The plethora of problems surrounding the business community of Pakistan seem to be never ending. From extortion and poor law and order to high costs of doing business everything seems to be at odds with the private sector. What should people belonging to Middle Class in Pakistan do?
Yet despite all these adversities a dim ray of hope of a rapidly emerging middle class remains, one that is fast making itself known in all spheres of Pakistani life be it political or business.
The present estimated size of the Pakistani middle class is around seventy million and fast rising. This emerging class of entrepreneurs and professionals presents vast opportunities for the business community not only in terms of increasing consumption but also the brand consciousness that has become associated with rising incomes in Pakistan. Some of the facts related to our middle class are below;
- This rising demand opens up new opportunities for local businesses as there is a great scope for expansion and more room for new startups in retail, restaurant, tourism, manufacturing and other industries to cater to the growing needs of the new middle class.
- Already many foreign corporations including the British retail giant Debenhams, eyeing this new middle class are building plans to tap into the Pakistani market. Previously hardly ever has Pakistan been present on the radar of global corporations.
- If foreign corporations can be persuaded to invest in Pakistan than they can also open joint ventures with Pakistani businesses to bring manufacturing of foreign brands to Pakistan but also learn from them the keys to success in the present globalized world; mainly corporate culture and efficiency in business.
- Already a new class of entrepreneurs is emerging to cater to the needs of this growing class and it is visible today in terms of new restaurants, boutiques and other businesses arising everywhere. This should be further encouraged by the government.
The possibilities arising from a rising middle class seem to be never ending as Pakistan struggles to find its way in the middle income countries. A middle class having surfaced despite all the problems faced by this country only goes on to show the immense potential our nation holds. And this new phenomenon might just provide a breather to the embattled businessmen of Pakistan who see no end to their present woes.