ISLAMABAD, Nov 16: Pakistan received $399.1 million Foreign Direct Investment (FDI) during the first four months of 2002- 2003, registering an increase of 234 per cent compared to the corresponding period last year.

In October alone the flow of FDI was $229 million.

The country had received FDI worth $119.6 million during July- October in 2001-2002.

The major sector which attracted sizable FDI in first four months of the current financial year were financial businesses ($156 million), Chemicals ($76.7 million), oil and gas ($54 million), transport ($30 million), and trade ($15.5 million). The shares of major sectors are: financial businesses 39 per cent, chemical 19 per cent, oil and gas 14 per cent and trade 13.9 per cent.

The share of major investing countries in FDI is: the UAE 38 per cent, the UK 24 per cent, the US 22 per cent, Saudi Arabia 3.6 per cent and others 12.4 per cent.

Minister for Finance Shaukat Aziz told Dawn that flow of FDI were almost $403 million during July-October, which put the country on track to achieve the target of $1 billion for the financial year.

“We expect more foreign investment in areas of privatization, oil and gas and infrastructure,” he said adding that existing foreign companies were expected to increase their capital base and operations in Pakistan.

To a question the finance minister expressed the hope that the new government would work in the national interest to have more and more FDI.

He said that increased FDI was contributing in overall growth and creation of more jobs for the people of Pakistan.

According to an official announcement, BOI was making extensive efforts for marketing the investment potential and opportunities of Pakistan to the foreign investors. The visits of foreign business delegations to Pakistan and vice versa have increased.

The substantial increase in the flow of FDI was an indicator that perception of Pakistan was fast changing in positive direction, it said.