 million), UK ($30.3 million), UAE ($21.5 million), Germany ($11.2 million), Switzerland ($7 million) and Japan ($6.4 million).

The BOI is making extensive efforts for marketing the investment potential and opportunities of Pakistan to the foreign investors. During the year 2002-2003, the BOI is planning to hold investment conferences in Middle East, the US, the European Union, China and Japan.

It has chalked out an investment marketing plan and will tap opportunities, which are now arising as a result of change in the perception for Pakistan. The investor friendly measures taken in new Budget and Trade Policy will bring a positive change and speed up the revival of economic activity.

Also, overseas Pakistanis are being approached to invest in Pakistan. An investment portfolio for overseas Pakistanis has been developed by BOI and a dedicated BOI unit is marketing these opportunities amongst overseas Pakistanis. Also 27 honorary investment counsellor have been appointed in 20 countries, who are actively assisting the overseas and other investors from their respective countries.