Pakistan to develop as manufacturing hub in next decade: BMI
ISLAMABAD: Pakistan is expected to develop as a manufacturing hub in the next decade, according to a report by Business Monitor International (BMI).
The financial market analysis firm identified as many as 10 emerging markets from the Asian and African region, which are set to become new powerhouses of economic growth over the next ten years.
These countries include Pakistan, Bangladesh, Ethiopia, Egypt, Kenya, Indonesia, Myanmar, Nigeria, Philippines, and Vietnam. It further added that the construction and manufacturing sector will play an important role in driving the economies of these countries, with regard to their urban growth. Pakistan, Bangladesh, and Myanmar have been said to experience a strong growth in the manufacturing industry.
Pakistan is an agrarian country primarily, which largely exports textile and rice. however, it is expected to emerge as a manufacturing hub in the coming years.
In the beginning of BMI’s forecast period, the textile and automotive sector had presented a faster growth. However, the domestic manufacturing investment is expected to be boosted considering the lower energy prices and an improved domestic energy supply.