Foreign direct investment pledges rise by 22 per cent in nine months

Foreign direct investment pledges rise by 22 per cent in nine months

The foreign direct investment (FDI) commitment has increased by 22 per cent thanks to huge investment pledge to the energy sector. The FDI commitment to the energy sector has increased by five-fold pushing overall FDI commitment, according to the Department of Industry. The country received FDI commitments worth Rs 18.10 billion in first nine months of the current fiscal year 2012-13, against Rs 14.87 billion in the same period a fiscal year ago, according to the department data. Propelled by big commitments from India and China, the hydropower sector has attracted Rs 11.18 billion in the first nine months. In the last fiscal year's nine month, hydropower sector had attracted investment worth Rs 2.65 billion in first nine months last year. The service sector, however, witnessed a decline in FDI commitment as it attracted only Rs 3.71 billion against Rs 6.95 billion in the last fiscal year's same period, the department data revealed, adding that manufacturing and tourism also saw FDI commitments decline. "The manufacturing sector, which had attracted FDI worth Rs 2.84 billion in the first nine months of the last fiscal year, received only Rs 1.44 billion in the current fiscal year's nine month However, the FDI commitments in agriculture and forest sectors have increased. "The foreign investors pledged to invest Rs 793.8 million in agro-based industries – compared to last year’s same period's Rs 387.6 million." Though, the overall investment commitment increased, the number of projects has declined. Foreign investors pledged investment for 199 projects this fiscal year, down from last fiscal year's 213 projects in the third quarter. "The FDI pledge as of the third quarter is estimated to generate around 8,480 jobs," the department added.
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