Wealth and Conglomerates
The industrialization of the country was bestowed under the watchful eyes of the President Ayub Khan during the most of the 1960s. The industrial sector was destroyed by the nationalization program of prime minister Zulfiqar Ali Bhutto, in an attempt to secure the capital flight of country's investment to Eastern Europe. This program included the encroachment of Ittefaq Group of Industries and many other large industries by Bhutto government Although the steel mill was returned in 1980 to Sharif family, but a havoc was already done by the nationalization policy of the prime minister Bhutto.
In 2005, Daily Pakistan reported that Sharif family is the fourth wealthiest family in Pakistan with an estimated net worth of US$ 1.4 billion. The Sharif family is intensively playing their role in the industrial growth of the country and expanding the steel business empire by employing state-of-the-art technology in their steel business in Pakistan, Saudi Arabia and Middle east.
Read more about this topic: Nawaz Sharif, Public Image and Legacy
Famous quotes containing the word wealth:
“Wars and revolutions and battles are due simply and solely to the body and its desires. All wars are undertaken for the acquisition of wealth; and the reason why we have to acquire wealth is the body, because we are slaves in its service.”
—Socrates (469–399 B.C.)