In continuation to the series of exclusive articles on construction-related issues in Pakistan, this article focuses on multinational companies in Pakistan.
Multinational Companies In Pakistan Islamabad jobs 2021
The ever-growing multinational business in Pakistan has changed the face of the country’s economy and provided a lot of scope for entrepreneurial initiatives.
This is the time to take advantage of multinationals and invest in your own business in Pakistan. Let us discuss some of the top multinational companies in Pakistan.
The construction industry is one of the fastest-growing sectors of the Pakistani economy and is witnessing tremendous pace advancements.
Numerous multinational companies in Pakistan are engaged in various construction fields, including building roads, residential projects, commercial projects, etc.
I prefer to come to Pakistan. They can avail the desired projects at cheaper rates than those prevailing in their respective countries. Moreover, they can make use of the available local resources to their maximum advantage. They can employ local skilled and semi-skilled professionals on various projects.
These multinational companies in Pakistan offer some employment options to the candidates who have graduated from their campuses abroad.
Those who are eligible for these schemes can apply for them. An investment of five hundred million dollars can easily attract such a big multinational company to invest in Pakistan. This will help them to create thousands of jobs.
To get noticed, it is crucial to building up the proper infrastructure. Only then can a project gain maximum attention. For instance, if there are no decent roads in the area, construction can fail. The chances of delays and other problems will then come into play.
The prime focus of any construction activity should be quality and standards. Only then will projects be able to reap the benefits of timely completion.
With quality construction products and supplies, projects run smoothly without any hiccups. In addition, good craft and standard finishes ensure long-term benefits. When the product is delivered, it will not meet the expectations of the customer.
The main areas where multinational companies like to invest include housing, retailing, construction, food processing, tourism, and entertainment. It is expected that international companies will expand their presence in Pakistan due to the rise of tourism in the country.
Many tourists visit Pakistan every year. Most of them travel to the beautiful Baluchistan province. The development of tourism can bring multinational companies to invest in the country.
The government needs to improve its visa policy for foreign professionals. It has the potential to attract more foreign investment. The plan of integrating currency trading with the national economy should also be adopted. All these efforts will increase the attractiveness of Pakistan as a business destination.
Finally, it is essential to note that most multinational companies in Pakistan prefer to have an office in Islamabad. The capital is home to various agencies that offer professional support.
The government must continue to provide incentives such as tax holidays, electricity discounts, free accommodation, and more. If necessary, new projects should be proposed so that multinational companies have an unknown reason to expand their operations in Pakistan.
It should continue to support education and research.
Research and development should be able to tap the talent and skills of the local population. The curriculum should be developed so that they produce graduates suited for international markets.
Some colleges and universities offer a good education. The problem is that many graduates have not been explicitly trained to face Pakistan’s challenges.
A successful outcome is very dependent on the amount of investment. Multinational companies may invest hundreds of millions of dollars into the local economy.
However, this will be a very long-term commitment. Once a company leaves a country, there is no guarantee that the investment will come back. There is also no guarantee that the local economy will develop according to the plans put in place.
This means that multinational companies may move on to another country where the government is more supportive of economic development. They will only move back if their investments deliver results.
There is no point in investing millions of dollars in an area when the results are not predictable. There is no guarantee that a new business venture will succeed even when multinationals make a sizable investment.
Lack of reliable statistics makes forecasting difficult. However, the level of investment in Pakistan is shallow compared to other countries.
This is terrible news for the local population as it means less revenue as companies leave the country. The best scenario is for the government to support development so that this level of investment does not fall.