It’s been several years since Pakistan has been braving security disorders that have caused heavy losses at its economic front. But time and again, the resilient nation has amazed the world with its steadfastness in face of adversities and the past two years have been no different.
Last year’s decisive crackdowns on criminals in the southern city of Karachi and terrorists in the northern tribal territories have had a soothing effect on the country’s economy, and a financial turnaround appears not far ahead.
Major infrastructure and economic projects that saw light of the in the last day promise a bright future for the country and its people, and are likely to provide an impetus to international investors to benefit from the numerous untapped sectors in this bountiful land.
China-Pakistan Economic Corridor
The icing on Pakistan’s economic cake was provided by none other than its close ally China, which finally saw the time right for initiating the $46 billion China-Pakistan Economic Corridor (CPEC). The project envisions an uninterrupted road, rail and technology corridor beginning in China’s biggest province Xinjiang and snaking through Pakistan up until southern port city of Gwadar.
The route will provide China a cost-efficient access to the Arabian Sea that will help it have a greater economic outreach into the Middle East and Central Asian regions. For Pakistan, the stakes are even higher. The massive development the project entails would provide opportunities to millions of domestic and international workers, hundreds of professionals and dozens of businesses in this game-changing exercise.
And above all, it will rebuild the tattered confidence international investors have in the country. CPEC is truly a catalyst for positive change in the country’s economy as well as the fortunes of its people.
TAPI pipeline
After countless delays, the outgoing year also saw regional players come together to break ground on the $10 billion Turkmenistan, Afghanistan, Pakistan and India (TAPI) gas pipeline project.
The 1,814-km-long pipeline will transport Turkmenistan’s abundant gas reserves to energy-hungry Pakistan and India, helping the two fight power shortfalls denting their economic strides.
Just like CPEC, work on TAPI pipeline will create jobs for thousands of people as well as open up avenues for businesses in the service and industrial sectors to try their luck with the rampant activity that is set to follow.
CASA 1000
The development of the 1000 Electricity Transmission and Trade Project for Central Asia and South Asia (CASA) will ensure a steady energy trade between Central Asian and South Asian countries, including Pakistan.
CASA-1000 transmission line will deliver 1,300MW of electricity to Pakistan during the initial phase, which will go a long way in helping the country revitalize its power-stricken industrial sector.
Sri Lankan investment interest
Pakistani Prime Minister Nawaz Sharif’s recent visit to Sri Lanka is also expected to bring glad tidings for the country’s economy. The two countries share cordial economic and social ties and the visit is likely to attract Sri Lankan investors to its northern neighbor.
Pakistan has a growing population that is constant need of products and services. There are generally a few players dominating the country’s various sectors, including technology, corporate and consumer products, so the opportunities are close to endless.
Booming tech industry
And the conversation of opportunities in Pakistan cannot be complete without discussing the impressive human capital the country possesses. Pakistanis are a force to be reckoned with in all economic sectors they indulge in. Be it bankers, engineers, medical specialists or economics, Pakistani talent has found its way into the top echelons of any sector it has concentrated its energies to.
And it is now taking the tech world by the storm as well.
Pakistan’s share in the international Information Technology (IT) sales has increased to $2.8 billion, of which $1.6 billion was earned through the export of software and IT related services, according to Techjuice.pk.
Local startups and technology companies had a rather coming-of-age year that was 2015, as a number of managed to them put themselves up on international investment radars.
In 2014, Pakistani startups managed to raise a mere $4 million, but the same rose to $23 million in 2015, despite a number of firms choosing not to disclose their funding amounts. It was paltry compared to global figures, but it was in itself a 400 percent growth for the country, impressive by all standards.
According to a report by Techjuice.pk, noted startups like Careem with $60 million, Zameen with $29 million and Rozee.pk with $6.5 million remained the standout firms.
Considering its potential and the headway the country made last year, the next few years appear promising for Pakistan as it stays on course for an infrastructural and economic overhaul and the stakeholders who choose to become part of the country’s march towards development.
Dear TNT Reader,
At The News Tribe, our mission is to bring you free, independent, and unbiased news and content that keeps you informed and empowered. We are committed to upholding the highest standards of journalism, as we understand that we are a platform for truth.
Apart from independent global news coverage, we also commit our unique focus on the Muslim world. In an age marked by the troubling rise of Islamophobia and widespread misrepresentation of Muslims in Western media, we strive to provide accurate and fair coverage.
But to continue doing so, we need your support. Even a small donation of 1$ can make a big difference. Your contribution will help us maintain the quality of our news and counteract the negative narratives that are so prevalent.
Please consider donating today to ensure we can keep delivering the news that matters. Together, we can make a positive impact on the world, and work towards a more inclusive, informed global society.
Donate Monthly Subscription Annual Subscription
