Outsources the management and operation of the three major international airports to foreign investors
31 Dec 2022
On 31 December 2022, the Government of Pakistan decided to outsource the management of the Jinnah International Airport Karachi, Allama Iqbal International Airport Lahore, and Islamabad International Airport to international operators, in order to attract foreign investment. The Government indicated that it prefers "friendly countries' firms" from Saudi Arabia, United Arab Emirates, Qatar, China and Turkey and will contract to outsource these airports for 25 years. A tender will be published in international journals. Also, airport terminal services, parking, airport storage, cargo handling and cleaning sections will be outsourced.
According to reports, initially, Islamabad International Airport and International Airport Lahore will be outsourced under a public-private partnership (PPP). The outsourcing of airports would not only provide revenue to the government but would also help improve facilities for international travellers. Officials also briefed the meeting on the performance of Pakistan International Airlines (PIA). It was informed that the PIA collected revenue worth Rs172 billion in 2022, which is the highest amount in the history of the national airline.
Foreign Direct Investment drops by more than 50% in Jul-Nov
Foreign Direct Investment (FDI) has declined sharply by 51.4% during the first five months of the current fiscal year, the State Bank of Pakistan has said in a report this month.
According to the details shared by the central bank, Pakistan has attracted $430.1 million FDI during July-November of FY23 as against $885 million recorded in the same period in FY22.
During the period under review, inflows in FDI amounted to $681 million, whereas the total outflows were recorded at $251 million.
In November alone, FDI dropped by more than 48% compared to the same month last year.
Foreign Direct Investment drops by more than 50% in Jul-Nov
FDI reaches $1.87 billion in FY22
It is important to mention that FDI had clocked in at $1.87 billion in FY22. According to the SBP, Pakistan had attracted FDI amounting to $1.868 billion during FY22 compared to $1.82 billion during FY21, depicting an increase of $47.3 million.
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Type:
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Entry and establishment (Ownership and control, Approval and admission)
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Industry:
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Services (Transportation and storage, Other service activities)
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