PAGE Blog Business Weekly Magazine
Karachi is now among the top ten ranking of largest cities globally. During 2005, the population of Karachi was at 15.1 million which is predicted to reach 27.5 million by 2020. The number of households in 2005 was about 2.1 million and by 2020 it will rise to 3.9 million, which means a rise of 1.77 million households, at an average size of 7 persons per household. Even at declining average annual growth rate (from 4.15 percent in 2005 to 3.5 percent in 2020), the rise in absolute terms is staggering and would put heavy pressure on the physical, financial, infrastructure and institutional systems of Karachi, experts believed.
A large segment of Karachi’s population, approximately 40 percent, is afflicted with poverty. The living situations of the deprived section and its economic well-being are therefore a main concern, as these impact the environment and growth potential of Karachi.
The city’s population is diversified in terms of ethnicity and economic situations. Apart from in-migrants from Pakistan’s provinces, a large number of migrants from Bangladesh, Afghanistan and other South Asian states have settled in Karachi. With an average monthly household income of Rs15,000, there is substantial variation in income distribution. Roughly 75 percent of the households decline in the category of poor and low income groups, and 25 percent constitute the middle and high income groups.
Manufacturing growth is slowing because of security issues, insufficient electrical power supply, and high informal payments required to establish and maintains a business. Growth has been chiefly strong in trade and banking and financial services; the latter has witnessed the arrival of a large number of foreign banks, the emergence of exchange firms, and a boom in the stock market and consequently in stock brokering, investment management, and financial advice.
Furthermore, trade exhibitions are testimony to increased economic activities of Pakistan. These exhibitions increase economy activity and boost jobs opportunities as well. No doubt exhibitions offer economic advantages and also promote personal and cultural exchanges. The fact is that exhibitions are all about economic development.
For attaining the economic goals the Government of Pakistan should organize the more exhibitions in Pakistan. In Karachi, Karachi Expo Centre is located in the commercial capital. The center has a distinction of CAR-states, accessible to Middle East and Asian states. Being a cosmopolitan, the city adds flavor for overseas marketing geopolitically.
Karachi Expo gives opportunity to showcase the largest collection of the country’s export merchandise and services. Foreign buyers are invited from all over the world through the Government of Pakistan, not only to see the product potential but also to avail the option of having on-spot B2B meetings with the country’s exporters.
It has become primary sourcing point for a great number of businesses, giving them a head start on sourcing for coming seasons. The centre is planned with advanced facilities based on global standards creating a market and a world of its own. Karachi Expo comprises of three independent linked halls measuring 6,690 Sq. meter base area. Two halls contain mezzanine floor measuring 445 Sq. meter each, while the 3rd hall has a space of 1270 Sq. meter on its two mezzanine floors. Congress centre houses the secretarial services, press, new kitchen and a cafeteria on its 1st floor. The 2nd floor is available for seminars/conferences for a sizeable meeting. The whole center is centrally air-conditioned.
Adequate warehousing and parking 2400 cars, greater than 250 telephone lines internal telephone exchange, premises security, restaurant seating 250 guest, painting display area in corridor, open display area and public address system inside each hall facilities are also available.
The future of Karachi’s economy lies primarily in the growth of the tertiary sectors. Serving its own residents and those of much of Pakistan, Karachi will enlarge and consolidate its role as the financial, trade, and transport hub of the country.
Knowledge-based industries and real estate and construction sectors will also play major supporting roles in the future economic growth of the city.
