Foreigners sent $102.7 million profits abroad in July-August

[LahoreEstate]

RECORDER REPORT
KARACHI (September 20 2009): Foreign investors have repatriated about $103 million on account of profit and dividend during the two months of current fiscal year. The government has allowed 100 percent transfer of profit or dividend to foreign investors to boost foreign investment, they are enjoying the policy fully by consistently sending their earnings abroad.

Repatriation has shown one percent increase in the first two months of fiscal year 2009-10. The repatriation reached $102.7 million during July-August period of the current fiscal year against $102 million in the same period of last year, depicting an increased of 0.7 million dollars.

Major repatriation has been witnessed in communication, which is the most favourite sector of foreign investors and in which they have made billions of dollars investment during last few years. The State Bank's latest statistics showed that investors took back $32.3 million from communication sector in July-August relative to 6.9 million dollar in corresponding period of last tear, depicting an increase of 367 percent.

With 375 percent increase, trade is on second number with $18.7 million repatriation in two months as compared to 3.9 million dollars in same period of last year. Chemicals business is on the third number with transfer of $12.5 million against 2.4 million dollars in corresponding period of 2009.

Foreign investors sent 5.6 million dollars from oil and gas exploration sector, 2.2 million dollars from food sector, 1.2 million dollar from fertiliser sector and 4.7 million dollars from power sector. According to SBP statistics, food packaging, tobacco, sugar, paper & pulp, mining & quarrying, metal products and pharmaceuticals are the main sectors where from not a single dollar was sent abroad during the period. Repatriation by foreign investors showed a decrease of 17 percent to 764 million dollars during the last fiscal year 2009 as compared to 921.4 million dollars sent during fiscal year 2008.

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