Pakistan is on the horizon of becoming the manufacturing center in the next decade as its developmental progress suggests at the moment, a firm which does financial market analysis has observed this.
Business Monitor International entails the following countries out of the Asian and African region to be responsible for their economic growth through the rise of their markets spread across the following decade and the countries being; Pakistan, Bangladesh, Ethiopia, Egypt, Indonesia, Myanmar, Nigeria, Philippines, and Vietnam.
According to the BMI report, construction and manufacturing will stand pivotal in accord of the respective economies. While Pakistan, Bangladesh, and Myanmar will have a stronger suit in manufacturing; the rest are all set out to see the construction avenues flourish, especially to enhance urban development and the manufacturing industry.
Pakistan is primarily focused on agriculture and its business through the major exports textile and rice; which will be the seeds of aforementioned manufacturing hub in years ahead.
In early reports of IBM, automotive and textile industries showed a rapid growth. Due to lower energy prices and a refined energy supply, local manufacturing will advance as a result of investments.
“Pakistan will develop as a manufacturing hub over the coming years, with the textile and automotive sectors posting the fastest growth at the beginning of our forecast period. Domestic manufacturing investment will be boosted by the windfall from lower energy prices compared to the last decade, and improved domestic energy supply.”