Karachi

Karachi (?????) is the largest city in Pakistan and the capital of the province of Sindh. A native of Karachi is known as a Karachiite.

Economy

Karachi is the financial capital of Pakistan. It accounts for the lion's share of Pakistan's GDP. The city is said to contribute about 30 percent of the national revenues. It is also home to the largest stock exchange of Pakistan: the Karachi Stock Exchange. Karachi Stock Exchange was the best performing stock market in the world in early 2005. This boost helped Pakistan achieve its ambitious goal of over 8% GDP growth which is highest in Asia after China. Most Pakistani banks have their headquarters in Karachi. Most of these are located on the I.I.Chundrigar Road. The headquarters of nearly all the MNCs (multi-national companies) based in Pakistan are in Karachi. Most Pakistani corporations are headquartered in Karachi as well.

Related Topics:
GDP - MNCs

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The recent trend of outsourcing and call centers setup is also visible in Karachi as well. Call Centers for foreign companies are created everyday. Pakistan is also betting on the Software Export market. The government has reduced tax by as much as 80% (compared to India and China) to lure foreign investments in the IT sector. Each year atleast 2000 IT students graduate from the NED University of Engineering and Technology, NUST FAST, and Sir Syed University of Engineering and Technology, the best IT institutions in Karachi among many other small ones.

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A large expo center has also been set up in Karachi and is now available to host many regional and International exhibitions.

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Karachi also has a huge industrial base. There are large industrial estates on most of the fringes of the main city. The main industries are textiles, pharmaceuticals, steel, and automobiles. Apart from this there are many cottage industries in the city as well. Karachi is also known as software outsourcing hub of Pakistan.

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Currently, the Karachi Port is the only large port in Pakistan, and is central to all shipping in Pakistan. The airport of Karachi, Quaid-e-Azam International Airport is also the largest airport in Pakistan and the hub of most airlines. For years it served as the gateway to Asia with all major airlines operating from the Airport. The airport serves a potential to act as the major logistic hub for the sub-continent.

Related Topics:
Port - Quaid-e-Azam International Airport - Asia - Airlines

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Karachi is the nerve centre of Pakistan's economy. The economic stagnation due to ethnic strife in the 80s & 90s led to mass efflux of industry from Karachi but led to the economic stagnation of the country despite a revival and economic boom in the up country. Has a well developed Free Zone with growth rate of nearly 15% year on year.

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In the early 1960s, Karachi was seen as a model of economic development around the world, and there was much praise for the way its economy was progressing. Many countries sought to emulate Pakistan's economic planning strategy and one of them, South Korea, copied its Second Five Year Plan, 1960-65, not just that, World financial center in Seoul was designed and modelled after Karachi. And while in the early 1960s the per capita income of Pakistan was more or equal to Korea, the latter ended up among the more developed of the developing countries, with a GDP per capita greater than $8,000 today.

Related Topics:
1960 - Karachi - Economy - South Korea - World financial center - Seoul - Pakistan - Korea

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