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• GDP: US$124 billion (2006).
• Main imports: Petroleum and petroleum products, machinery, plastics, transport equipment and edible oils.
• Main exports: Textiles, rice, leather goods, sports goods and chemicals.
• Main trade partners: USA, China, Saudi Arabia, United Arab Emirates and Japan.
• Main imports: Petroleum and petroleum products, machinery, plastics, transport equipment and edible oils.
• Main exports: Textiles, rice, leather goods, sports goods and chemicals.
• Main trade partners: USA, China, Saudi Arabia, United Arab Emirates and Japan.
Economy
About 28% of Pakistan's land is under cultivation and watered by one of the largest irrigation systems in the world. Wheat, rice, sugar cane and cotton are the main products. Cotton accounts for almost 60% of revenues. Pakistan has some reserves of graphite and limestone, as well as a small oil industry.
The overriding economic problem for the Pakistani economy is its huge foreign debt burden, which is over 90% of GDP and consumes over half of government revenue to meet interest payments. The situation has been made more difficult by the history of poor relations between Pakistan and the international financial community generally. Sanctions were imposed following Pakistani nuclear tests in 1998, coinciding with the fall-out from the 1997 financial crisis that engulfed the major economies of East Asia.
Yet despite these factors, the regional crisis centred on Afghanistan and Iraq, and domestic political instability, the Pakistani economy has performed steadily in the last few years. Growth in 2006 was 6.6%, with unemployment at 6.5% and inflation at 7.9%.
The overriding economic problem for the Pakistani economy is its huge foreign debt burden, which is over 90% of GDP and consumes over half of government revenue to meet interest payments. The situation has been made more difficult by the history of poor relations between Pakistan and the international financial community generally. Sanctions were imposed following Pakistani nuclear tests in 1998, coinciding with the fall-out from the 1997 financial crisis that engulfed the major economies of East Asia.
Yet despite these factors, the regional crisis centred on Afghanistan and Iraq, and domestic political instability, the Pakistani economy has performed steadily in the last few years. Growth in 2006 was 6.6%, with unemployment at 6.5% and inflation at 7.9%.
Business Etiquette
Ties should be worn for important business appointments. English is commonly used. Appointments should be made, remembering that businesses are usually closed on Muslim holidays. Business cards should be used.
Office hours: Mon-Thurs and Sat 0900-1700, Fri 0900-1230.
Office hours: Mon-Thurs and Sat 0900-1700, Fri 0900-1230.
Business Contacts
Overseas Investors’ Chamber of Commerce and Industry
Chamber of Commerce Building, Talpur Road, Karachi 74000, Pakistan
Tel: (21) 242 6076 or 241 0814-5.
Website: www.oicci.org
Federation of Pakistan Chambers of Commerce (FPCCI)
Federation House, Main Clifton, Karachi, Pakistan
Tel: (21) 587 3691.
Website: www.fpcci.com.pk
Chamber of Commerce Building, Talpur Road, Karachi 74000, Pakistan
Tel: (21) 242 6076 or 241 0814-5.
Website: www.oicci.org
Federation of Pakistan Chambers of Commerce (FPCCI)
Federation House, Main Clifton, Karachi, Pakistan
Tel: (21) 587 3691.
Website: www.fpcci.com.pk
