Economy of Pakistan
Written by admin on May 15th, 2011minerals exploration. Pakistan has large base for industrial minerals. The discovery of coal deposits having over 175 billion tones of reserves at Thar in the Sindh province has given an impetus to develop it as an alternate source of energy. There is vast potential for precious and dimension stones.
The enforcement of Mineral Policy (1995) has paved way to expand mining sector activities and attract international investment in this sector. International mining companies have responded favorably to the NMP and presently at least four are engaged in mineral projects development.
Currently about 52 minerals are under exploitation although on small scale. The major production is of coal, rock salt and other industrial and construction minerals. The current contribution of mineral sector to the GDB is about 0.5% and likely to increase considerably on the development and commercial exploitation of Saindak & Reco Diq copper & Gold deposits (World Largest Gold Mine), Duddar Zinc lead, Thar coal and Gemstone deposits.
Services
Service Sector by Province
Pakistan’s service sector accounts for about 53.3% of GDP. Transport, storage, communications, finance, and insurance account for 24% of this sector, and wholesale and retail trade about 30%. Pakistan is trying to promote the information industry and other modern service industries through incentives such as long-term tax holidays.
The government is acutely conscious of the immense job growth opportunities in service sector and has launched aggressive privatisation of telecommunications, utilities and banking despite union unrest.[citation needed]
Communication
PTCL’s One Stop Shop in Islamabad
Pakistan Telecommunication Company Ltd has emerged as a successful Forbes 2000 conglomerate with over US billion in sales in 2005. The mobile telephone market has exploded fourteen-fold since 2000 to reach a subscriber base of 91 million users in 2008, one of the highest mobile teledensities in the entire world.. In addition, there are over 6 million landlines in the country with 100% fibre-optic network and coverage via WLL in even the remotest areas.. As a result, Pakistan won the prestigious Government Leadership award of GSM Association in 2006..
The contribution of telecom sector to the national exchequer increased to Rs 110 billion in the year 2007-08 on account of general sales tax, activation charges and other steps as compared to Rs 100 billion in the year 2006-07.
The World Bank estimates that it takes about 3 days only to get a phone connection in Pakistan.
In Pakistan, following are the top mobile phone operators:
Mobilink (Parent: Orascom Telecom Holding, Egypt)
Ufone (Parent: PTCL (Etisalat), Pakistan/UAE)
Telenor (Parent: Telenor, Norway)
Warid (Parent: Abu Dhabi Group / SingTel, UAE/Singapore)
Zong (Parent: China Mobile, China)
By March 2009, Pakistan had 91 million mobile subscribers – 25 million more subscribers than reported in the same period 2008. In addition to 3.1 million fixed lines, while as many as 2.4 million are using Wireless Local Loop connections. Sony Ericsson, Nokia and Motorola along with Samsung and LG remain to be the popular brands among customers.
Pakistan is on the verge of a telecom revolution[citation needed] and it is by far the most attractive sector in Pakistan in terms of Foreign Direct Investment coming into the country. Since liberalisation, over the past four years, the Pakistani telecom sector has attracted more than billion in foreign investments. During 2007-08, the Pakistani communication sector alone received .62 billion in Foreign Direct Investment (FDI) about 30% of the country total foreign direct investment.
Present growth of state-of-the-art infrastructures in telecom sector during the last four years has been the result of the PTA’s vision and implementation of deregulation policy. Paging and mobile (cellular) telephones were adopted early and freely. Cellular phones and the Internet were adopted through a rather laissez-faire policy with a proliferation of private service providers that led to fast adoption. With a rapid increase in the number of Internet users and ISPs, and a large English-speaking population, Pakistani society has seen an unparalleled revolution in communications.
According to the PC World, a total of 6.37 billion text messages were sent through Acision messaging systems across Asia Pacific over the 2008/2009 Christmas and New Year period. Pakistan was amongst the top five ranker with one of the highest SMS traffic with 763 million messages.
Pakistan is ranked 4th in terms of broadband Internet growth in the world, as the subscriber base of broadband Internet has been increasing rapidly. The rankings are released by Point Topic Global broadband analysis, a global research centre.
Pakistan has more than 17 million Internet users in 2009. The country is said to have a potential to absorb up to 50 million mobile phone Internet users in the next 5 years thus a potential of nearly 1 million connections per month.
Almost all of the main government departments, organisations and institutions have their own websites.
The use of search engines and instant messaging services is also booming. Pakistanis are some of the most ardent chatters on the Internet, communicating with users all over the world. Recent years have seen a huge increase in the use of online marriage services, for example, leading to a major re-alignment of the tradition of arranged marriages.
As of 2007 there were six cell phone companies operating in the country with nearly 90 million mobile phone users in the country.
Wireless local loop and the landline telephony sector has also been liberalized and private sector has entered thus increasing the teledensity rate. In mid-2008, the Local Loop installed capacity reached around 5.5 million.
Telecom industry created of 80,000 jobs directly and 500,000 jobs indirectly.
The Federal Bureau of Statistics provisionally valued this sector at Rs.982,353 million in 2005 thus registering over 91% growth since 2000.
Railways
Main article: Pakistan Railways
A massive rehabilitation plan worth billion over five years for Pakistan Railways has been announced by the government in 2005. A new rail link trial has been established from Islamabad-Pakistan via Teharan-Iran Via Istanbul-Turkey .Furthermore it would promote trade ,tourism, and would also would serve as an effective link for exports to Europe (as Turkey part of Europe and Asia] .
Aviation
See also: List of airlines of Pakistan
A PIA B747-367 at the Domestic Satellite of Jinnah International Airport
Pakistan International Airlines, the flagship airline of Pakistan’s civil aviation industry, has turnover exceeding billion in 2005. The government announced a new shipping policy in 2006 permitting banks and financial institutions to mortgage ships.
Private sector airlines in Pakistan include Airblue and Shaheen Air International. Many private airlines are in the pipeline including Air Mashreq, Dewan Air, and Pearl Air.
Airblue is using state-of-the-art Airbus A320 and A321 aircraft for flying domestically, to the UAE, Oman, and UK; and will soon commence Norway, Kuwait, Malaysia, and India operations. Airblue has recently ordered six factory-fresh A321 aircraft, while two dry-leased aircraft will also soon be added to the existing fleet of five, making it the second biggest fleet behind PIA, which has 42 aircraft.
Wholesale and retail trade
The Federal Bureau of Statistics provisionally valued this sector at Rs.1,358,309 million in 2005 thus registering over 96% growth since 2000.
Finance and insurance
See also: List of Banks in Pakistan
A reduction in the fiscal deficit has resulted in less government borrowing in the domestic money market, lower interest rates, and an expansion in private sector lending to businesses and consumers. Foreign exchange reserves continued to reach new levels in 2007, supported by robust export growth and steady worker remittances.
Pakistan has been ranked 34 out of 52 countries in the World Economic Forum’s first Financial Development Report, which was released in Pakistan through the Competitiveness Support Fund (CSF) in December, 2008. Under Factors, Policies and Institutions pillar, Pakistan ranks 49th in institutional environment, 50th in business environment and 37th in Financial Stability. In the Financial Intermediation Pillar Pakistan ranks 25th in banks, 42nd in non banks and 17th in Financial Markets. Under Capital Availability and Access, Pakistan ranks 33rd.
Pakistan’s banking sector has remained remarkably strong and resilient during the world financial crisis in 200809, a feature which has served to attract a substantial amount of FDI in the sector. Stress tests conducted on June 2008 data indicate that the large banks are relatively robust, with the medium and small-sized banks positioning themselves in niche markets. Banking sector turned profitable in 2002. Their profits continued to rise for the next five years and peaked to Rs 84.1 (.1 billion) billion in 2006.
The credit card market continued its strong growth with sales crossing the 1 million mark in mid-2005. Since 2000 Pakistani banks have begun aggressive marketing of consumer finance to the emerging middle class, allowing for a consumption boom (more than a 7-month waiting list for certain car models) as well as a construction bonanza.
The Federal Bureau of Statistics provisionally valued this sector at Rs.311,741 million in 2005 thus registering over 166% growth since 2000.
Ownership of dwellings
The property sector has expanded twenty-threefold since 2001, particularly in metropolises like Lahore. Nevertheless, the Karachi
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