Economy of Islamabad

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Downtown Islamabad Long Exposure of Blue Area Islamabad.JPG
Downtown Islamabad

Islamabad is the capital of Pakistan and a net contributor to the Pakistani economy. Whilst having only 0.8% of the country's population, it contributes 1% to the country's GDP. [1] The Islamabad Stock Exchange, founded in 1989, is Pakistan's third largest stock exchange after Karachi Stock Exchange and Lahore Stock Exchange. [2] The exchange has 118 members with 104 corporate bodies and 18 individual members. The average daily turnover of the stock exchange is over 1 million shares. [3] As of 2012, Islamabad LTU (Large Tax Unit) was responsible for Rs 371 billion in tax revenue, which amounts to 20% of all the revenue collected by the Federal Board of Revenue (FBR) as of 2012. [4]

Islamabad has seen an expansion in information and communications technology with the addition three Software Technology Parks which house numerous national and foreign technological and IT companies. The tech parks are located in Evacuee Trust Complex, Awami Markaz and I-9 sector. Awami Markaz houses 36 IT companies while Evacuee Trust house 29 companies. [5] Call centers for foreign companies have been targeted as another significant area of growth, with the government making efforts to reduce taxes by as much as 10% in order to encourage foreign investments in the IT sector.

Most of Pakistan's state-owned companies like Pakistan International Airlines, PTV, PTCL, OGDCL, and Zarai Taraqiati Bank Ltd. are based in Islamabad. The city is home to many branches of Karachi-based companies, banks, and TV channels. Headquarters of all major telecommunication operators such as PTCL, Mobilink, Telenor, Ufone, China Mobile and are located in Islamabad.

Being an expensive city, the prices of most of fruits, vegetable and poultry items increased in Islamabad during the years 2015-2020

Business

According to the World Bank's Doing Business Report of 2010, Islamabad was ranked as the best place to start a business in Pakistan. [6]

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<span class="mw-page-title-main">Islamabad Capital Territory</span> Federal territory of Pakistan

The Islamabad Capital Territory is the only federal territory of Pakistan containing Islamabad, the capital of Pakistan. Located on the northern edge of the Pothohar Plateau and at the foot of the Margalla Hills, The ICT shares borders with the province of Khyber Pakhtunkhwa in the west and with the province of Punjab in the remaining directions. It covers an area of 1,165 square kilometres and according to the 2017 national census, had a population of over 1 million in the city proper, while over 2 million in the whole territory. The territory is represented in the National Assembly by NA-52, NA-53, and NA-54 constituencies and by four seats in the Senate.

<span class="mw-page-title-main">Economy of Pakistan</span>

The economy of Pakistan is classified as a developing economy. It is the 24th-largest in terms of GDP based on purchasing power parity (PPP) and 46th largest in terms of nominal GDP. As of 2023, the country has a population of 232 million people. According to the International Monetary Fund (IMF), on a per capita income basis, Pakistan ranked 161st by GDP (nominal) and 138th by GDP (PPP).

<span class="mw-page-title-main">Islamabad</span> Capital city of Pakistan

Islamabad is the capital city of Pakistan. It is the country's ninth-most populous city with a population of over 1.2 million people and is federally administered by the Pakistani government as part of the Islamabad Capital Territory. Built as a planned city in the 1960s, it replaced Karachi as Pakistan's official national capital. The city is notable for its high standards of living, safety, cleanliness, abundant greenery and architecture.

<span class="mw-page-title-main">Karachi Stock Exchange</span> Stock exchange located in Karachi, Pakistan

The Karachi Stock Exchange was a stock exchange located in Karachi, Pakistan. Since 1947, it has been located at the Stock Exchange Building on I. I. Chundrigar Road. It has now been consolidated in the Pakistan Stock Exchange, along with the Lahore Stock Exchange and Islamabad Stock Exchange. The KSE was Pakistan's largest and oldest stock exchange. According to Bloomberg, the Pakistani benchmark stock market index is the third-best performer in the world since 2009. In June 2015, Khaleej Times reported that since 2009, Pakistani equities delivered 26% a year for US dollar investors, making Karachi the top-performing stock exchange in the world.

<span class="mw-page-title-main">Lahore Stock Exchange</span>

The Lahore Stock Exchange was a financial facility located in Lahore, Pakistan. It was incorporated as a company Limited by Guarantee under the Indian Companies Act 1913 on 5 October 1970. In the first General meeting of the Board of Directors held on the same day, it was decided that the Exchange will commence its working by December 1970. It was the third Exchange in the country after Karachi and Dacca. The 1st Registered office of Lahore Stock Exchange (G) Limited was located at 17-Bank Square, Lahore.

<span class="mw-page-title-main">Islamabad Stock Exchange</span> Stock exchange located in Islamabad, Pakistan

The Islamabad Stock Exchange was a stock exchange located in Islamabad, Capital Territory, Pakistan. In 2016, it merged with the Pakistan Stock Exchange.

Airblue Limited is a private Pakistani airline with its head office on the ground floor of the Islamabad Stock Exchange (ISE) Towers in Islamabad, Pakistan. Airblue operates scheduled domestic and international flights, the latter to Saudi Arabia and the United Arab Emirates.

<span class="mw-page-title-main">Blue Area</span> Central Business District in Pakistan

Blue Area is the central business district of Islamabad, Pakistan along the Jinnah Avenue. The area is a 2-kilometer (1.2 mi)-long corridor along Islamabad's Khayaban-e-Quaid-e-Azam, Islamabad's primary arterial road which leads up to the main government buildings. It is characterized by clean, wide roads and tall buildings among the panoramic greenery of the adjacent areas.

<span class="mw-page-title-main">Borsa Istanbul</span> Sole exchange entity of Turkey

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<span class="mw-page-title-main">Securities and Exchange Commission of Pakistan</span>

The Securities and Exchange Commission of Pakistan (SECP) is the financial regulatory agency in 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.

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<span class="mw-page-title-main">Oil & Gas Development Company</span> Pakistani oil and gas company

Oil and Gas Development Company Limited, commonly known as OGDCL is a Pakistani oil and gas company. It has a primary listing on the Pakistan Stock Exchange, and secondary listing on the London Stock Exchange. Established in 1961 by the Government of Pakistan, it was turned into a public listed company on 23 October 1997. Today it is involved in exploring, drilling, refining and selling oil and gas in Pakistan. It is based on Jinnah Avenue, Blue Area in Islamabad, with the Government of Pakistan holding 74% stake in the company. Rest are held by private investors. For the financial year 2022, it reported net sales of Rs 335.46 billion and profit of Rs 133.78 billion.

<span class="mw-page-title-main">Federal Board of Revenue</span> Federal revenue department of Pakistan

The Federal Board of Revenue (FBR) (Urdu: وفاقی ہیئت برائے محصولات), formerly known as Central Board of Revenue (CBR), is a federal law enforcement agency of Pakistan that investigates tax crimes, suspicious accumulation of wealth, money-laundering make regulation of collection of tax. FBR operates through Inspectors-IR that keep tax evaders under surveillance, assess taxable incomes and perform special tasks for FBR Headquarters. FBR performs role of collection of taxation in the country from all individuals and businesses.

The Corporate sector of Pakistan 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. The current policy measure programme is the Companies Ordinance 2016 that legally allows a variety of formations in the mixed economy of Pakistan.

Pakistan Post is a state enterprise which functions as Pakistan's primary and largest postal operator. 49,502 employees through a vehicle fleet of 5,000 operate traditional "to the door" service from more than 13,419 post offices across the country, servicing over 50 million people. Pakistan Post operates under the autonomous "Postal Services Management Board" to deliver a full range of delivery, logistics and fulfillment services to customers.

<span class="mw-page-title-main">Shell Pakistan</span> Pakistani regional subsidiary of Shell plc

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Pakistan's current Taxation system is defined by Income Tax Ordinance 2001 and Sales Tax Act 1990 and administered by Federal Board of Revenue (FBR).

<span class="mw-page-title-main">Pakistan Stock Exchange</span> Pakistani stock exchange

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<span class="mw-page-title-main">Islamabad–Rawalpindi metropolitan area</span> Metropolitan area in Pakistan

The Islamabad–Rawalpindi metropolitan area is the fourth-largest metropolitan area of Pakistan, after Karachi, Lahore, and Faisalabad. It consists of the twin cities of Islamabad and Rawalpindi.

References

  1. "Pakistan | Economics and extremism". Dawn.Com. 2010-01-05. Archived from the original on 2010-01-08. Retrieved 2010-06-02.
  2. "Pakistan Stock Exchanges". Archived from the original on 2010-02-28. Retrieved 2011-05-28.
  3. ISE-Official website. "About ISE". Archived from the original on 2011-06-17.
  4. "Rs371bn revenue target: FBR hails LTU Islamabad's performance". brecorder.com. 5 July 2012. Retrieved 9 July 2012.
  5. Pakistan Software Export Board. "Islamabad". Archived from the original on 2010-05-05.
  6. "Faisalabad best place to do business in Pakistan". The Express Tribune . June 30, 2010.