Karachi is a safe investment destination

“In growing recognition of Pakistan’s financial hub as an investment destination, the Mayor of Karachi has been invited to attend an upcoming session of the World Economic Forum.”

I knew there was a reason im proud to call Karachi my city.

“Karachi had also been included in a list of the world’s 12 mega cities from a selection of 32 countries as a centre having potential for investment and business.”

Read the complete article here.

34 Comments so far

  1. d0ct0r (unregistered) on January 24th, 2007 @ 11:11 pm

    *sigh* such a misleading statement to lure poor investors…


  2. Muhammad ALi YAqoob (unregistered) on January 24th, 2007 @ 11:18 pm

    And here is yet another positive news …

    Pakistan is heading for new records for total Foreign Investment this year, which has already exceeded to US $ 3.3 billion during the first half of the current Financial Year. Zahid Hamid Federal Minister for Privatisation and Investment and Chairman, Privatisation Commission stated this while addressing the Privatisation Commission Board meeting here today.

    http://www.app.com.pk/en/index.php?option=com_content&task=view&id=2604&Itemid=2


  3. d0ct0r (unregistered) on January 24th, 2007 @ 11:56 pm

    any one of you ever went to Civic Center to get some type of work done? just share your horrible experiences here ..

    even for a legal work one have to pay offcial fee(Rs100) + Rs 100 donation to KKF(Kidmat-e-Khlq Foundation/MQM’s Phony Foundation) and Rs 50 to those officers(which goes in their own pocket)

    Rs 100 is just an example and i have paid larger sum to get some thing legal, get done which was otherwise stuck for almost 7 months , those suckers
    said that we take donation “over the table” not “under the table” and i would be given proper receipt for KKF’s donation…. Forced donation i.e.

    honestly as long as these thugs are in power i see a bleak future for public as well as the investor…


  4. shobz (unregistered) on January 25th, 2007 @ 1:00 am

    i agree with doctor. Furthermore It’s not such a big deal to be invited to some conference. There is no reason to be so proud just because the mayor (belonging to a corrupt party which exploits people) has been invited to some conference. They should deal with the real situation first rather than issuing press releases or getting their name in print being proud of being invited somewhere.A great diversion ploy to fool the people of karachi.


  5. Sufi (unregistered) on January 25th, 2007 @ 1:31 am

    Potential for investment

    Means that so much is to be done.. nothing to be proud of, agreed with all the comments above.


  6. ash (unregistered) on January 25th, 2007 @ 2:56 am

    yeah everything you cite is a little thing. But its important to note that the growth rate was 6% last year as high as India’s. Lagos and karachi are very similar cities in terms of local scammers law and order education and outlook. Nigeria and Pakistan used to vie for the number 1 number 2 position for world corruption. We have dropped out of the running in the last few years down to the 20’s and we are now as mansoor mentioned on the “potential” list down from the “lost cause” list we used to be on. Thats progress guys – glass half full/empty its upto you.


  7. ash (unregistered) on January 25th, 2007 @ 3:06 am

    The Foreign direct investment (FDI) in Pakistan soared by 180.6 per cent year-on-year to US$2.22 billion and portfolio investment by 276 per cent to $407.4 million during the first nine months of fiscal year 2006, the State Bank of Pakistan (SBP) reported on April 24. During July-March 2005-06, FDI year-on-year increased to $2.224 billion from only $792.6 million and portfolio investment to $407.4 million, whereas it was $108.1 million in the corresponding period last year, according to the latest statistics released by the State Bank.[34] Pakistan is on course to achieve FDI of $5 billion in the current financial year, surpassing the government target of $4 billion. [35] [36]

    Pakistan is now the most investment-friendly nation in South Asia. Business regulations have been profoundly overhauled along liberal lines, especially since 1999. Most barriers to the flow of capital and international direct investment have been removed. Foreign investors do not face any restrictions on the inflow of capital, and investment of up to 100% of equity participation is allowed in most sectors (local partners must be brought in within 5 years and contribute up to 40% of the equity in the services and agriculture sectors). Unlimited remittance of profits, dividends, service fees or capital is now the rule. Business regulations are now among the most liberal in the region. On these grounds, Pakistan appears much more investor friendly than its larger neighbour, India. This was confirmed by a World Bank report published in late 2006 ranking Pakistan (at 74th) well ahead of neighbours like China (at 93rd) and India (at 134th) based on ease of doing business. [35]

    Tariffs have been reduced to an average rate of 16%, with a maximum of 25% (except for the car industry). The privatisation process, which started in the early 1990s, has gained momentum, with most of the banking system privately owned, and the oil sector targeted to be the next big privatisation operation.

    The recent improvements in the economy and the business environment have been recognised by international rating agencies such as Moody’s and Standard and Poor’s (country risk upgrade at the end of 2003).


  8. ash (unregistered) on January 25th, 2007 @ 3:07 am

    please read the foll. link.die hard depressivists need to find another area to be sad about. The economy is doing better than ever
    http://en.wikipedia.org/wiki/Economy_of_Pakistan#Growing_middle_class


  9. wasiq (unregistered) on January 25th, 2007 @ 6:03 am

    nahein aaj emails bahut ziyada hain na…pheir kabhi sahi….


  10. Poo Poo head (unregistered) on January 25th, 2007 @ 9:35 am

    Ash: inflation has ever been increasing with same ratio. Put things in perspective please. 5 years ago, my family bought a house and if they sell it today, they could even buy house with that money in California. Where in hell house prices increase 300% in a span of 5 years ?? Now it is virtually impossible to buy a house in Karachi for a normal person. I see Karachi turning into next Mumbai in every aspect. Any how I am optimist about Pakistan only if we could resolve Kashmir issue and get rid of dictatorship.


  11. MB (unregistered) on January 25th, 2007 @ 9:46 am

    Hey all those stats guru’s who use stats to impress upon. Get into head what the DOCTOR said. I damn care about Karachi even being at the top of “potential investment” city if i dont get the gov. offices run by “THUGS”. Simple as that.

    Stop fooling us around with those stats.


  12. MB (unregistered) on January 25th, 2007 @ 9:47 am

    if i got the **
    remove dont** from second last line, mansoor.


  13. ash (unregistered) on January 25th, 2007 @ 10:33 am

    yes i understand MB everyone wants everything. But i think a child having enough to eat and getting immunized costs money and guess why that makes those stats important? Good governance is amazing but crawling out of poverty is not a bad thing just ‘cos thugs are still running the show.
    About housing and inflation – most people will probably live and die without buying their own apt in manhattan because its too expensive,- not because manhattan is doing badly but because its doing too well.
    The owning your own house thing is way overplayed, most big cities have more renters than buyers thats just how it is. So it will be in karachi too.


  14. BoZz (unregistered) on January 25th, 2007 @ 12:28 pm

    Yes Ash, thank you for the thumbs up. But unlike in Manhattan, there is running water that is quite potable, there is running gas (with pressure), there are no electrical cuts and what you drop down the drain (including your early morning job) also actually gets drained without over flowing into the streets.

    Oh yes then there are roads that you can actually drive on and lights that light up your path…… but then how can you compare apples with rotten oranges!


  15. d0ct0r (unregistered) on January 25th, 2007 @ 12:49 pm

    @ASH Have you ever been forced to give donation/bribe (to a controversial party whom u dislike) in order to receive public services? that are otherwise your right without making those illegal payment? and those thugs sitting at helm of affairs who are creating hurdles if you don’t pay them?

    how do u expect a investor to come here and invest… maybe they’re looking for investors like
    that clifton fountain which paid hefty amount to MQM to get the contract for that crapy founatain which remains nonoperational for almost half of the year at such a exorbitant price wasting taxpayers money.. what do expect that those investors pay bribes from their own pockets? well for your kind information they over charge and the project end up costing multiple times the orginal cost and all of it is paid by poor tax payer’s money…


  16. d0ct0r (unregistered) on January 25th, 2007 @ 12:55 pm

    ever went to any local union council office to get any type of work done? birth certificate,death certificate anything? well these are very basic things that i am mentioning…. you’re just sitting in some foreign country unaware of ground realities commenting on an issue which you’ve simply no clue about..


  17. PatExpat (unregistered) on January 25th, 2007 @ 2:05 pm

    Ten years ago, it was recommended not to travel on Super Highway in the night unless preceded and followed by police mobiles in the form of convoy. Haven’t done that but have travelled in convoys in the night in NWFP if passing through Darra areas.

    However, this Eid I saw 3 truck loaded with sacrifical animal hides moving in a convoy (two police mobiles in the front and two at back) at Tahir Villa, Federal B Area to prevent MQM thugs from stealing them.

    This is the situation in the investment friendly city that animal hides have to be protected by a police convoy in the MIDDLE of city.


  18. Concerned (unregistered) on January 25th, 2007 @ 4:37 pm

    Call them thugs or whatever you want. But these thugs have helped karachi more in the past few years then any previous governement, whether it be the mullahs or BB.

    I would rather have thugs running my city as long as they care about it, rather then a bunch of worthless mullahs or a woman that had absolutely no idea what was going on.

    During BBs time I actually read in the paper that her solution to a shortage in money supply was to print more money. I am not sure how she graduated from where ever she did, but damn that was stupid.


  19. Concerned (unregistered) on January 25th, 2007 @ 4:42 pm

    Doctor,

    As far as getting public service is concerned it was always like that. I remember I have had to pay a bribe a far back as I can remember.

    The easiest way to get any of this crap done is to find someone outside these offices and give them a little more. Then you just sit and wait.

    I am sure you knew all this but you still go on complaining.


  20. Concerned (unregistered) on January 25th, 2007 @ 5:08 pm

    Also ppl i dont think you guys noticed but the article was in “Times of India” so it was good for the image of Karachi. so stop cribbing.


  21. PatExpat (unregistered) on January 25th, 2007 @ 6:49 pm

    Concerned,

    I thought the work had started before the thugs came in power by Naimatullah Khan and as far as I remember, they were not asking for forced donations. And whatever his political beliefs (being a mullah of Jamaat-e-Islami and all) at least we would not see police convoys protecting hide trucks during his time. In FB Area flats the thugs blatantly asked, “bakray ki khaal do gay ya apni”

    Though I oppose BB but to put the record straight: It was not BB who said that we will print more money. It was one of the various Mullah party leaders. Mind you, BB is more educated than some people who are in self imposed exile in London or Saudia or wherever. But we are not discussing BB’s education over here.

    In Yesterday’s DAWN, our nazim allowed destruction of school overnight and today he has allowed cement mixing facility in a fire brigade station. And I am sure you can easily find out how much commission he or his party is taking under various contracts.


  22. Concerned (unregistered) on January 25th, 2007 @ 7:08 pm

    Naimatullah did start the under pass (clifton one) and he did get things a little better but all the other flyovers and underpasses were started well after MK became city nazim.

    As for the print more money statement trust me it was her. It was over 10 years ago and not alot of Mullahs were in the position to make such a comment.

    BB might be more educated, but tht does not make her a good leader. but like u said her education is not the topic of discussion so forget it.

    I am not going to ask the nazim about how much his party is earning over these contracts because like I said these things hapenned before too. I am not sure if you have just started noticing them or maybe its bec the media has become a bit more open.

    I would still prefer anyone who does something for the city even if he fills his own pockets rather then someone who just fills his own pocket.


  23. Paranoid (unregistered) on January 25th, 2007 @ 8:58 pm

    http://thenews.com.pk/daily_detail.asp?id=40269

    If you cant provide the poor public basic needs of life then whats the use of all this Foreign investment?


  24. d0ct0r (unregistered) on January 25th, 2007 @ 11:14 pm

    @Concerned you don’t seem to get my point properly.. read my comments again… 90% of poor karachiites don’t own any kind of vehicle so it doesn’t concern them if you build underpasses and flyovers or expressways.. the common things like birth certificate death certificate water and sewerage problem, prices of daily use commodity items etc thats what concerns common men and as long as these thugs are at the helm of affairs i don’t see these problems resolved coz all they’re concerned is filling up their own pockets as well as filling up Altaf bai’s accounts in london


  25. Concerned (unregistered) on January 26th, 2007 @ 1:53 am

    @ Doctor

    I think I understand your point but i dont think you understand mine. I simpy mean the thing abt the birth certificate and all, they have been like that for a long time, well before these “thugs” came to power.

    As far as account filling is concerned, now the money will go into London banks instead of the swiss banks it did go into in the time of BB. The mullahs I cannt say anything about.

    I have made this point on the blog before, To get foreign investment you have to show all these things (flyovers and underpasses). It shows a progressing nation thts wht investors want. As more investment comes in more job will come in. Will people please look at the big picture and not their pathetic daily lives.

    In the long term you need jobs for tht common man…

    The prices my friend have a direct relation with oil prices and economic development. Blame Mushy for tht not the thugs.


  26. ash (unregistered) on January 26th, 2007 @ 7:57 am

    good points concerned although blaming mush for oil prices is probably not fair.
    bozz – manhattan bombay karachi lagos or what have you. Housing is expensive, its the free market principle….if someone is willing to pay so many lakhs for the house then thats what its worth. Not less just to give me and you a break. I’ve always rented so i guess i accepted that a long time ago.


  27. ash (unregistered) on January 26th, 2007 @ 9:47 am

    I am well aware of the limitations of Mush and the “thugs” as you called them. But all i am saying is that mush/shaukat aziz turned around a sinking economy.They absolutely deserve credit for that, regardless of their other shortcomings.
    otherwise its just nekki barbad, gunnah lazim.


  28. ash (unregistered) on January 26th, 2007 @ 9:51 am

    yes doctor i am glad you asked. Ive had my birth certificate, domiscile and drivers license done all the same way – By paying rishwat – and this was 20 years ago and 10 years ago so what exactly has changed in karachi in terms of honesty/efficiency?


  29. turab (unregistered) on January 26th, 2007 @ 12:48 pm

    all you pesimists and naa-shukras.. get out of my city rite now! you whinners need a life!


  30. d0ct0r (unregistered) on January 26th, 2007 @ 3:17 pm

    i never said that Bribery never existed in past, all am saying is that tactics to extort money from the pockets of poor people got more brutal and violent , these thugs have adopted mafia like tactics and having been following IRA’s role model …

    In other words you’re saying just live with it and just accept it as part of life and stop highlighting the shortcomings and inefficiencies and start living in fool’s paradise..


  31. Concerned (unregistered) on January 26th, 2007 @ 11:28 pm

    Doctor

    No one is asking you to live with it, change it if you can but keep in mind the big picuture. Whts good for the country in the long term. I do agree tht some of the tactics used by MQM are not right but they are good for the city as a whole and you have to atleast agree to tht.

    Write about these problems in papers not on a blog tht maybe 10-15 ppl read, most of whom arent even in the country.

    Try to get the media involved. i actually know someone to wrote to Altaf Hussain, you try writing to him and explaining things. Some of the other people in MQM arent half bad, write to them. Write to MK.

    Report to NAB (you might not get anything, but hey its better then crying about it).

    What I am trying to say is do something if it bothers you tht much. but remember in the end, even if you like it or not, Khi needs MQM in the provincial Govt, the city govt and the federal govt.


  32. ash (unregistered) on January 27th, 2007 @ 2:25 am

    i never once said stop complaining, protest is actually vital to a society. A lot of what you say is true.
    I am just saying doctor sahab you should just once be able to say the words “the economy is better than it was”. If you cant say that then you are fundamentally a biased person.


  33. Paranoid (unregistered) on January 28th, 2007 @ 4:22 am

    @Everyone

    How many of you can stand in a line to get ur birth certificates,passports etc made ? There have always been 2 ways of getting things done, one is either bribe them and get the work done quickly or wait.
    You really think if ppl stop bribing, the thugs can live?


  34. Saad Durrani (unregistered) on February 1st, 2007 @ 12:49 am

    OK, I know I might sound delinquent but I gotta say that Karachi is much more peaceful now than it was 10 years ago. Always remember that Karachi has suffered a lot during 90s for useless fights. The city is trying to revive its lights.

    BTW, some parts of Italy (mostly Sicily) is ruled by undeground mafia but it doesn’t make Sicily unpopular. Does it?



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