Karachi, Sindh Province, Pakistan

Economy | Finance and banking | Media and technology | Economy : Industry

🇵🇰 Karachi is the capital of the Pakistani province of Sindh. It is the largest city in Pakistan and seventh largest city proper in the world. The city is Pakistan's premier industrial and financial centre, with an estimated GDP of $114 billion as of 2014. Karachi is Pakistan's most cosmopolitan city, its most linguistically, ethnically, and religiously diverse city, as well as one of Pakistan's most secular and socially liberal cities. With its location on the Arabian Sea, Karachi serves as a transport hub, and is home to Pakistan's two largest seaports, the Port of Karachi and Port Bin Qasim, as well as Pakistan's busiest airport, Jinnah International Airport.

The region has been inhabited for millennia, but the city was formally founded as the fortified village of Kolachi as recently as 1729. The settlement greatly increased in importance on arrival of the East India Company in the mid-19th century. British administrators embarked on substantial projects to transform the city into a major seaport, and connect it with the extensive railway network of the Indian subcontinent. At the time of the partition of India in 1947, the city was the largest in Sindh with an estimated population of 400,000 people. Following the independence of Pakistan, the city experienced a dramatic shift in population and demography with the arrival of hundreds of thousands of Muhajir (Urdu-speaking people) Muslim refugees from India, coupled with a substantial exodus of its Hindu residents, whose numbers declined from 51.1% to 1.7% of the total population. The city experienced rapid economic growth following Pakistan's independence, attracting migrants from throughout the country and other regions in South Asia. Karachi is one of the world's fastest-growing cities, and has significant communities representing almost every ethnic group in Pakistan. Karachi holds more than two million Bangladeshi immigrants, a million Afghan refugees, and up to 400,000 Rohingyas from Myanmar.

Karachi is now Pakistan's premier industrial and financial centre. The city has a formal economy estimated to be worth $190 billion as of 2021, which is the largest in the country. Karachi collects 35% of Pakistan's tax revenue, and generates approximately 25% of Pakistan's entire GDP. Approximately 30% of Pakistani industrial output is from Karachi, while Karachi's ports handle approximately 95% of Pakistan's foreign trade. Approximately 90% of the multinational corporations and 100% of banks operating in Pakistan are headquartered in Karachi. Karachi is considered to be Pakistan's fashion capital, and has hosted the annual Karachi Fashion Week since 2009.

Known as the "City of Lights" in the 1960s and 1970s for its vibrant nightlife, Karachi was beset by sharp ethnic, sectarian, and political conflict in the 1980s with the large-scale arrival of weaponry during the Soviet–Afghan War. The city had become well known for its high rates of violent crime, but recorded crimes sharply decreased following a crackdown operation against criminals, the MQM political party, and Islamist militants, initiated in 2013 by the Pakistan Rangers. As a result of the operation, Karachi dropped from being ranked the world's 6th-most dangerous city for crime in 2014, to 128th by 2022.

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Economy Karachi is Pakistan's financial and commercial capital. Since Pakistan's independence, Karachi has been the centre of the nation's economy, and remain's Pakistan's largest urban economy despite the economic stagnation caused by sociopolitical unrest during the late 1980s and 1990s. The city forms the centre of an economic corridor stretching from Karachi to nearby Hyderabad, and Thatta.

As of 2021, Karachi had an estimated GDP (PPP) of $190 billion. As of 2008, the city's gross domestic product (GDP) by purchasing power parity (PPP) was estimated at $78 billion with a projected average growth rate of 5.5 percent. Karachi contributes 90% of Sindh's gross domestic product. and accounts for approximately 25% of the total GDP of Pakistan. The city has a large informal economy which is not typically reflected in GDP estimates. The informal economy may constitute up to 36% of Pakistan's total economy, versus 22% of India's economy, and 13% of the Chinese economy. The informal sector employs up to 70% of the city's workforce. In 2018 The Global Metro Monitor Report ranked Karachi's economy as the best performing metropolitan economy in Pakistan.

Today along with Pakistan's continued economic expansion Karachi is now ranked third in the world for consumer expenditure growth with its market anticipated to increase by 6.6% in real terms in 2018 It is also ranked among the top cities in the world by an anticipated increase of a number of households (1.3 million households) with annual income above $20,000 dollars measured at PPP exchange rates by 2025. The Global FDI Intelligence Report 2017/2018 published by Financial Times ranks Karachi amongst the top 10 Asia pacific cities of the future for FDI strategy. According to Anatol Lieven the economic growth of Karachi is a result of the influx of Muhajirs to Karachi during late 1940s and early 50s.

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Finance and banking Most of Pakistan's public and private banks are headquartered on Karachi's I. I. Chundrigar Road, which is known as "Pakistan's Wall Street", with a large percentage of the cash flow in the Pakistani economy taking place on I. I. Chundrigar Road. Most major foreign multinational corporations operating in Pakistan have their headquarters in Karachi. Karachi is also home to the Pakistan Stock Exchange, which was rated as Asia's best-performing stock market in 2015 on the heels of Pakistan's upgrade to emerging-market status by MSCI.

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Media and technology Karachi has been the pioneer in cable networking in Pakistan with the most sophisticated of the cable networks of any city of Pakistan, and has seen an expansion of information and communications technology and electronic media. The city has become a software outsourcing hub for Pakistan. Several independent television and radio stations are based in Karachi, including Business Plus, AAJ News, Geo TV, KTN, Sindh TV, CNBC Pakistan, TV ONE, Express TV, ARY Digital, Indus Television Network, Samaa TV, Abb Takk News, Bol TV, and Dawn News, as well as several local stations.

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Economy: Industry Industry contributes a large portion of Karachi's economy, with the city home to several of Pakistan's largest companies dealing in textiles, cement, steel, heavy machinery, chemicals, and food products. The city is home to approximately 30 percent of Pakistan's manufacturing sector, and produces approximately 42 percent of Pakistan's value added in large scale manufacturing. At least 4500 industrial units form Karachi's formal industrial economy. Karachi's informal manufacturing sector employs far more people than the formal sector, though proxy data suggest that the capital employed and value-added from such informal enterprises is far smaller than that of formal sector enterprises. An estimated 63% of the Karachi's workforce is employed in trade and manufacturing.

Karachi Export Processing Zone, SITE, Korangi, Northern Bypass Industrial Zone, Bin Qasim and North Karachi serve as large industrial estates in Karachi. The Karachi Expo Centre also complements Karachi's industrial economy by hosting regional and international exhibitions.

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Karachi, Sindh Province, Pakistan 
<b>Karachi, Sindh Province, Pakistan</b>
Image: Photo by Muhammad Jawaid Shamshad on Unsplash

Karachi is rated Beta by the Globalization and World Cities Research Network (GaWC) which evaluates and ranks the relationships between world cities in the context of globalisation. Beta level cities are cities that link moderate economic regions to the world economy.

Karachi is rated D+ by the Global Urban Competitiveness Report (GUCR) which evaluates and ranks world cities in the context of economic competitiveness. D+ cities are strong regional hub cities. Karachi was ranked #1185 by the Nomad List which evaluates and ranks remote work hubs by cost, internet, fun and safety. Karachi has a population of over 14,910,352 people. Karachi also forms the centre of the wider Karachi metropolitan area which has a population of over 25,400,000 people. Karachi is ranked #286 for startups with a score of 1.084.

To set up a UBI Lab for Karachi see: https://www.ubilabnetwork.org Twitter: https://twitter.com/UBILabNetwork

Twin Towns, Sister Cities Karachi has links with:

🇱🇧 Beirut, Lebanon 🇨🇳 Changning, China 🇧🇩 Dhaka, Bangladesh 🇺🇸 Houston, USA 🇹🇷 İzmit, Turkey 🇸🇦 Jeddah, Saudi Arabia 🇲🇾 Kuala Lumpur, Malaysia 🇧🇭 Manama, Bahrain 🇮🇷 Mashhad, Iran 🇲🇺 Port Louis, Mauritius 🇽🇰 Pristina, Kosovo 🇨🇳 Qingpu District, China 🇮🇷 Qom, Iran 🇨🇳 Shanghai, China 🇺🇿 Tashkent, Uzbekistan 🇨🇳 Tianjin, China 🇨🇳 Ürümqi, China
Text Atribution: Wikipedia Text under CC-BY-SA license | GaWC | GUCR | Nomad | StartupBlink

  • James Cumming Wynnes |

    🏴󠁧󠁢󠁳󠁣󠁴󠁿 Architect James Cumming Wynnes is associated with Karachi. Wynnes was elected a Fellow of the RIBA in 1914.

Antipodal to Karachi is: -112.99,-24.85

Locations Near: Karachi 67.01,24.85

🇵🇰 Hub 66.917,25.067 d: 25.9  

🇵🇰 Thatta 67.917,24.733 d: 92.4  

🇵🇰 Qasimabad 68.2,25.24 d: 127.5  

🇵🇰 Hyderabad 68.367,25.367 d: 148.2  

🇵🇰 Mirpur Khas 69,25.517 d: 213.5  

🇵🇰 Naushahro Feroze 68.133,26.85 d: 249.2  

🇵🇰 Mithi 69.8,24.733 d: 281.9  

🇵🇰 Larkana 68.2,27.55 d: 322.8  

🇮🇳 Bhuj 69.67,23.25 d: 323.4  

🇵🇰 Sukkur 68.833,27.7 d: 365.3  

Antipodal to: Karachi -112.99,-24.85

🇵🇫 Papeete -149.566,-17.537 d: 16149.1  

🇵🇪 Sechura -80.817,-5.55 d: 15969.9  

🇵🇪 Talara -81.267,-4.567 d: 15945.7  

🇵🇪 Chiclayo -79.844,-6.764 d: 15957.7  

🇵🇪 Chimbote -78.583,-9.067 d: 15974.4  

🇵🇪 Piura -80.633,-5.2 d: 15930.8  

🇵🇪 Trujillo -79.034,-8.103 d: 15962.1  

🇵🇪 Callao -77.15,-12.067 d: 15992.4  

🇵🇪 Máncora -81.05,-4.1 d: 15895.3  

🇵🇪 Miraflores -77.033,-12.117 d: 15983.4  

Bing Map

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