Pakistan
Business and Professional Services Sector Review
Definition and scale of sector
- Legal, accountancy,
- Market research,
- Management consultancy,
- General business services,
- Advertising,
- General research
Why the sector was chosen in the West Midlands
- Significant forecast employment growth centred on Birmingham City Centre.
- Need for an adequate supply of skilled workers.
- Focus on specialist activity such as intellectual property rights and construction
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Performance of Public Sector I - July 2010
“Real white elephant to be restructured” eight PSEs eating away Rs220 billion every year, says Prime Minister. He said “I assure and commit to the
nation that these organizations will be restructured and run on economically viable basis.” The Prime Minister assigned the responsibility to Finance
Minister to personally monitor the affairs of Steel Mills and Wapda. It takes years to put up a power plant and many projects are in the pipeline which will start
functioning. The previous PPP government brought in IPPs in 1990s, despite criticism and averted energy
crisis, he recalled, and now we will install rental power projects to solve elecricity shaotage problem, that has reach 5000 MW.
Dues on Public Sector Enterprises The financial outstanding guarantees extended against loans obtained by the Public Sector Enterprises (PSEs) have raisen to Rs602.6 billion by
June 30, 2010, said Ministry of Finance. The total Rs602.6 billion include guarantees in local currency at Rs328.8 billion and guarantees in
foreign currency have reached at $3.246 billion or Rs273.8 billion. The PSEs are causing a loss of Rs250 billion annually. The government is putting huge
amount in the PSEs either by direct funding or by borrowing from local and foreign institutions. The federal government is already in the process
of finalization of the draft “Corporate Governance Regulation for PSEs 2010”, that would stop financial losses of PSEs and hoped to improve their governance and financial health. The proposed
Regulation for PSEs would restructure these loss making units into profit making enterprises.
Source: Industrial Advisory Report (IAR)
Education Sector Report - September 2009
Pakistan's education sector consists of more than 150,000 public education institutions serving over 21 million students. The private sector caters to another 12 million and with 60% population under 30, this presents huge opportunities for British Companies in the Vocational Education and Corporate Training. Opportunities also exist for collaborations and joint ventures within both the Private and Public Sector.
The Education system in Pakistan is undergoing major reforms as the country seeks to align national needs and international standards. Education is one of the emerging needs facing the country. The government is aware that the education system at all levels must modernise rapidly to keep pace with the rising population and the government's own ambitious plans for Pakistan to become a more modern and competitive economy with 100% literacy Rates by 2015.
While new technology gives rise to improved communications systems and business growth, the literacy rate is one of the lowest in the world and educational facilities are sorely deficient. Political instability since independence has been a factor in holding back the capacity of the education system to respond effectively in achieving this goal. Factors contributing to this lethargy are less than three percent of GDP is spent on education, average student-teacher ratio in public schools is frequently in excess of 40-1, learning has traditionally been by rote as opposed to use of modern methods which encourage creative and critical thinking. Teachers work in a less competitive environment and often hired for their availability and political push rather than for their proficiency and experience.
Source: UK Trade & Investment (UKTI)
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Education - Sector Report from UKTI - February 2008
Pakistan is a rapidly developing country that boasts the world's sixth largest population. While new technology gives rise to improved communications systems and business growth, the literacy rate is one of the lowest in the world and educational facilities are sorely deficient.
Education is one of the emerging needs facing the country. Four percent of GDP is spent on education. Average student-teacher ratio in public schools is frequently in excess of 40-1. Teachers work in a less competitive environment and often hired for their availability and political push rather than for their proficiency and experience.
The Ministry of Education is responsible for formal and informal education in Pakistan. The Education departments in the provinces control the administration of primary to college level education, while the Higher Education Commission takes up matters related to higher education at the universities. Universities have their own curricula and examination system.
The Governments mandate is to strengthen the educational infrastructure by training teachers, administrators, create awareness in low income households, emphasising on teaching children to read at an early age, aim to raise the literacy rate, improve overall educational standards, help alleviate poverty and to build a knowledge based society.
Source: UK Trade & Investment
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Financial, legal services & PPP - A Report from UKTI - January 2008
Pakistan's economic performance in the last few years has been unprecedented, with the 5- year real GDP growth averaging at 7 percent. During this period of economic transformation, the financial sector has evolved into a more progressive and dynamic module of the economy, both in response to the ongoing financial sector reforms and to the mounting financing needs of a rapidly expanding economy. Predominantly bank-based in performing its basic function of financial intermediation, it also includes a wide range of financial institutions operating as Non-Bank Financial Institutions (NBFIs), Insurance companies, Micro finance banks, Islamic banks and the Central directorate of national savings (CDNS), in addition to swiftly evolving financial markets. Financial sector assets amounted to Rs 6.9 trillion at end June 2007, whereas market capitalisation of the Karachi stock exchange grew by 38 percent in FY07 to reach 46 percent of GDP. Strong economic fundamentals and structural transformation of the financial sector due to the dedicated implementation of the reform process were the major contributing factors in the current composition of the financial sector and its growth in recent years. Furthermore, in response to the growing demands of financial globalisation, the financial system is starting to integrate with international financial markets, albeit at a gradual pace. Financial integration was particularly expedited in FY07 in which record high foreign portfolio investment was made in equity securities, both through the issuance of Global Depository receipts (GDRs) and in the stock market.
Source: UK Trade & Investment
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Economic Performance 2006-07: An Update
Pakistan's economy continues to gain traction as it experiences the longest spell of its strongest growth in years. The outcomes of the recently concluded fiscal year indicate that Pakistan's upbeat economic momentum remains on track. Economic growth accelerates to 7.0 percent in 2006-07 at the back of robust growth in agriculture, manufacturing and services. Economic growth has been notably stable and resilient.
With economic growth at 7.0 percent in 2006-07, Pakistan's real GDP has grown at an average rate of 7.0 percent per annum during the last five years (2003-07) and over 7.5 percent in the last four year (2004-07) in running. Compared with other emerging economies in Asia, this puts Pakistan as one of the fastest growing economies in the region along with China, India, and Vietnam. The good performance has resulted from a combination of generally sound economic policies, on-going structural reforms and a benign international economic environment. Based on the performance of half-a-decade of strong, stable, resilient and broad-based economic growth it appears that Pakistan's economy will continue to be a high mean, low variance economy over the medium-term.
Source: Goverment of Pakistan - Finance Division
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Overview of the Economy - Pakistani Ministry of Finance - 2006/07 - December 2007
Pakistan's economy continues to gain traction as it experiences the longest spell of its strongest growth in years. The outcomes of the outgoing fiscal year indicate that Pakistan's upbeat economic momentum remains on track. Economic growth accelerates to 7.0 percent in 2006-07 at the back of robust growth in agriculture, manufacturing and services. Pakistan's growth performance over the last five years has been striking. Average real GDP growth during 2003-07 was the best performance since many decades, and it now seems that Pakistan has decisively broken out of the low growth rut that it was in for more than one decade. Economic growth has been notably stable and resilient. With economic growth at 7.0 percent in 2006-07, Pakistan's real GDP has grown at an average rate of 7.0 percent per annum during the last five years (2003-07) and over 7.5 percent in the last four year (2004-07) in running. Compared with other emerging economies in Asia, this puts Pakistan as one of the fastest growing economies in the region along with China, India, and Vietnam. The good performance has resulted from a combination of generally sound economic policies, on-going structural reforms and a benign international economic environment. Based on the performance of half-a-decade of strong, stable, resilient and broad-based economic growth it appears that Pakistan's economy will continue to be a high mean, low variance economy over the medium-term.
Source: Pakistan Gorvenment - Ministry of Finance
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Investment trend and Sector analysis: Bangladesh, Pakistan, and Sri Lanka - November 2006
The impact of Foreign Direct Investment (FDI) can be examined by using different parameters such as capital formation, backward linkages, employment, technology transfer, market access and knowledge spillovers. FDI is increasingly becoming a preferred form of capital flows to developing countries in recent years.
The analysis shows that although the impact was found mixed, Bangladesh's performance was on the positive side. As in major emerging economies such as India and China, it appears that even in the case of Pakistan there exists a direct and positive relationship between FDI and Economic Growth. The Sri Lanka economy has undergone fundamental changes with its per capita nominal income rising from US$ 719 in 1995 to US$ 1,197 in 2005.
Source: Commonwealth Business Council and SAARC Chamber of Commerce and Industry
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Budget & Trade Policy 2006-07 - July 2006
National Assembly rejected opposition challenge that the Finance Bill is not fit to be treated as a money bill and neither it is pro-rich and antipoor.
The opposition had objected to several bill clauses such as those seeking 'anti-worker' changes in labour laws and appointment of special price control magistrates by amending the Criminal Procedure Code (CrPC). Most of them branded the Budget pro-rich and anti-poor. The 36 recommendations made by the Senate but a few were accommodated in the Finance Bill.
Source: Industrial Advisory Report - IAR
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