Pakistan is a country of great potential and growth and with each passing day, the economy of the country is getting better. Business, Industrial sectors of the country is thriving just recently the economy of Pakistan joined other countries that are valued at $300 billion or more. This show that the business sectors in the country are booming. Moreover, the World Bank has also predicted that Pakistan’s economy will grow by 5.5 percent in 2018, which itself is a big news.
According to a recent study published by famous Harvard University, Pakistan will be able to surpass China’s economic growth in next twenty year and due to CPEC investors from different countries are also investing in the country, facilitating business sectors to grow.
The economy of the country is growing at a steady pace, enabling different sectors of the country to grow as well. According to Karachi Stock Exchange (KSE), five sectors in the country have outperformed other sectors in past few years. The sectors which have attained good growth include Textile, Automotive, Energy/Petroleum, Chemicals and Fertilizers and FMCG.
- The textile industry is considered as the backbone of country’s economy. Garments produced in the country have big demand overseas. The textile industry accounts almost 57% of the country overall exports. However, due to the government not giving proper attention to the sector, the growth in the textile sector is diminishing gradually. The government should facilitate this sector to increase its growth even further.
- Chemicals and Fertilizers industries in the Pakistan have shown remarkable growth in recent times with industries like ICI Pakistan, Fauji Fertilizer, and Engro Fertilizers performing well in both local and international platforms. The sector is growing in the country attaining good and profitable growth in the process.
- Energy and Petroleum sector of the country is booming as the need for more energy in the country is growing rapidly. According to some reports, the need for energy will surpass 50,000 MW by 2025. So one can assume that the sector will grow even further and play a vital role in country’s economy.
- FMCG or fast moving consumer goods is a big industry in the country and has always attained huge profits. Due to the rise of consumerism locally the FMCG industry is thriving at a very good pace. Multinational companies like Nestle and Unilever are performing well in the country. According to some analysts, the sector is growing due to buying the power of the middle class is rising. Just recently Pakistan’s per capita income rises to $1,629 from $1,531. Not just multinational companies but many local companies like Engro foods are also performing well.
- Automotive is not big industry when comparing to above-mentioned industries. However, for the past few years, this industry has shown remarkable growth. As the need for transportation in the country is rising so as the Industry. Until now only Japanese manufacturers were dominating the industry, however, just recently Ministry of Industry and Production has allowed other manufacturers like Kia-Lucky Motors Pakistan, United Motors Private Limited, and Nishat Group to set assembly plants in the country. This development shows that the industry is moving in a right direction.
Read also: Five Pakistani companies make it to Forbes ‘Best Under A Billion’
There are also other notable sectors which are performing quite well for past few years such as property or development sector.
