Foreign Direct Investment (FDI) in Bangladesh

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1 Foreign Direct Investment (FDI) in Bangladesh Survey Report July-December, Statistics Department Bangladesh Bank

2 Editorial Committee Chairman A.K.M. Fazlul Haque Mia Executive Director (Specialized) Members Md. Azizul Islam General Manager Nabadwip Chandra Biswas Deputy General Manager Mrinal Kanti Sarker Deputy General Manager Md. Meraj Uddin Sarker Deputy General Manager Mohammad Abu Sadat Joint Director Ataul Karim Bhuiyan Joint Director Muhammad Monsur Ahmed Joint Director Dewan Sonia Sultana Joint Director Faruqul Islam Deputy Director Shawkat Hossain Shoaib Deputy Director Taslima Aktar Assistant Director Tanzina Ahmed Assistant Director Md. Red-wan-ul Hoque Khandker Assistant Director i

3 Contents Subject Pages Concepts and Definitions 1 Survey Report (July-December, ) 1. Survey Methodology 7 2. Reporting Status of FDI Enterprises 7 3. Survey Findings 9 4. Stock Position of Foreign Direct Investment (FDI) Outstanding Position of External Debt in Bangladesh 18 Annexure 1 : FDI Historical Data Table I: FDI Inflows in Bangladesh for the year 22 Table II: Time Series Data on FDI Inflows (net) by Components 23 Table III : Time Series Data on FDI Inflows (net) by Areas 24 Table IV : Time Series Data on FDI Stock by Components 25 Table V: FDI Inflows by Sectors for the year 26 Table VI: Time Series Data on FDI Inflows (Net) by Sectors 27 Table VII : FDI Inflows by Countries for the year 32 Table VIII : Time Series Data on FDI Inflows (Net) by Countries 34 Table IX : Time Series Data on FDI Stock by Sectors 40 Table X : Time Series Data on FDI Stock by Countries 43 Table XI : Time series Stock Data on Private Sector External Debt (PSED) 50 Annexure 2 : Survey Questionnaire 51 ii

4 List of Tables Pages Table 1: Table 2: Table 3: Table 4.1: Table 4.2: Table 5: Reporting status of FDI Enterprises by EPZ and Non-EPZ areas during FDI Inflows (Net) by Components (January-June, 2015 to July-December, ) FDI Inflows (Net) by Areas and Components (January-June, 2015 to July- December, ) FDI Inflows (Gross) classified by Major Countries and Major Sectors during FDI Inflows (Net) classified by Major Countries and Major Sectors during FDI Stock classified by Major Countries and Major Sectors as on end of December, Table 6: External Debt Position in Bangladesh from 2012 to 19 Table 7: Debt to GDP Ratio in Bangladesh from to iii

5 List of Figures Figure 1.1 : Reporting Status of FDI enterprises for the period July-September, 7 Figure 1.2 : Figure 2.1 : Figure 2.2 : Reporting Status of FDI enterprises for the period October-December, Area-wise Reporting Status of FDI enterprises for the period July- September, Area-wise Reporting Status of FDI enterprises for the period October- December, Figure 3 : FDI Inflows during 9 Figure 4 : Half- yearly Time Series Data on FDI Inflows (Net) 10 Figure 5 : Yearly Time Series Data on FDI Inflows (Net) 10 Figure 6 : FDI Inflows (Net) by Components during July-December, 11 Figure 7: FDI Inflows (Net) by Non-EPZ and EPZ Area 12 Figure 8 : Figure 9 : FDI Inflows (Net) of Non-EPZ area by Components during July-December, FDI Inflows (Net) of EPZ area by Components during July-December, Figure 10 : FDI Inflows (Net) by Major Sectors during 13 Figure 11 : FDI Inflows (Net) by Major Countries during 14 Figure 12 : Trends in FDI Stock 16 Figure 13 : Trends in Major Sector-wise FDI Stock 16 Figure 14 : Trends in Major Country-wise FDI Stock 17 Figure 15 : Debt Position in Bangladesh as of end December, 18 Figure 16 : External Debt Position in Bangladesh 18 Figure 17 : Current Account Receipts/Debt ratio in Bangladesh 19 Figure 18: Debt to GDP ratio in Bangladesh 20 Pages iv

6 Concepts and Definitions Foreign Direct Investment (FDI): Foreign Direct Investment is the category of international investment that reflects the objective of a resident entity in one economy obtaining a lasting interest in an enterprise resident in another economy (The resident entity is the direct investor and the enterprise is the direct investment enterprise). The lasting interest implies the existence of a long-term relationship between the direct investor and the enterprise and a significant degree of influence by the investor on the management of the enterprise. Direct investment comprises not only the initial transaction establishing the relationship between the investor and the enterprise but also all subsequent transactions between them and among affiliated enterprises, both incorporated and unincorporated. A direct investment enterprise is an incorporated or unincorporated enterprise in which a direct investor owns 10 percent or more of the ordinary shares or voting power for an incorporated enterprise or the equivalent for an unincorporated enterprise (IMF, Balance of Payment Manual, 5 th addition, 1993, page-86). The components of FDI are: a) Equity capital b) Reinvested earnings and c) Intra-company loans. A foreign direct investor is an individual, an incorporated or unincorporated public or private enterprise, a group of related individuals, or a group of related incorporated and/or unincorporated enterprise which has a direct investment enterprise - that is, a subsidiary, associate or branch - operating in a country other than the country or countries of residence of the foreign direct investor or investors. A direct investment enterprise is defined as an incorporated or unincorporated enterprise in which a foreign investor owns 10 per cent or more of the ordinary shares or voting power for an incorporated enterprise or the equivalent for an unincorporated enterprise. A direct investment enterprise may be an incorporated enterprise - a subsidiary or associate company - or an unincorporated enterprise (branch). Direct investors may have direct investment enterprise which has subsidiaries, associates and branches in one country or in several countries. In a subsidiary enterprise, a direct investor owns more than 50 percent of the shareholder s voting power; in an associate enterprise a direct investor owns at least 10% but not more than 50 percent of the shareholder s voting power and branches are wholly or jointly owned unincorporated enterprise either directly or indirectly owned by the direct investor. Inward Direct Investment & Outward Direct Investment Inward Direct Investment, also called direct investment in the reporting economy, includes all liabilities and assets transferred between resident direct investment enterprises and their direct investors. It also covers transfers of assets and liabilities between resident and nonresident fellow enterprises, if the ultimate controlling parent is nonresident. Outward direct investment, also called direct investment abroad, includes assets and liabilities transferred between resident direct investors and their direct investment enterprises. It also covers transfers of assets and liabilities between resident and nonresident fellow enterprises, if the ultimate controlling parent is resident. Outward direct investment is also called direct investment abroad. Page 1 of 55

7 Residents and Non-residents: Residents include all individuals, households, enterprises or other organizations operating in Bangladesh, regardless of whether they are citizens of the country or not, and/or are owned by Bangladeshi citizens or foreigners. These units have their centers of economic interest in Bangladesh. Branches, subsidiaries and affiliates of foreign banks and enterprises operating in Bangladesh and persons who normally live in Bangladesh for one year or more are Bangladeshi residents, regardless of citizenship. Non-residents are individuals, households, enterprises or other organizations ordinarily domiciled in a country other than Bangladesh. Non-resident branches and subsidiaries of Bangladeshi banks and enterprises operating in another country are examples of non-residents, as are persons who do not normally live in Bangladesh. Foreign Assets and Liabilities: An asset or liability must represent actual claims that are legally in existence. Foreign assets of resident enterprise/company/entity comprise its claims on non-residents and liabilities comprise its indebtedness to nonresidents. Equity Capital: Remittances received by the incorporated or unincorporated direct investment enterprises operating in Bangladesh on account of equity participation in those by the nonresident direct investors. Equity capital comprises: a) Ordinary Shares: This item represents the total paid-up capital against issue of ordinary shares. b) Revaluation & Capital Reserves: This item comprises revaluation reserve, capital reserve, non-remittable special capital reserve, non-distributable special reserve and premium on shares. c) Share Money Deposits: These are the deposits of the shareholders to get ordinary shares in future. d) Other Reserves: This item comprises tax holiday reserve, reserve for bonus share, general reserve, special reserve etc. Reinvested earnings: It is the amount of profit retained for reinvestment. Intra-company loans: Intra-company loans or intra-company debt transactions refer to short or long term borrowing and lending of funds between direct investors (parent enterprises) and affiliate enterprises. The traditional distinction between short and long term maturity based on the formal criterion of original maturity retained. Short-term debt is defined as debt with an original maturity of one year or less. It includes loans, overdrafts, suppliers credit, buyers credit, deferred payment etc. of a resident enterprise borrows from direct investors. Page 2 of 55

8 Long-term debt is defined as debt with an original maturity of more than one year. It includes loans, overdrafts, suppliers credit, buyers credit, deferred payment etc. of a resident enterprise borrows from direct investors. Trade credit and accounts payable (Liabilities): Trade Credits may arise due to direct extension of credit by buyers (nonresidents) to the reporting enterprise for goods and services transactions. It also arises due to advance payments by nonresidents to the reporting enterprise for "work that is in progress or to be undertaken". Trade Credit increases due to purchase (foreign) or import of goods (say, yarn, raw materials etc.) from non-residents and decreases when its value is paid. It is called accounts payable. Trade Credit and accounts receivable (Claims): Trade credits may arise due to direct extension of credit by suppliers (reporting enterprise) to non-residents for goods and services transactions. Trade credits increase due to export of goods to non-residents and decreases when its value is received. It is called accounts receivable. Other debts: Other short-term debt covers money market instruments, such as bills, commercial paper, and bankers' acceptances that usually give the holder the unconditional right to receive a stated, fixed sum of money on a specified date. It also includes debt securities that have been sold under repurchase agreements. In long-term it also covers debt securities that have been sold under repurchase agreements and debt securities that have been lent under a securities lending arrangement. Bonds and notes: It covers bonds, debentures, and notes that usually give the holder the unconditional right to a fixed cash flow or contractually determined variable money income. Equity securities: A security is defined as an instrument that is traded or tradable. It covers all instruments and records acknowledging, after the claims of all creditors have been met, claims to the residual values of enterprises. Equity securities comprise: a) Ordinary Share: This item represents ownership share with full voting rights. Ordinary shares are usually issued in registered form. b) Preference share: Part of the share capital of a company that ranks after secured creditors but before ordinary shareholders in the event of liquidation. Preference rights are defined in the articles of association of the Page 3 of 55

9 relevant company but may relate to dividend, voting rights, or distribution of surplus assets. There are two types of preference shares such as i) Participating Preference share These preference shares have further rights that are normally linked to the relevant company's profits or dividend payment on ordinary shares. ii) Other Preference share These will have the rights of standard preference shares but may also be: cumulative (i.e., income arrears are carried forward to the next payment date), convertible (into ordinary shares), redeemable (at a fixed date or contingent on a special event), or permanent (not redeemable except at issuer's option). c) Share Money Deposits: These are the deposits of the shareholders to get ordinary shares in future. d) Other: It covers shares in mutual funds and investment trusts, depository receipts etc. Currency and Deposits: These include domestic currency held by nonresidents and deposits held by nonresidents. Deposits may be in domestic and foreign currencies, the defining factor being it is held in a resident financial institution and owed to a nonresident. Operating profit and net income: In case of foreign direct investment in Bangladesh, the survey seeks information on the profit, net income, and retained earnings of the reporting enterprise (and its subsidiaries) attributable to foreign direct investors. Operating profit includes profits from the operations of enterprises. In calculating operating profit, depreciation should be calculated at the written down replacement cost value; exchange rate gains and losses, special tax provisions (such as accelerated depreciation), and any extraordinary items should be excluded from the calculation. Taxes should be recorded when due without penalty. Net income includes income received in the form of interest, dividends and the reinvested earnings attributable to major owners, less interest paid. Major owners of an enterprise include the head office in the case of a branch, the parent company in the case of a subsidiary and any enterprise in which an owner has directly or indirectly a 10 percent or more ownership interest. Interest on debt should be reported on an accrual basis. In the case of instruments for which interest payments are made at maturity, interest accrued during the reporting period should be reported. For bonds Page 4 of 55

10 and other deep-discounted instrument, the difference between the discounted issue price and the value at maturity should be treated as interest and reported as it accrues during the period. External Debt: Gross external Debt, at any specific time, is the outstanding amount of those actual current, and not contingent, liabilities that require payments of principal and/or interest by the debtor at some points in the future and that are owed to non-residents by residents of a country. Flows and Stocks All of the data recorded in the macroeconomic statistical systems are either flows or stocks (stocks are also referred to as positions or stock positions). Flows measure changes in the level of economic value over a period of time, while stock positions measure the level of economic value at a specific point of time. The term economic value refers to a unit s assets, liabilities and net worth. The flows and stock positions recorded in the macroeconomic statistical systems are integrated, which means that changes in stock positions can be fully explained by the flows. FDI capital flows are recorded on a net basis, in the same manner as other cross border financial flows, i.e., investments during the reporting period are netted against disinvestments, separately for claims and liabilities. Gross inflows are the total inward direct investment made by non-resident investors in the reporting economy. Disinvestment includes capital repatriation, reverse investments, loans given to parent firms and repayments of intra-company loans to parent firms. Net inflows are the Gross inflows minus disinvestment. Gross outflows are the total outward direct investment made by the residents of the reporting economy to external economies. Net outflows are the Gross outflows minus disinvestment. In general, net recording of flows in financial assets and liabilities are recommended in the international accounts from both the analytical and pragmatic perspectives. Net acquisition of external financial claims and net incurrence of external liabilities are generally of more analytical interest than the gross flows. (Balance of Payment and International Investment Position manual, Sixth edition, international Monetary Fund, Para 3.117) Valuation Principles Data have been valued using the concept of the own funds at book value (OFBV). Page 5 of 55

11 Authority Article 69 of the Bangladesh Bank Order, 1972 (President s Order No. 127 of 1972) authorizes Bangladesh Bank to request from natural or juridical persons including the government, such data or information as are required for proper execution of its responsibilities. Data Confidentiality Bangladesh Bank respects the right to privacy and confidentiality of the respondents and likes to mention that, under no circumstances will any individual statement or data be published or made known to any other individual or corporate body without express written permission of the respondent concerned. Aggregated data, when published, will naturally conceal individual identity. Page 6 of 55

12 Survey Report (July-December, ) 1. Survey Methodology: Bangladesh Bank, as the central bank of the country, is responsible for compilation of FDI Statistics needed for drawing up balance of payments and international investment position of Bangladesh. The Statistics Department of Bangladesh Bank has been conducting an enterprise survey since 1995 to collect detailed information on foreign direct investment in Bangladesh. From 2014, this survey is being conducted quarterly, covering the period January-March, April-June, July-September and October-December. This survey covers 100% foreign owned companies and jointventure companies operating in Bangladesh. A prescribed survey questionnaire (FORM FI -1) is used to collect data from FDI enterprises situated both in EPZ and Non-EPZ areas. In compliance with the Bangladesh Bank s FE Circular No-21 of November 03, 2009 and the subsequent circulars Statistics Department Circular No. 1 of August 14, 2012 and StD. Circular no. 3 of May 12, 2014, the FDI enterprises are to submit the completed survey forms (FORM FI - 1) through their designated banks on quarterly basis. The survey covers FDI gross and net inflows and outstanding stock of investment by sectors, countries and enterprises. It also covers stock position of Private Sector External Debt (PSED). 2. Reporting Status of FDI Enterprises In order to conduct the current FDI survey for the period July- September, and October-December,, the updated lists of FDI enterprises have been collected from the Authorized Dealer Banks, Bangladesh Investment Development Authority (BIDA) and Bangladesh Export Processing Zones Authority (BEPZA). During the period July- September, FDI survey forms were sent to 1826 enterprises, among them, 262 enterprises are located in EPZ areas and the rest 1564 are in Non-EPZ areas. For July- September, a total number of 1491 (81.65%) enterprises submitted FDI returns, of which 234 from EPZs and 1257 from Non-EPZ areas. During the period October-December, FDI survey forms were sent to 1956 enterprises, among of them, 276 enterprises are located in EPZ areas and the rest 1680 are in Non-EPZ area. In October-December, a total number of 1546 (79.04%) enterprises submitted FDI returns, of which 249 from EPZs and 1297 from Non-EPZ areas. FDI data in connection with the rest of 335 (18.35%) enterprises were not included in the survey report because of non-response during the 3rd quarter of. Among these 335 non-response enterprises 307 are located in Non-EPZ areas and 28 are in EPZ areas. 335 (18.53%) 410 (20.96%) Figure 1.1 : Reporting Status of FDI enterprises for the period July-September, Respondent Non-Respondent Figure 1.2 : Reporting Status of FDI enterprises for the period October-December, Respondent Non-Respondent 1491 (81.65%) 1546 (79.04%) Page 7 of 55

13 No. of Enterprises No. of Enterprises On the other hand, during the 4th quarter of the rest of 410 (20.96%) enterprises were not included in the survey report because of non-response. Though 335 enterprises in July-September, and 410 enterprises in October-December, did not submit FDI returns, the survey captured the maximum enterprises having large amount of FDI (Figure-1.1, Figure-1.2, Figure-2.1 and Figure-2.2 and Table-1) Figure 2.1 : Area-wise Reporting Status of FDI enterprises for the period July-September, Non-EPZ EPZ Figure 2.2 : Area-wise Reporting Status of FDI enterprises for the period October-December, Non-EPZ EPZ Total Respondent Non-Respondent Total Respondent Non-Respondent Table 1: Reporting status of FDI Enterprises by EPZ and Non-EPZ areas during No. of Enterprises No. of Respondent enterprises No. of Non Respondent enterprises Area Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec EPZ Non- EPZ Total (100.00%) (100.00%) (100.00%) (100.00%) (94.34%) (90.38%) (89.31%) (90.22%) (5.66%) (9.62%) (10.69%) (9.78%) (100.00%) (100.00%) (100.00%) % (85.81%) 80.70% (80.37%) (77.20%) (14.19%) (19.30%) (19.63%) (22.80%) (100.00%) (100.00%) (100.00%) (100.00%) (87.18%) (82.15%) (81.65%) (79.04%) (12.82%) (17.85%) (18.35%) (20.96%) Note: Figures within the parenthesis indicates the percentage of total no. of Enterprises. Page 8 of 55

14 FDI Inflows Survey Findings: Gross FDI inflows during the year reached US$ million. The size of disinvestment (including capital repatriation, reverse investment, loans to parents, repayments of intra-company loans to parents) during the year recorded US$ million which was 17.54% of gross FDI inflows. Hence, net FDI inflows in Bangladesh during the year were US$ million. Gross FDI inflows during the quarters January-March, April-June, July-September and October-December of were US$ million, US$ million, US$ million and US$ million respectively. Disinvestment during the quarters January-March, April-June, July-September and October-December of were US$ million, US$ million, US$ million and US$ million respectively. Net FDI inflows during the quarters January-March, April-June, July-September and October-December of were US$ million, US$ million, US$ million and US$ million respectively. (Figure 3, Table-I, Page- 21) Figure 3: FDI Inflows during Jan-Mar Apr-Jun Jul-Sep Oct-Dec Gross Inflow Disinvestment Net Inflow Page 9 of 55

15 Amount (Net) FDI Inflows (Net) (a) Overall FDI Inflows (Net) i) Total FDI inflows (net) reached to US$ million during July-December, which was increased by US$ million or 69.68% compared to FDI inflows (net) during January-June, (US$ million). While in January-June, FDI inflows (net) was decreased by US$ million or 24.02% compared to July-December, 2015 and an increase of US$ million or 3.80% during the July-December, 2015 compared to January-June, 2015 (Figure-4). ii) Year on year basis, total FDI inflows (net) accomplished to US$ million during which was increased by US$ million or 4.35% compared to FDI inflows (net) during 2015 (US$ million). While in 2015 FDI inflows (net) was increased by US$ million or 44.10% compared to 2014 and a decrease of US$ million or 2.99% during 2014 compared to 2013 (Figure-5) Figure 4: Half yearly Time Series Data on FDI Inflows (Net) Jan- Jun,14 Jul- Dec,14 1, , Jan- Jun,15 Period Jul- Dec,15 Jan- Jun,16 1, Jul- Dec,16 Figure 5: Yearly Time Series Data on FDI Inflows (Net) (b) FDI Inflows (net) by Components: The country s overall FDI inflow (net) increased by US$ million or 69.68% during July-December, over the previous period, January-June due to mainly significant increase of Equity capital inflows (net) by US$ million. i) FDI inflows (net) in Equity capital arrived to US$ million during July-December, which was increased by US$ million or % compared to January-June, (US$ million). Whereas in January-June, Equity capital (net) was decreased by US$ million or 50.81% compared to July-December, 2015 and a decrease of US$ million or 5.29% during July-December, 2015 compared to January-June, 2015(Figure-6, Table-2). Page 10 of 55

16 ii) FDI inflows (net) in Reinvested earnings reached to US$ million during July-December, which was increased by US$ 4.67 million or 77.14% compared to January-June, (US$ million). While in January-June, reinvested earnings (net) was increased by US$ million or 10.25% compared to July-December,2015 and an decrease of US$ million or 7.82% during July-December,2015 compared to January-June, 2015 (Figure-6, Table-2). iii) FDI inflows (net) in Intra-company loans arrived to US$ million during July-December, which was increased by US$ million or 21.55% compared to January-June, (US$ million). Whereas in January-June, intra-company loans (net) was decreased by US$ million or 62.90% to compared to July-December,2015 and an increase of US$ million or 74.72% during the period July- December,2015 compared to January-June, 2015 (Figure-6, Table-2). Figure 6: FDI inflows (Net) by Components during July- December, (41.56%) (7.70%) (50.74%) Equity Capital Reinvested earnings Intra-company Loans Table 2: FDI Inflows (Net) by Components (Jan-Jun, 2015 to Jul-Dec, ) Component Jan-Jun Jul-Dec Jan-Jun Jul-Dec Jan-Mar Apr-Jun Total Jul-Sep Oct-Dec Total Jan-Mar Apr-Jun Total Jul-Sep Oct-Dec Total Equity Capital Reinvested earnings Intra-company Loans (32.24%) (54.46%) (13.30%) (33.09%) (54.12%) (12.79%) (32.62%) (54.31%) (13.07%) (37.61%) (40.86%) (21.53%) (21.09%) (56.38%) (22.53%) (29.76%) (48.23%) (22.01%) (32.24%) (54.46%) (13.30%) (33.09%) (54.12%) (12.79%) FDI inflows (net) (100%) (100%) (100%) (100%) (100%) (100%) (100%) (100%) Note: Figures within the parentheses indicate the percentage of total FDI inflows (net) (32.62%) (54.31%) (13.07%) (100%) (37.61%) (40.86%) (21.53%) (100%) (21.09%) (56.38%) (22.53%) (100%) (29.76%) (48.23%) (22.01%) (100%) Page 11 of 55

17 Amount (in million US$) (c) FDI Inflows (net) by EPZ and Non-EPZ Areas: i) FDI inflows (net) in Non-EPZ area during July- December, recorded to US$ million which is 87.98% of total inflows (net). In the preceding period January-June, it was US$ million or 72.22% of total inflows (net). The components of FDI inflows (net) in Non-EPZ area during July-December, revealed that Equity capital, Reinvested earnings and Intra-company loans shared by US$ million, US$ million and US$ million respectively (Figure-7, Figure- 8, and Table-3). Figure 7: FDI inflows (Net) by Non-EPZ and EPZ Area Jan-Jun 2015 Jul-Dec 2015 Jan-Jun Jul-Dec Total Non-EPZ EPZ Figure 8: FDI Inflows (Net) of Non-EPZ area by Components during July-December, (3.90%) (56.86%) On the other hand, FDI inflows (net) in EPZ areas during July-December, amounted to US$ million which is 12.02% of total inflows (net). In the preceding period January-June, it was US$ million or 27.78% of total inflows (net). The components of FDI inflows in EPZ areas during July- December, revealed that Equity capital, Reinvested earnings and Intra-company loans shared by US$ million, US$ million and US$ million respectively (Figure-7, Figure-9 and Table-3) (39.24%) Equity capital Reinvested earnings Intra-Company Loans Figure 9: FDI Inflows (Net) of EPZ area by Components during July-December, (5.95%) (35.51%) (58.55%) Equity capital Reinvested earnings Intra-Company Loans ii) Total FDI inflows (net) of Non-EPZ area during July-December, recorded to US$ million which was increased by US$ million or % compared to the period January-June, (US$ million). Whereas in January-June, total FDI inflows (net) of Non-EPZ area was decreased by US$ million or 34.33% compared to the previous period July-December, 2015 and also increased by US$ million or 8.40% during July-December, 2015 compared to the period January-June, 2015 (Figure-7, Table-3). In EPZ areas, total FDI inflows (net) reached to US$ million during July-December, which was decreased by US$ million or 26.58% compared to January-June, (US$ million). While in January-June, total FDI inflows (net) of EPZ areas was increased by US$ million or 28.29% compared to the previous period July-December, 2015 and decreased of US$ million or 14.60% during July-December, 2015 compared to January-June, 2015 (Figure-7, Table-3). Page 12 of 55

18 Table 3: FDI Inflows (Net) by Areas and Components (Jan-Jun, 2015 to Jul-Dec, ) ITEM Non-EPZ Jan-Jun'15 Jul-Dec'15 Jan-Jun'16 Jul-Dec'16 Jan-Jun'15 Jul-Dec'15 Jan-Jun'16 Jul-Dec'16 EPZ Equity Capital Reinvested earnings Intra-company Loans FDI inflows (Net) (d) FDI Inflows (Net) by Major Sectors: The sectors that attracted maximum FDI (Net Inflows) for the calendar year include Telecommunication (US$ million), Textiles & Wearing (US$ million), Power (US$ million), Gas & Petroleum (US$ million) and Banking (US$ million) which were 24.55%, 15.62%, 11.49%, 7.13% and 7.12% respectively towards the contribution of total FDI inflows (net). (Figure-10, Table-4.2). Figure 10: FDI Inflows (Net) by Major sector during (34.09%) (24.55%) (7.12%) (7.13%) (11.49%) (15.62%) Telecommunication Textile & Wearing Power Gas & Petroleum Banking Other Sectors i) FDI inflows (net) into Telecommunication Sector reached to US$ million during July-December, which was increased by US$ million or % compared to January-June, (US$ million). Whereas in January-June, FDI inflows (net) was decreased by US$ million or 28.77% compared to July- December, 2015 and increased by US$ million or 58.25% during July-December, 2015 compared to January- June, (Table-VI, Page-29 & 30). ii) FDI inflows (net) into Power Sector arrived to US$ million during July-December, which was increased by US$ million or % compared to January-June, (US$ million). While in January-June, FDI inflows (net) was decreased by US$ million or 92.44% compared to July-December, 2015 and increased by US$ million or % during July-December, 2015 compared to January-June, (Table-VI, Page-29 & 30). Page 13 of 55

19 Singapore UK USA Norway South Korea Hong Kong Netherlands India China Japan Other Country Amount iii) FDI inflows (net) into Textile & Wearing Sector achieved to US$ million during July-December, which was decreased by US$ million or 5.80% compared to January-June, (US$ million). While in January-June, FDI inflows (net) Sector was decreased by US$ million or 9.95% compared to July- December, 2015 and decreased by US$ million or 11.15% during the period July-December, 2015 compared to January-June, (Table-VI, Page-29 & 30). iv) FDI inflows (net) into Gas & Petroleum Sector arrived to US$ million during July-December, which was increased by US$ 8.64 million or 10.96% compared to January-June, (US$ million). Whereas in January-June, FDI inflows (net) was decreased by US$ million or 45.04% compared to July-December, 2015 and decreased by US$ million or 21.33% during the period July-December, 2015 compared to January- June, (Table-VI, Page-29 & 30) v) FDI inflows (net) into Trading sector achieved to US$ million during July-December, which was increased by US$ million or % compared to January-June, (US$ million). While FDI inflows (net) was decreased by US$ 1.55 million or 7.03% compared to July-December, 2015 and decreased by US$ million or 62.60% during the period July-December, 2015 compared to January-June, (Table-VI, Page-29 & 30). (e) FDI Inflows (Net) by Major Countries: FDI inflows (net) from major countries during arranged in descending order of magnitude were: Singapore (US$ million), United Kingdom (US$ million), United States of America (US$ million), Norway (US$ million), South Korea (US$ million), Hong Kong (US$ million), Netherlands (US$ million), India (US$ million), China (US$ million) and Japan (US$ million) which were 28.85%, 14.16%, 9.33%, 6.87%, 6.49%, 4.22%, 3.81%, 3.40%, 2.63% and 2.07% respectively towards the contribution of total FDI inflows (net) (Figure-11, Table-4.2). Figure 11: FDI Inflows (Net) by Major Countries during Page 14 of 55

20 Telecommunication Textile & wearing Power Gas & Petroleum Banking Trading Food Cement Pharmaceuticals and Chemicals Agriculture and Fishing Insurance Leather and Leather Products Computer Software & IT Construction Fertilizer Other Sector Total FDI Net Inflows Telecommunication Textile & wearing Power Banking Gas & Petroleum Trading Food Cement Pharmaceuticals and Chemicals Agriculture and Fishing Leather and Leather Products Insurance Computer Software & IT NBFI Metal & Machinery Products Other Sector Total FDI Gross Inflows Table 4.1: FDI Inflows (Gross) classified by Major Countries and Major Sectors during. Sector Country Singapore United Kingdom (UK) United States Of America (USA) South Korea Norway Netherlands Hong Kong Japan India China British Virgin Islands Taiwan Sri Lanka Malta Malaysia Thailand Mauritius Switzerland Canada Germany Other Country Total FDI Gross Inflows Source: Foreign Investment & External Debt (FIED) Division, Statistics Department, Bangladesh Bank Table 4.2: FDI Inflows (Net) classified by Major Countries and Major Sectors during. Sector Country Singapore United Kingdom (UK) United States Of America (USA) Norway South Korea Hong Kong Netherlands India China Japan Taiwan Malta British Virgin Islands Malaysia Thailand Mauritius Switzerland Germany Saudi Arabia France Other Country Total FDI Net Inflows Source: Foreign Investment & External Debt (FIED) Division, Statistics Department, Bangladesh Bank. Page 15 of 55

21 Amount Amount 4. Stock Position of Foreign Direct Investment (FDI): (a) Overall Stock Position of Foreign Direct Investment (FDI): Stock Position of Foreign Direct Investment (FDI) reached to US$ million as on end of December, which was increased by US$ million or 12.60% compared to end of December, 2015 (US$ million). While at end of December, 2015 stock position of Foreign Direct Investment (FDI) was increased by US$ million or 28.75% compared to end of December, 2014 (Figure-12). Figure 12: Trends in Stock Position of FDI* * at book values in financial statements, which may differ from market value of stocks. (b) Stock Position of Foreign Direct Investment (FDI) by Major Sectors: FDI stock as on end December, classified by major sectors arranged in descending order of magnitude were: Gas & Petroleum (US$ million), Textiles & Wearing (US$ million), Banking (US$ million), Telecommunication (US$ million), Power (US$ million), Food (US$ million), Trading (US$ million), Cement (US$ million), Agriculture & fishing (US$ million),) and Pharmaceuticals & Chemicals (US$ million) which were 25.64%, 17.64%, 13.21%, 10.10%, 7.00%, 2.07%, 1.97%, 1.91%, 1.87% and 1.40% respectively towards the contribution of total FDI stock (Figure-13, Table-5). Figure 13: Trends in Major Sector wise FDI Stock* End of Dec 2012 End of Dec 2013 End of Dec 2014 End of Dec 2015 End of Dec Gas & Petroleum Textiles & Wearing Banking Telecommunication Power Food Products Trading Cement Agriculture & Fishing Pharmaceuticals & Chemicals * at book values in financial statements, which may differ from market value of stocks. Page 16 of 55

22 Gas & Petroleum Textile and Wearing Banking Telecommunication Power Food Trading Cement Agriculture and Fishing Pharmaceuticals and Chemicals Leather and Leather Products Metal and Machinery Products Insurance Computer Software and IT NBFI Other Sector Total FDI Stock Amount (c) Stock Position of Foreign Direct Investment (FDI) by Major Countries: FDI stock as on end December, classified by major countries arranged in descending order of magnitude were: United States of America (US$ million), United Kingdom (US$ million), Singapore (US$ million), South Korea (US$ million), Australia (US$ million), Netherlands (US$ million), Hong Kong (US$ million), Malaysia (US$ million), Malta (US$ million), and India (US$ million) which were 22.92%, 10.42%, 8.56%, 7.69%, 6.30%, 5.62%, 5.00%, 4.31%, 3.34% and 3.30% respectively towards the contribution of total FDI stock (Figure-14, Table-5). Figure 14: Trends in Major Country-wise FDI Stock* End of Dec 2012 End of Dec 2013 End of Dec 2014 End of Dec 2015 End of Dec U.S.A U.K. Singapore South Korea Australia Netherlands Hong Kong Malaysia Malta India * at book values in financial statements, which may differ from market value of stocks Table 5: FDI Stock classified by Major Countries and Major Sectors as on end of December, * Sector Country United States Of America (USA) United Kingdom (UK) Singapore South Korea Australia Netherlands Hong Kong Malaysia Malta Taiwan India Japan British Virgin Islands Saudi Arabia Thailand China Pakistan Sri Lanka Norway Canada Other Country Total FDI Stock *at book values in financial statements, which may differ from market value of stocks. Page 17 of 55

23 Amount 4. Outstanding Position of External Debt in Bangladesh: (a) Bangladesh s total stock of outstanding external debt as at end December, stood at US$ million comprising public sector external debt US$ million and private sector external debt US$ million. The share of public sector external debt accounts for 77.41% of the total external debt while that private sector external debt accounts for 22.59% as at end December, (Figure-15). The trend shows that both public sector external debt and private sector external debt increased over the periods until December, (Figure-16, Table-6). Figure 15: Debt Position in Bangladesh as of end December, (22.59%) Public Sector External Debt (77.41%) Private Sector External Debt (b) External debt as at end December, recorded an increase of US$ million or 7.70% over end December, The public sector external debt increased by US$ million or 5.99% to US$ million as at end December, compared to a decrease of US$ million or 0.92% as at end December, Private sector external debt increased by US$ million or 14.01% to US$ million as at end December, compared to an increase of US$ million or 17.54% as at end December, 2015(Figure-16, Table-6). Figure 16: External Debt Position in Bangladesh 45, , , , , , , , , , , , , , , , , , , , , , , , Total External Debt Public Sector External Debt Private Sector External Debt * at book values in financial statements, which may differ from market value of stocks. Page 18 of 55

24 Percentage (c) An assessment of the sustainability of the external debt has been carried out based on one of the important macroeconomic indicators viz. current account receipts (CAR) to debt which is 126.1% as at end December,. The trend of current account receipts to debt ratio has significantly decreased over the last four years. It appears from the ratio analysis that the level of external debt is well managed in Bangladesh (Figure-17, Table-6) Figure 17: Current Account Receipts/Debt ratio in Bangladesh Table 6: External Debt Position in Bangladesh from 2012 to Total External Debt Item Public Sector External Debt Private Sector External Debt (100.00%) (93.44%) 1823 (6.56%) (100.00%) (87.36%) (12.64%) (100.00%) (81.39%) (18.61%) (100.00%) (78.66%) (21.34%) (100.00%) (77.41%) (22.59%) Current Account Receipt Export Receipt Service Receipt Primary Income Secondary Income Current Account Receipt/Debt Ratio (%) Amount Changes 2015 over over (7.70%) (5.99%) (14.01%) (2.18%) (7.30%) (10.82%) 24.1 (33.43%) (-9.93%) (2.52%) (-0.92%) (17.54%) -703 (-1.36%) (6.04%) (5.29%) (-30.00%) (-14.23%) Source: Bangladesh Bank, Ministry of Finance, Bangladesh Petroleum Corporation, Biman Bangladesh Airlines Ltd. Page 19 of 55

25 Percentage (d) Bangladesh recorded External debt equivalent to 18.5 percent of the country's Gross Domestic Product in External Debt to GDP in Bangladesh averaged percent from to , reaching high of 19.6 percent in and a record low of 18.5 percent in Figure 18: Debt to GDP ratio in Bangladesh Table 7: Debt to GDP ratio in Bangladesh from to Item Amount Changes over over Total External Debt (100.00%) (100.00%) (100.00%) (100.00%) (100.00%) (9.71%) (9.73%) Public Sector External Debt (93.86%) (90.37%) (86.69%) (79.03%) (78.28%) (8.67%) 10.1 (0.03%) Private Sector External Debt (6.14%) (9.63%) (13.31%) (20.97%) (21.72%) (13.61%) (72.91%) Gross Domestic Product (GDP) at Current Price (13.45%) (12.32%) Debt to GDP Ratio (%) Page 20 of 55

26 Annexure 1: FDI Historical Data Page 21 of 55

27 Table I: FDI Inflows in Bangladesh for the year Total Year Quarter Component Gross Inflow Disinvestment Net Inflow Equity Jan-Mar Reinvested Earnings Intra-Company Loans Total Equity Apr-Jun Reinvested Earnings Intra-Company Loans Total Equity Jul-Sep Reinvested Earnings Intra-Company Loans Total Equity Oct-Dec Reinvested Earnings Intra-Company Loans Total Equity CY Total Reinvested Earnings Intra-Company Loans Total Page 22 of 55

28 Jul-Dec Jan-Jun Jul-Dec Jan-Jun Jul-Dec Jan-Jun Table II: Time Series Data on FDI Inflows (Net) by Components Period Component Equity Capital Reinvested earnings Intra-company Loans Total Inflows Jan-Jun Jul-Dec Total Jan-Jun Jul-Dec Total Jan-Jun Jul-Dec Total Jan-Jun Jul-Dec Total Jan-Jun Jul-Dec Total Jan-Jun Jul-Dec Total Jan-Jun Jul-Dec Total Jan-Jun Jul-Dec Total Jan-Mar Apr-Jun Sub Total Jul-Sep Oct-Dec Sub Total Total Jan-Mar Apr-Jun Sub Total Jul-Sep Oct-Dec Sub Total Total Jan-Mar Apr-Jun Sub Total Jul-Sep Oct-Dec Sub Total Total Page 23 of 55

29 Jul-Dec Jan-Jun Jul-Dec Jan-Jun Jul-Dec Jan-Jun Table III: Time Series Data on FDI Inflows (Net) by Areas. Period Area EPZ Non-EPZ Total Jan-Jun Jul-Dec Total Jan-Jun Jul-Dec Total Jan-Jun Jul-Dec Total Jan-Jun Jul-Dec Total Jan-Jun Jul-Dec Total Jan-Jun Jul-Dec Total Jan-Jun Jul-Dec Total Jan-Jun Jul-Dec Total Jan-Mar Apr-Jun Sub Total Jul-Sep Oct-Dec Sub Total Total Jan-Mar Apr-Jun Sub Total Jul-Sep Oct-Dec Sub Total Total Jan-Mar Apr-Jun Sub Total Jul-Sep Oct-Dec Sub Total Total Page 24 of 55

30 Period Component Table IV: Time Series Data on FDI Stock by Components Equity Capital Reinvested earnings Intra-company Loans Total Stock End of June End of June End of June End of June End of June End of June End of June End of June End of June End of June End of June End of June End of June End of June End of June End of June End of June Page 25 of 55

31 Gross Inflow Disinvestment Net Inflow Gross Inflow Disinvestment Net Inflow Gross Inflow Disinvestment Net Inflow Gross Inflow Disinvestment Net Inflow Gross Inflow Disinvestment Net Inflow Table V: FDI Inflows by Sectors for the year Jan-Mar Apr-Jun Jul-Sep Oct-Dec Total Sector Agriculture & Fishing Mining & Quarrying Power, Gas & Petroleum Power Gas & Petroleum Manufacturing Food Products Textiles & Wearing Pharmaceuticals & Chemicals Metal & Machinery Products Vehicle & Transport Equipment Fertilizer Cement Leather & Leather Products Mfg (Others) Construction Trade & Commerce Trading Banking Insurance NBFI Transport, Storage & Communication Telecommunication Transport, Storage & Others Services Hotel & Restaurant Clinical Computer Software & IT Other Service Other Sector Total Page 26 of 55

32 Table VI: Time Series Data on FDI Inflows (Net) by Sectors (Contd). Sector Period Agriculture & Fishing Mining and Quarrying Power, Gas & Petroleum Power Gas & Petroleum Manufacturing Food Products Textiles & Wearing Pharmaceuticals & Chemicals Metal & Machinery Products Vehicle & Transport Equipment Fertilizer Cement Leather & Leather Products Other Manufacturing Construction Trade & Commerce Trading Banking Insurance NBFI Transport, Storage & Communication Telecommunication Transport, Storage & Others Services Hotel & Restaurant Clinical Computer Software & IT Other Service Other Sector Total Page 27 of 55

33 Table VI: Time Series Data on FDI Inflows (Net) by Sectors (Contd). Sector Period Agriculture & Fishing Mining and Quarrying Power, Gas & Petroleum Power Gas & Petroleum Manufacturing Food Products Textiles & Wearing Pharmaceuticals & Chemicals Metal & Machinery Products Vehicle & Transport Equipment Fertilizer Cement Leather & Leather Products Other Manufacturing Construction Trade & Commerce Trading Banking Insurance NBFI Transport, Storage & Communication Telecommunication Transport, Storage & Others Services Hotel & Restaurant Clinical Computer Software & IT Other Service Other Sector Total Page 28 of 55

34 Table VI: Time Series Data on FDI Inflows (Net) by Sectors (Contd). Period 2014 Sector Agriculture & Fishing Jan-Mar Jan-Jun Apr-Jun Sub Total Jul-Sep Jul-Dec Oct-Dec Sub Total CY Total Mining and Quarrying Power, Gas & Petroleum Power Gas & Petroleum Manufacturing Food Products Textiles & Wearing Pharmaceuticals & Chemicals Metal & Machinery Products Vehicle & Transport Equipment Fertilizer Cement Leather & Leather Products Other Manufacturing Construction Trade & Commerce Trading Banking Insurance NBFI Transport, Storage & Communication Telecommunication Transport, Storage & Others Services Hotel & Restaurant Clinical Computer Software & IT Other Service Other Sector Total Page 29 of 55

35 Table VI: Time Series Data on FDI Inflows (Net) by Sectors (Contd). Period 2015 Sector Agriculture & Fishing Jan-Mar Jan-Jun Apr-Jun Sub Total Jul-Sep Jul-Dec Oct-Dec Sub Total CY Total Mining and Quarrying Power, Gas & Petroleum Power Gas & Petroleum Manufacturing Food Products Textiles & Wearing Pharmaceuticals & Chemicals Metal & Machinery Products Vehicle & Transport Equipment Fertilizer Cement Leather & Leather Products Other Manufacturing Construction Trade & Commerce Trading Banking Insurance NBFI Transport, Storage & Communication Telecommunication Transport, Storage & Others Services Hotel & Restaurant Clinical Computer Software & IT Other Service Other Sector Total Page 30 of 55

36 Table VI: Time Series Data on FDI Inflows (Net) by Sectors (Concld). Period Sector Jan-Mar Jan-Jun Apr-Jun Sub Total Jul-Sep Jul-Dec Oct-Dec CY Total Agriculture & Fishing Mining and Quarrying Power, Gas & Petroleum Sub Total Power Gas & Petroleum Manufacturing Food Products Textiles & Wearing Pharmaceuticals & Chemicals Metal & Machinery Products Vehicle & Transport Equipment Fertilizer Cement Leather & Leather Products Other Manufacturing Construction Trade & Commerce Trading Banking Insurance NBFI Transport, Storage & Communication Telecommunication Transport, Storage & Others Services Hotel & Restaurant Clinical Computer Software & IT Other Service Other Sector Total Page 31 of 55

37 Gross Inflow Disinvestment Net Inflow Gross Inflow Disinvestment Net Inflow Gross Inflow Disinvestment Net Inflow Gross Inflow Disinvestment Net Inflow Gross Inflow Disinvestment Net Inflow Table VII: FDI Inflows by Countries for the year (Contd.) Jan-Mar Apr-Jun Jul-Sep Oct-Dec Total Country Australia Austria Belgium Bermuda Bolivia British Virgin Island Canada Cayman Island China Croatia Cyprus Denmark Egypt Finland France Germany Hong Kong India Indonesia Ireland Italy Japan Kenya Kuwait Lebanon Luxembourg Malaysia Maldives Malta Mauritius Mexico Namibia Nepal Netherlands New Zealand Norway Page 32 of 55

38 Gross Inflow Disinvestment Net Inflow Gross Inflow Disinvestment Net Inflow Gross Inflow Disinvestment Net Inflow Gross Inflow Disinvestment Net Inflow Gross Inflow Disinvestment Net Inflow Table VII: FDI Inflows by Countries for the year (Concld.) Jan-Mar Apr-Jun Jul-Sep Oct-Dec Total Country Oman Pakistan Panama Peru Philippines Romania Russia Saudi Arabia Seychelles Singapore South Africa South Korea Spain Sri Lanka Sudan Swaziland Sweden Switzerland Taiwan Thailand Turkey U.A.E U.K Ukraine U.S.A Vietnam Zambia Total FDI inflows Page 33 of 55

39 Jul-Dec Jan-Jun Jul-Dec Jan-Jun Jul-Dec Jan-Jun Afghanistan Australia Austria Bahrain Belgium Bermuda Bolivia British Virgin Island Brunei Darussalam Canada Cayman Island China Croatia Cyprus Table VIII: Time Series Data on FDI Inflows (Net) by Countries (Contd.) Country Period Jan-Mar Apr-Jun Total Jul-Sep Oct-Dec Total Total Jan-Mar Apr-Jun Total Jul-Sep Oct-Dec Total Total Jan-Mar Apr-Jun Total Jul-Sep Oct-Dec Total Total Page 34 of 55

40 Jul-Dec Jan-Jun Jul-Dec Jan-Jun Jul-Dec Jan-Jun Denmark Egypt Finland France Germany Hong Kong Hungary India Indonesia Iran Ireland Isle of Man Italy Table VIII: Time Series Data on FDI Inflows by Countries (Contd.) Country Period Jan-Mar Apr-Jun Total Jul-Sep Oct-Dec Total Total Jan-Mar Apr-Jun Total Jul-Sep Oct-Dec Total Total Jan-Mar Apr-Jun Total Jul-Sep Oct-Dec Total Total Page 35 of 55

41 Jul-Dec Jan-Jun Jul-Dec Jan-Jun Jul-Dec Jan-Jun Japan Jordan Kenya Kuwait Lebanon Luxembourg Macao Malaysia Maldives Malta Mauritius Mexico Myanmar Country Table VIII: Time Series Data on FDI Inflows by Countries (Contd.) Period Jan-Mar Apr-Jun Total Jul-Sep Oct-Dec Total Total Jan-Mar Apr-Jun Total Jul-Sep Oct-Dec Total Total Jan-Mar Apr-Jun Total Jul-Sep Oct-Dec Total Total Page 36 of 55

42 Jul-Dec Jan-Jun Jul-Dec Jan-Jun Jul-Dec Jan-Jun Namibia Nepal Netherlands New Zealand Norway Oman Pakistan Panama Peru Philippines Portugal Qatar Romania Russia Federation Country Table VIII: Time Series Data on FDI Inflows by Countries (Contd.) Period Jan-Mar Apr-Jun Total Jul-Sep Oct-Dec Total Total Jan-Mar Apr-Jun Total Jul-Sep Oct-Dec Total Total Jan-Mar Apr-Jun Total Jul-Sep Oct-Dec Total Total Page 37 of 55

43 Jul-Dec Jan-Jun Jul-Dec Jan-Jun Jul-Dec Jan-Jun Saudi Arabia Seychelles Singapore South Africa South Korea Spain Sri Lanka Sudan Swaziland Sweden Switzerland Taiwan Thailand Turkey Table VIII: Time Series Data on FDI Inflows by Countries (Contd.) Country Period Jan-Mar Apr-Jun Total Jul-Sep Oct-Dec Total Total Jan-Mar Apr-Jun Total Jul-Sep Oct-Dec Total Total Jan-Mar Apr-Jun Total Jul-Sep Oct-Dec Total Total Page 38 of 55

44 Jul-Dec Jan-Jun Jul-Dec Jan-Jun Jul-Dec Jan-Jun U.A.E. U.K. Ukraine Uruguay U.S.A Vanuatu Vietnam West Indies Yemen Zambia Other Country Total FDI inflows Table VIII: Time Series Data on FDI Inflows by Countries (Concld.) Country Period Jan-Mar Apr-Jun Total Jul-Sep Oct-Dec Total Total Jan-Mar Apr-Jun Total Jul-Sep Oct-Dec Total Total Jan-Mar Apr-Jun Total Jul-Sep Oct-Dec Total Total Page 39 of 55

45 Sector Table IX: Time Series Data on FDI Stock by Sectors (Contd).* Period End of December 2000 End of December 2001 End of December 2002 End of December 2003 End of December 2004 Agriculture & Fishing Mining and Quarrying Power, Gas & Petroleum Power Gas & Petroleum Manufacturing Food Products Textiles & Wearing Pharmaceuticals & Chemicals Metal & Machinery Products Vehicle & Transport Equipment Fertilizer Cement Leather & Leather Products Mfg (Others) Construction Trade & Commerce Trading Banking Insurance NBFI Transport, Storage & Communication Telecommunication Others Services Hotel & Restaurant Clinical Computer Software & IT Other Services Others Total * at book values in financial statements, which may differ from market value of stocks Page 40 of 55

46 Sector Table IX: Time Series Data on FDI Stock by Sectors (Contd).* Period End of December 2005 End of December 2006 Page 41 of 55 End of December 2007 End of December 2008 End of December 2009 End of December 2010 Agriculture & Fishing Mining and Quarrying Power, Gas & Petroleum Power Gas & Petroleum Manufacturing Food Products Textiles & Wearing Pharmaceuticals & Chemicals Metal & Machinery Products Vehicle & Transport Equipment Fertilizer Cement Leather & Leather Products Mfg (Others) Construction Trade & Commerce Trading Banking Insurance NBFI Transport, Storage & Communication Telecommunication Others Services Hotel & Restaurant Clinical Computer Software & IT Other Services Others Total * at book values in financial statements, which may differ from market value of stocks

47 Sector Table IX: Time Series Data on FDI Stock by Sectors (Concld)* Period End of December 2011 End of December 2012 End of December 2013 End of December 2014 End of December 2015 End of December Agriculture & Fishing Mining and Quarrying Power, Gas & Petroleum Power Gas & Petroleum Manufacturing Food Products Textiles & Wearing Pharmaceuticals & Chemicals Metal & Machinery Products Vehicle & Transport Equipment Fertilizer Cement Leather & Leather Products Mfg (Others) Construction Trade & Commerce Trading Banking Insurance NBFI Transport, Storage & Communication Telecommunication Others Services Hotel & Restaurant Clinical Computer Software & IT Other Services Others Total * at book values in financial statements, which may differ from market value of stocks Page 42 of 55

48 Afghanistan Anguilla Australia Austria Bahrain Belgium Bermuda Bolivia British Virgin Island Brunei Darussalam Canada Cayman Island China Table X: Time Series Data on FDI Stock by Countries (Contd)*. Country Period * at book values in financial statements, which may differ from market value of stocks. Page 43 of 55

49 Colombia Croatia Cyprus Denmark Egypt Finland France Germany Hong Kong Hungary India Indonesia Iran Table X: Time Series Data on FDI Stock by Countries (Contd)*. Country Period * at book values in financial statements, which may differ from market value of stocks. Page 44 of 55

50 Ireland Isle of Man Italy Japan Jordan Kuwait Kyrgyzstan Lebanon Libyan Arab Jamahiriya Luxembourg Macao Malaysia Maldives Table X: Time Series Data on FDI Stock by Countries (Contd)*. Country Period * at book values in financial statements, which may differ from market value of stock. Page 45 of 55

51 Malta Marshal Island Mauritius Mexico Myanmar Namibia Nepal Netherlands New Zealand Norway Oman Pakistan Table X: Time Series Data on FDI Stock by Countries (Contd)*. Country Period * at book values in financial statements, which may differ from market value of stock Page 46 of 55

52 Panama Peru Philippines Portugal Qatar Romania Russia Saudi Arabia Seychelles Singapore Somalia South Africa Table X: Time Series Data on FDI Stock by Countries (Contd)*. Country Period * at book values in financial statements, which may differ from market value of stocks Page 47 of 55

53 South Korea Spain Sri Lanka Sudan Swaziland Sweden Switzerland Syrian Arab Republic Taiwan Thailand Turkey U.A.E. U.K. Table X: Time Series Data on FDI Stock by Countries (Contd)*. Country Period * at book values in financial statements, which may differ from market value of stocks. Page 48 of 55

54 Ukraine Uruguay Uzbekistan U.S.A Vanuatu Vietnam West Indies Western Samoa Yemen Zambia Other Country Total FDI Stock Table X: Time Series Data on FDI Stock by Countries (Concld)*. Country Period * at book values in financial statements, which may differ from market value of stocks Page 49 of 55

55 Table XI: Time series Stock Data on Private Sector External Debt (PSED)* As on Amount of Principal Outstanding R R R R R R * at book values in financial statements, which may differ from market value of stocks. R=Revised Page 50 of 55

56 Annexure 2: Survey Questionnaire Page 51 of 55

57 Page 52 of 55

58 Page 53 of 55

59 Page 54 of 55

60 Page 55 of 55

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