Karachi is the financial capital of Pakistan. It accounts for the lion's share of Pakistan's GDP and generates about 65% percent of the national revenue providing a Gross Metropolitan Product of PKR. 1.607 trillion or $265 Billion at PPP and a GMP per capita of $21,917 rivaling Western European and American cities. Most of Pakistan's public and private banks have their head offices in Karachi. Besides banking and finance, Karachi also hosts the offices of foreign multinational corporations as well as corporations based in Pakistan. It is home to the largest stock exchange of Pakistan: the Karachi Stock Exchange. This financial boom helped Pakistan to achieve its ambitious goal of exceeding a seven per cent growth in GDP for the fiscal year 2004-05.
Business Districts
I.I. Chundrigar Road (formerly McLeod Road) was once the main business district of Karachi, but in recent years many businesses have moved to other areas such as Sharah-e-Faisal, Clifton and Defence. The traffic congestion in I.I. Chundrigarh Road has made it difficult to travel to the center of the city in a timely manner.
Sharah-e-Faisal has seen a spate of building with high rises, show rooms and institutions. Its proximity to Karachi Airport has been a significant factor. Dozens of new manufacturing units are also being built near the Pakistan Steel Mill. Farm businesses line the SuperHighway route. SITE Manghopir is the biggest industrial area of Pakistan with more than 4000 factories. New Industrial zones have come in the past like Landhi, Korangi, FB Area, North Karachi, Dhabeji and Port Qasim.
Business Districts
I.I. Chundrigar Road (formerly McLeod Road) was once the main business district of Karachi, but in recent years many businesses have moved to other areas such as Sharah-e-Faisal, Clifton and Defence. The traffic congestion in I.I. Chundrigarh Road has made it difficult to travel to the center of the city in a timely manner.
Sharah-e-Faisal has seen a spate of building with high rises, show rooms and institutions. Its proximity to Karachi Airport has been a significant factor. Dozens of new manufacturing units are also being built near the Pakistan Steel Mill. Farm businesses line the SuperHighway route. SITE Manghopir is the biggest industrial area of Pakistan with more than 4000 factories. New Industrial zones have come in the past like Landhi, Korangi, FB Area, North Karachi, Dhabeji and Port Qasim.
Industrial Revolution
Karachi 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 these, there are many cottage industries in the city as well. Karachi is also known as software outsourcing hub of Pakistan. It also has a rapidly flourishing Free Zone with an annual growth rate of nearly 6.5 per cent. An expo center has also been set up in Karachi and is now available to host many regional and International exhibitions.
Karachi is also home of major automobile manufacturing companies. Toyota is in the process of increasing production capacity to over 120,000 units per annum. Suzuki Motor Company is also located in Karachi. The manufacturing plant located in Bin Qasim has a production capacity of 150,000 vehicles per year. Among others Millat Tractors, Adam motors, HinoPak Buses and Trucks manufacturing plants are also located in Karachi.
Banking Sector
The Sector which has reaped the benefits of industrialization in the real sense is the Banking and Insurance Sector in Karachi. One may see new branches of local and international banks all over Karachi. From bank to credit cards, paper money is becoming the order of the day in this city.
Transportation
Despite the growth and development of transport infrastructure elsewhere in the country Karachi remains the country's transport hub. Currently the city's 2 ports, Port of Karachi which is Pakistan's largest and Port Qasim, are central to nearly all shipping in Pakistan. The airport of Karachi, Jinnah International Airport, also known as Quaid-e-Azam International Airport, is the largest & busiest airport in Pakistan and handles 10 million passengers a year. The airport also receives the largest number of foreign airlines, a total of 27 airlines fly to Jinnah International predominantly from the Middle East and South East Asia. All of Pakistan's airlines use Karachi as their Primary hub including Pakistan International Airlines, Aero Asia International, Airblue and Shaheen Air.
Fisheries
Karachi is the biggest fisheries hub in Pakistan. Fishery plays an important role in the Karachi's economy. It provides employment to about 300,000 fishermen directly. In addition, another 400,000 people are employed in ancillary industries. It is also a major source of export earning. The Karachi Fish Harbour and Korangi Fish Harbour are two major fish harbours in Karachi.
DEVELOPMENT
There are many development projects proposed, approved and under construction in Karachi city. Among projects of note, Emaar Properties is proposing to invest $43bn (£22.8bn) in Karachi to develop Bundal Island, which is a 12,000 acre (49 km²) island just off the coast of Karachi. The Karachi Port Trust is envisioning another Rs. 20 billion project, the Port Tower Complex, which will be 1,947 feet high, the height indicating the Independence of Pakistan (14 August 1947), and is slated for completion within six years.[7][8] It is expected to comprise a hotel, a shopping centre, and an exhibition centre. The main feature of the venture is supposed to be a revolving restaurant, which will also contain a viewing gallery offering a panoramic view of the coastline and the city. The tower is planned to be located at the Clifton shoreline.
Some other mega projects that are proposed or under construction include: MCB Tower (completed), Port tower complex (proposed), Crescent Bay, Karachi (under construction), Karachi Waterfront (approved), Karachi Creek Marina (under construction), Dolmen Towers (under construction), I.T Tower (approved), Bundal Island (under construction), Buddo Island (approved), Square One Towers (under construction), Sign Tower (approved), Karachi Mass Transit System, Enshaa Towers (approved), Karachi FPCCI Tower (proposed) and, IT Tower (approved), Dolmen Mall (Hyderi) (under construction), City Centre (proposed), Malir Expressway, Northern Bypass Industrial Area (under construction), Ama Tower (under construction).
CULTURE
The everyday lifestyle of Karachi differs substantially from that of other Pakistani towns. The culture of Karachi is characterized by the blending of Middle Eastern, South Asian and Western influences, as well as the status of the city as a major international business centre. As a whole, there is considerable diversity in culture, and this diversity has produced unique cultural amalgam of its own type. Karachi also hosts the largest middle class stratum of the country.
CULTURE
The everyday lifestyle of Karachi differs substantially from that of other Pakistani towns. The culture of Karachi is characterized by the blending of Middle Eastern, South Asian and Western influences, as well as the status of the city as a major international business centre. As a whole, there is considerable diversity in culture, and this diversity has produced unique cultural amalgam of its own type. Karachi also hosts the largest middle class stratum of the country.
