It is said that Pakistan’s future depends on the progress made in mini Pakistan – Karachi. Pakkistan’s biggest city has been ranked at No. 7 among cities in Asia-Pacific region for the future for FDI Strategy, according to a survey study by fDI Intelligence division by Financial Times.
Once the city of lights in Pakistan, Karachi has been declared among the worst cities for living and driving, but there is still hope especially with the marked improvement in the security and political situation in the country along with the impact of China Pakistan Economic Corridor (CPEC).
Apparently, the federal and provincial governments are reluctant to invest in the city but the development of the infrastructure, if it is done at par with its potential, will reflect on the significant economic progress in the city including increased Foreign Direct Investment (FDI), creation of employment and business opportunities.
There have been mega projects kicked off in different sectors in the city in automobile, power, transport, food, manufacturing and services. Many national and multinational companies are likely to unveil big business opportunities in Karachi in the next three to five years.
The government should address the issues in the city in accordance with its population and geographical size. The investment of the infrastructure and civic services should be made to unleash its true potential of commercial activities that will equally bode well for the country and the region of South Asia.
To create a shortlist for fDi’s Asia Pacific Cities of the Future 2017/18, Financial Times collected data using the specialist online tools fDi Markets and fDi Benchmark.
In total, 163 locations were analysed for the study. Data was then collected for these 178 locations under five categories: Economic Potential, Business Friendliness, Human Capital and Lifestyle, Cost Effectiveness and Connectivity.
Locations scored up to a maximum of 10 points for each datapoint, which were weighted by importance to the FDI decision-making process in order to compile both, the subcategory rankings as well as the overall ‘Asia-Pacific Cities of the Future 2017/18’ ranking.