Charter of the Economy The sectoral composition of private investment is given in Table 15.2. The largest sector of private investment is agriculture, with a share approaching 30 percent in some years. However, the biggest drop that has occurred is in the level of private investment in agriculture, due particularly to a decline in the sale of tractors and in the installation of tube wells. Table 15.2: Sectoral Composition of Private Investment Electricity Transport Year Agriculture Manufacturing and and Gas Communication 1999-2000 3.6 2.2 0.1 0.7 2009-10 2.9 1.5 0.1 1.7 2020-21 2.6 1.5 0.0 1.6 Source: PES Housing 2.5 2.2 2.4 (% of GDP) Others Total 1.9 11.0 1.8 10.2 1.7 9.8 Next in size is the housing sector in terms of the level of private investment. Investment in residential property does not appear to be sensitive to the business cycle. Manufacturing has a share of 15 percent or so in private investment. The level is down to only 1.5 percent of the GDP currently. The emerging sector is transport and communications, especially in telecommunications, following the advent of the mobile phone. Private investment has a dominant share of total investment in agriculture, manufacturing, transport and communications and housing. The public sector has played the leading role in sectors like electricity and gas, construction projects and social services. In the manufacturing sector, the share of private investment in small enterprises, with the employment of up to 10 workers, is below 9 percent. This is primarily a reflection of less access to credit from the banking system and public services. Similarly, the share in agricultural credit of small subsistence farmers is only 6 percent. 15.2. Foreign Direct Investment The stock of foreign investment in Pakistan is$32 billion, consisting of equity capital and reinvested earnings. The inflow was$1.8 billion in 2020-21, 30 percent less than in the previous year. The peak of FDI was observed from 2004-05 to 2006-07. It attained a peak of$5.1 billion in 2006-07, with the largest share in telecommunications. The sectors currently of interest to foreign investors are oil and gas exploration, power, telecom, and banking. The largest inflows are from China, USA, UK, and the UAE. 146