Read this article to find out what the fastest growing industry in Pakistan is.
What is the Fastest Growing Industry in Pakistan: Pakistan’s economy and job market are growing at an exponential rate, yet the rate of formal job creation isn’t keeping up with the growth of the market.
What is the Fastest Growing Industry in Pakistan?
There are several trends emerging in Pakistan’s tech, finance, and media industries that indicate these industries will be the fastest growing industries in Pakistan over the next decade. Let’s take a look at what they are and why they’re important to Pakistan’s economic health.
Agriculture
What once was a booming industry, has now started to decline due to competition from foreign imports. However, it remains an essential part of life for most Pakistanis, with around 60% of people living off of farming and agriculture-related jobs. Agriculture employs up to 30% of all wage workers in Pakistan and 70% of food requirements are covered by domestic production.
So although it no longer employs as many people as other industries, it still accounts for a huge proportion of GDP and foreign exchange earnings. The future looks bright if new technologies can be integrated into Pakistani agriculture – so much so that many banks are offering farmers loans at low-interest rates with long repayment periods to encourage investment!
We’re also seeing more and more entrepreneurs choosing to start their own businesses in Pakistan by investing in local products or services. For example, there are now over 500 women-owned dairy farms across Punjab province alone. In addition, there have been massive investments made into processing factories (for example sugar mills) which will help boost exports of high-quality agricultural products. With such promising signs, we predict that agriculture will become one of Pakistan’s fastest-growing industries over the next decade!
Real Estate
While there are many factors to consider, recent trends suggest that no industry may be as hot as real estate. Just last year, a record number of transactions took place. It’s important to note that while national developments play a role, each region experiences its own trends and concerns. For example, earlier this year prices increased by 3 percent in Punjab but declined by 6 percent in Sindh.
Regardless of where you live and invest, it’s important to conduct research and speak with experts before making a purchase. (For more information on how to make smart investments in your home country, click here.) As investments go, homes can be among the most reliable options for anyone looking to put their money somewhere safe.
In fact, over time some markets have proven themselves nearly recession-proof, with housing values rising even during periods of economic hardship when other sectors such as retail falter. However, while they remain generally high-value purchases, homes do require regular maintenance work that can eat into profits and potentially cut into total returns. Whether buying an entire house or only one room within a larger residence—known colloquially as flipping—the fastest growing sector offers excellent potential…
Automobile Parts
The automobile industry has developed rapidly over a span of two decades. Today, there are thousands of car companies, and new models are launched every year, which means that there is an ever-growing demand for auto parts. The demand for these parts is particularly high among emerging economies such as Pakistan because consumers are moving to newer and bigger cars, which require regular maintenance.
This industry stands to grow exponentially in the coming years, not just because of increased consumer spending but also due to government policy initiatives. For example, import duties on automobile parts have been lowered significantly under CPEC; however, duty on locally produced auto parts has remained high. As more parts start being produced domestically rather than imported from other countries, demand will increase correspondingly—not just from automobile manufacturers but also from people who prefer local brands.
If you’re looking to invest in a business opportunity, then it’s worth exploring how you can get involved with supplying auto parts. While starting up costs may be higher, in the future, you stand to gain from both rising sales and cost savings. Moreover, supply chains within Pakistan remain fragmented and competition is still low at present.
Your ability to negotiate prices could put you at an advantage. You could even explore tie-ups with foreign suppliers (who would be able to provide better quality products) so that customers continue choosing your brand even when imports become cheaper again. That way, you can capitalize on current trends while preparing yourself for what lies ahead.
Tourism
As a country known for its scenic beauty, warm weather, culture and history, there’s no doubt that tourism will be one of Pakistan’s fastest-growing industries. Many tourists choose to visit some of our country’s many historical landmarks: from Hindu temples built over thousands of years ago in Khyber Pakhtunkhwa to Buddhist monasteries located within Gilgit-Baltistan. Other popular destinations include our majestic mountains and beautiful beaches that makeup parts of both Sindh and Balochistan.
In 2014 alone, 4.4 million tourists visited Pakistan, according to data collected by the State Bank of Pakistan (SBP). And looking ahead at 2015 statistics, it looks like it might be only a matter of time before those numbers rise! Thanks to a series of recent political and security developments, Pakistan has made itself a hot destination for tourists. After several terrorist attacks earlier in 2017.
Which killed hundreds of people and scarred many more, security has improved to such an extent that tourism companies are hoping to see visitor numbers hit 2 million by 2020. By contrast, only 3.8 million people visited between 2014 and 2016. Beyond increased safety fears, other factors have put off tourists over time; as recently as 2010 Pakistan was described as the most dangerous country in Asia by Forbes magazine.
Digital Marketing
Google, Bing, and Yahoo are worth over $100 billion collectively. The big three digital ad platforms accounted for $10.9 billion of online ad spending in 2014 – making them some of the most valuable companies on earth. In order to reach their users effectively, local businesses need to advertise online through these networks by creating and managing Google AdWords or Bing Ads campaigns or working with a social media agency to manage Facebook and Twitter advertising campaigns.
Every business that sells products or services needs to be using some form of digital marketing strategy if they want to stay competitive today. For more information on how to start a digital marketing campaign, see our post: What You Need To Know About Digital Marketing Agencies in Pakistan.
For more information on how to start an SEO campaign see our post: Best Local SEO Agencies in Karachi. If you have any questions about starting an SEO campaign please leave your comment below and we will try our best to answer them as soon as possible.
Education
The fastest-growing industry in Pakistan can be considered education. As our country continues to rise above it’s past and present conflicts and turns its attention to prosperity, more schools are being built, universities are being funded, and more students are attending them than ever before. This trend isn’t expected to change anytime soon either.
Between now and 2020, 10 million students will join our current student body of 20 million. That means an additional 30% growth in enrollment. While we still have a long way to go before reaching global educational standards, these numbers show that we’re on track for exponential growth over the next decade.
A major factor contributing to these increases is that there has been a huge shift towards private schooling as opposed to public schooling (which was once free). Families are choosing private schools because they offer better quality education at affordable prices – a stark contrast from what they had been used to with public school systems which were often overcrowded and underfunded.
Other industries (textiles, oil, etc.)
Although it’s not at all a part of anyone’s plans, there are times when someone may get into a niche and find that there are too many competitors. These types of niches are known as saturated markets, which means that any business owner who wants to succeed needs to think outside of what people usually consider. One industry that has an immense amount of potential but hasn’t been tapped into enough yet is shipping.
There are plenty of entry-level jobs available right now and shipping companies need willing employees for things like packing, unloading, and sorting packages; because it doesn’t require too much experience or formal education.
It makes a great job for young people who want to enter the workforce but also don’t want something permanent. The future of shipping seems bright with e-commerce on the rise and so many new products being sold online. This can be a great opportunity for you if you’re looking to start your own business!
Also Read: Which Business is Best for Future in Pakistan?
Conclusion
With its ever-growing population, there are still plenty of opportunities for business to expand their customer base and break into new markets. Many companies find success by creating partnerships with existing organizations that already have a stronghold on a particular industry. Since many large companies aren’t too keen on competing against each other.
These partnerships can be mutually beneficial as well as lucrative. In some cases, they may even be necessary to gain entry into a highly competitive market segment. The United States has made it clear that they want to eliminate any type of terrorist organization or militant group.
That threatens their country’s presence within Pakistan, so multinational businesses continue to explore ways of establishing stability within their borders while promoting growth throughout Asia and beyond.
