ISLAMABAD - The overall communications sector - telecommunication, information technology and postal & courier services have registered $55.7 million net Foreign Direct Investment (FDI) with $155.8 million inflow and $100.1 million outflow.

The first eleven months of 2015-16 has witnessed $15.84 million decline FDI in Information Technology (IT) sector.

Official statistics have revealed on Sunday that overall FDI posted an increase of 10 percent during first eleven months of this fiscal year and the country has fetched an overall FDI amounting to $1.084 billion during July-May as compared to $980 million in same period of last fiscal year, depicting an increase of 10.5 percent or $103.3 million.

The data showed that $13.5 million inflow and $29.3 million outflow was registered in IT sector during July-May (2015-16). Net FDI in software development remained at $4.5 million and in hardware development it measured at $1.3 million.

On other hand, FDI inflows for IT services remained at $7.7 million and outflow at $29.3 million. During the period under review, month on month basis, FDI registered an increase of 292 per cent to $64.3 million in May 2016 as compared to $16.4 million in May 2015. During May 2016, FDI inflows were $97 million as against outflow of $32.6 million.  Similarly, net foreign investment in Pakistan, comprising foreign direct investment, portfolio investment and foreign public investment reached $ 683 million by May 2016.