Economy
Islamabad is a net contributor to the Pakistani economy, as whilst having only 0.8% of the country's population, it contributes 1% to the country's GDP. Islamabad Stock Exchange, founded in 1989, is Pakistan's third largest stock exchange after Karachi Stock Exchange and Lahore Stock Exchange. The exchange has 118 members with 104 corporate bodies and 18 individual members. The average daily turnover of the stock exchange is over 1 million shares. As of 2012, Islamabad LTU (Large Tax Unit) was responsible for Rs 371 billion in tax revenue, which amounts to 20% of all the revenue collected by Federal Board of Revenue.
Islamabad has seen an expansion in information and communications technology with the addition two Software Technology Parks which house numerous national and foreign technological and IT companies. The tech parks are located in Evacuee Trust Complex and Awami Markaz. Awami Markaz houses 36 IT companies while Evacuee Trust house 29 companies. Call centres for foreign companies have been targeted as another significant area of growth, with the government making efforts to reduce taxes by as much as 10% in order to encourage foreign investments in the IT sector.
Most of Pakistan's state-owned companies like PIA, PTV, PTCL, OGDCL, and Zarai Taraqiati Bank Ltd. are based in Islamabad. The city is home to many branches of Karachi-based companies, banks, and TV channels. Headquarters of all major telecommunication operators such as PTCL, Mobilink, Telenor, Ufone, China Mobile and are located in Islamabad.
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Famous quotes containing the word economy:
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
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