The Corporate sector of Pakistan (otherwise attributed as the Corporatization; or/ simply referred to as the Pakistan Inc.) is an elite business sector expanded in financial cities of Pakistan, and a policy measure programme in the economic period of Pakistan. This programme is also regarded as "Pakistan Inc.", which is a common term used by the mass-media of Pakistan to refer to the corporate sector of the nation. [1] [2] [3] [4] The current policy measure programme is the Companies Ordinance 2016 that legally allows a variety of formations in the mixed economy of Pakistan.
The programme was originally based on the Indian Companies Act, 1913, which was replaced by the Companies Ordinance 1984, finally being replaced by the current Companies Ordinance 2016 in a vision to promote Western-styled corporate sector, and business activities development in Pakistan. [5] The corporate sector came in direct response to nationalization programme of executed Prime Minister Zulfiqar Ali Bhutto and the Pakistan Peoples Party to promote . This programme was integrated in Privatization programme of Prime minister Nawaz Sharif in 1990 who gave free hand to private sector to expand the economical activities in the country. The corporate sector remained to expand in Prime minister Benazir Bhutto's government who promoted the nationalization and privatization at once. In 2004, in a programme initiated by Prime minister Shaukat Aziz, the corporate sector further enhanced and matured; it had built a strong and sizeable sector in the financial hubs of the country.
Under Aziz, many of state-owned megacorporations along with private sector had been registered in stock exchanges of the country in order to promote business competition in the country.
The Securities and Exchange Commission of Pakistan has registered 920 new companies in the first quarter of 2005. The Company Registration Office at Lahore registered the most number of companies at 324, CRO Karachi 285 companies, and CRO Islamabad 211 companies.
Of the 920 companies, 898 were limited by shares comprising 21 public unlisted companies, 840 private companies, and 37 single member companies. In addition, the commission also registered 11 foreign companies, 9 associations not-for-profit and 2 companies limited by guarantee. Total authorized capital and paid up capital of the companies limited by shares amounted to Rs.50 billion and Rs.2 billion, respectively.
The services sector recorded 161 new incorporations, followed by 121 in trading, 64 in Information Technology, 59 in communication, 50 in fuel and energy, 49 in the real estate development, 38 in construction and 37 in textile sector. The SECP encourages and facilitates corporatisation of all businesses so that the corporate sector contributes towards the economic development of the country.
As of 2005, the Board of Investment estimates that there were 43,965 corporate enterprises registered in Pakistan as detailed below:
Companies Incorporated | 43,618 | Financial Services Companies | 244 | Insurance Companies | 56 | Banking Companies | 47 |
---|---|---|---|---|---|---|---|
Private companies limited by share | 39,628 | Modaraba companies | 64 | Local general insurance companies | 48 | ||
Public non-listed companies | 2,214 | Investment advisors | 57 | Local life insurance companies | 3 | ||
Public listed companies | 687 | Modarabas | 47 | Foreign general insurance companies | 3 | ||
Foreign companies | 643 | Close-end mutual funds | 37 | Foreign life insurance companies | 2 | ||
Welfare organisations and associations | 357 | Leasing companies | 30 | ||||
Trade companies limited by guarantee | 83 | Asset management companies | 4 | ||||
Unlimited companies | 6 | Open-end mutual funds | 3 | ||||
Credit rating companies | 2 |
Mian Muhammad Nawaz Sharif is a Pakistani businessman and politician who served as the Prime Minister of Pakistan for three non-consecutive terms. He is the longest-serving prime minister of Pakistan, having served a total of more than 9 years across three tenures. Each term has ended in his ousting.
Zulfikar Ali Bhutto was a Pakistani barrister, politician, and statesman. He served as the fourth president of Pakistan from 1971 to 1973 and later as the ninth prime minister of Pakistan from 1973 to 1977. Bhutto founded the Pakistan People's Party (PPP) and served as its chairman until his execution.
Ghulam Ishaq Khan, commonly known by his initials GIK, was a Pakistani bureaucrat, politician and statesman who served as the seventh president of Pakistan from 1988 to 1993. He previously served as Chairman of the Senate from 1985 to 1988 under president Muhammad Zia-ul-Haq, and was sworn in shortly after Zia's death.
Shaukat Aziz is a Pakistani former banker and financier who served as 17th prime minister of Pakistan from 28 August 2004 to 15 November 2007, as well as the finance minister of Pakistan from 6 November 1999 to 27 August 2004. He studied at St Patrick's High School, Karachi. Aziz graduated from the Institute of Business Administration in Karachi, and joined the corporate staff of the CitiBank Pakistan in 1969. He served in various countries' governments as CitiBank financier, and became executive vice-president of Citibank in 1999. After accepting a personal request by General Pervez Musharraf, Aziz returned to Pakistan from the United States to assume charge of the Finance Ministry as the finance minister while taking control of the country's economy. In 2004, Aziz was nominated by the Musharraf loyalist government, led by Pakistan Muslim League (Q), for the position of prime minister after the resignation of Zafarullah Khan Jamali on 6 June 2004.
The Ministry of Finance is a cabinet-level ministry of the government of Pakistan that is in charge of government finance, fiscal policy, and financial regulation. A Finance Minister, an executive or cabinet position heads it. The Minister is responsible each year for presenting the federal government's budget to the Parliament of Pakistan.
The Securities and Exchange Commission of Pakistan (SECP), formerly known as Company Law Administration, Company Law Board, and Corporate Law Authority, is the corporate legislative and financial regulatory agency of Pakistan whose objective is to develop a modern and efficient corporate sector and a capital market based on sound authority principles, in order to encourage investment and foster economic growth and prosperity in Pakistan.
The Pakistan Steel Mills Corporation, colloquially referred to as Pak Steels, is a Pakistani state-owned company that produces long-rolled steel and heavy metal products in the country.
Events from the year 2007 in Pakistan.
The Five-Year Plans for the National Economy of Pakistan, were the series of nationwide centralised economic plans and targets as part of the economic development initiatives, in the Pakistan. The plan was conceived by the Ministry of Finance (MoF), and were studied and developed by the Economic Coordination Committee (ECC) based on the theory of Cost-of-production value, and also covered the areas of Trickle-down system. Supervision and fulfillment of this programme became the watchword of Pakistan's civil bureaucracy since early 1950s.
The energy policy of Pakistan is formulated and determined by the federal, provincial, and local institutional entities in Pakistan, which address the issues of energy production, distribution, and consumption of energy, such as gas mileage and petroleum standards. Energy policy requires the proper legislation, international treaties, subsidies and incentives to investment, guidelines for energy conservation, taxation and other public policy techniques.
Sartaj Aziz was a Pakistani economist and strategist, who had previously served as the deputy chairman of the Planning Commission of Pakistan, member of the federal cabinet as the de facto Minister for Foreign Affairs, a Federal Senator as well as the National Security Advisor.
Corruption in Pakistan involves fraudulent practices carried out by officials and institutions. This can include a number of corruption practices, from petty bribery to high-profile scandals.
Since independence in 1947, the economy of Pakistan has emerged as a semi-industrialized one, the on textiles, agriculture, and food production, though recent years have seen a push towards technological diversification. Pakistan's GDP growth has been gradually on the rise since 2012 and the country has made significant improvements in its provision of energy and security. However, decades of corruption and internal political conflict have usually led to low levels of foreign investment and underdevelopment.
The nationalisation process in Pakistan was a policy measure programme in the economic history of Pakistan that negatively impacted the country's industrialization and undermined the trust of businessmen and investors. The process was first introduced, promulgated and implemented by Zulfikar Ali Bhutto and Pakistan Peoples Party to lay the foundation of socialist economics reforms to improve the growth of the national economy. Since the 1950s, the country had undergone a speedy industrialisation. But, as time progressed, the labour trade unions and labour-working class had increasingly strained relations with the industrial business oligarch class, having neglected to improve working conditions and failing to provide a healthy and safe environment for the workers in these industrial industries.
The privatisation process in Pakistan, sometimes referred to as denationalisation programme or simply the privatisation in Pakistan) is a continuous policy measure program in the economic period of Pakistan. It was first conceived and implemented by the then-people-elected Prime Minister Nawaz Sharif and the Pakistan Muslim League, in an attempt to enable the nationalised industries towards market economy, immediately after the economic collapse of the Soviet Union in 1989–90. The programme was envisaged and visioned to improve the GDP growth of the national economy of Pakistan, and reversal of the nationalisation programme in 1970s— an inverse of the privatisation programme.
The Seventh Five-Year Plans for National Economy of Pakistan, otherwise known as Seventh Plan, were a set of a highly centralized and planned economic development targets designed for the improvement of the standard of living, and overall strengthening of gross domestic product (GDP) growth in Pakistan, between the period of 1988 until its termination in 1993.
Pakistan began a period of economic liberalisation in the 1990s to promote and accelerate economic independence, development, and GDP growth.
The Periods of Stagflation, also known as Stagflation in Pakistan or inflation and unemployment in Pakistan, are periods of economic stagflation in Pakistan's economic history, which has affected Pakistan's economic trajectory since its inception. Pakistan's economy is battling a state of virtual "stagflation", means that Pakistan is grappling with the challenging conditions of sluggish economic activity, rising unemployment and rising inflation.
Shaheen Foundation is a welfare foundation of the Pakistan Air Force. Shaheen Foundation works in different sectors ranging from education to aviation.
Nishat Group is a group of companies headquartered in Lahore, Pakistan. The company was founded by Pakistani business magnate Mian Muhammad Yahya in 1951. Mian Muhammad Mansha is the current chairman of the group.