Economy of Faisalabad
Agricultural exports form an important part of Faisalabad's economy
A PricewaterhouseCoopers study released in 2007, that surveyed the 2005GDP of the top cities in the world, calculated Faisalabad’s GDP (PPP) to be $10 billion. The city was third behind Karachi ($55 billion) and Lahore ($28 billion). Faisalabad's GDP is projected to rise to $24 billion in 2020 at a growth rate of 6.0%, higher than the growth rates of 5.8% and 5.9% predicted for Karachi and Lahore.
Faisalabad has a strong industrial base including textiles, jewelry, home furniture, and pharmaceuticals, assisted by the expanding transport network which includes newly-built motorway and highways to Lahore, Multan, Sargodha and Islamabad/Rawalpindi. Faisalabad is one of the three planned cities of the country. The eight bazaars of the city each have different types of markets and goods.
Before independence, there were only five industrial units in Faisalabad, but now there are numerous textile mills, engineering units and chemical and food processing units. Other industries include hosiery, carpet and rugs, nawar and lace, printing and publishing and pharmaceutical products etc. There are also several thousand household industries, including some 60,000 power loom factories.
The textile industry of Faisalabad constitutes more than 70% of the textile export market of Pakistan which have a share of 68% in total exports from Pakistan. This makes Faisalabad’s share of total exports from Pakistan to be more than 45%.
Shopping malls are springing up in the city to meet the needs of a trendier generation
The district is unparalleled for its agricultural productivity. The area grew in importance as the grain belt of the Punjab during the wake of colonisation. This lead to economic development of towns and villages within the district. Crops that have become major exports out of Faisalabad include the Kharif crops which include maize, rice, sugarcane and bajra as well as the Rabi crops which include wheat, barley, gram and barseen. In addition to these, there are also Zaid Kharif and Zaid Rabi crops. Zaid Kharif crops are toria, raiya, sarsoon and Zaid Rabi crop is tobacco. The use of tractors is becoming popular and is fast replacing the conventional ploughs. Improved variety of seeds, fertilizers and pesticides have greatly increased per acre yield and with that the prosperity of the peasant community which has toiled for three generations to transform a barren land into verdant fields. Faisalabad district is famous for its fruit production. The important fruits are oranges, bananas, apples, sugarcanes, tangerines, fruiter, mangos, guava and Faalsa. The total area under fruit orchards is 34,517 acres (13,969 ha).
The rise of the middle class as a result of economic boom in the past decade has led to the construction of major malls and shopping plazas amid investment from the United Arb Emirates as well as many European firms. The projects currently under construction include Motorway City, Kohinoor One, Doburg, Gateway Towers, Paradise Inn, MediaCom City, Centre Point, FDA City and Rehman Heights. Faisalabad is also called as "Manchester of Pakistan" because it has a major impact on the economy of Pakistan. The city also generates 25% revenue for the trade and commerce activity of Pakistan.
Agricultural exports form an important part of Faisalabad's economy
A PricewaterhouseCoopers study released in 2007, that surveyed the 2005GDP of the top cities in the world, calculated Faisalabad’s GDP (PPP) to be $10 billion. The city was third behind Karachi ($55 billion) and Lahore ($28 billion). Faisalabad's GDP is projected to rise to $24 billion in 2020 at a growth rate of 6.0%, higher than the growth rates of 5.8% and 5.9% predicted for Karachi and Lahore.
Faisalabad has a strong industrial base including textiles, jewelry, home furniture, and pharmaceuticals, assisted by the expanding transport network which includes newly-built motorway and highways to Lahore, Multan, Sargodha and Islamabad/Rawalpindi. Faisalabad is one of the three planned cities of the country. The eight bazaars of the city each have different types of markets and goods.
Before independence, there were only five industrial units in Faisalabad, but now there are numerous textile mills, engineering units and chemical and food processing units. Other industries include hosiery, carpet and rugs, nawar and lace, printing and publishing and pharmaceutical products etc. There are also several thousand household industries, including some 60,000 power loom factories.
The textile industry of Faisalabad constitutes more than 70% of the textile export market of Pakistan which have a share of 68% in total exports from Pakistan. This makes Faisalabad’s share of total exports from Pakistan to be more than 45%.
Shopping malls are springing up in the city to meet the needs of a trendier generation
The district is unparalleled for its agricultural productivity. The area grew in importance as the grain belt of the Punjab during the wake of colonisation. This lead to economic development of towns and villages within the district. Crops that have become major exports out of Faisalabad include the Kharif crops which include maize, rice, sugarcane and bajra as well as the Rabi crops which include wheat, barley, gram and barseen. In addition to these, there are also Zaid Kharif and Zaid Rabi crops. Zaid Kharif crops are toria, raiya, sarsoon and Zaid Rabi crop is tobacco. The use of tractors is becoming popular and is fast replacing the conventional ploughs. Improved variety of seeds, fertilizers and pesticides have greatly increased per acre yield and with that the prosperity of the peasant community which has toiled for three generations to transform a barren land into verdant fields. Faisalabad district is famous for its fruit production. The important fruits are oranges, bananas, apples, sugarcanes, tangerines, fruiter, mangos, guava and Faalsa. The total area under fruit orchards is 34,517 acres (13,969 ha).
The rise of the middle class as a result of economic boom in the past decade has led to the construction of major malls and shopping plazas amid investment from the United Arb Emirates as well as many European firms. The projects currently under construction include Motorway City, Kohinoor One, Doburg, Gateway Towers, Paradise Inn, MediaCom City, Centre Point, FDA City and Rehman Heights. Faisalabad is also called as "Manchester of Pakistan" because it has a major impact on the economy of Pakistan. The city also generates 25% revenue for the trade and commerce activity of Pakistan.
Posts
Thank you for sharing such information with us. Please keep posting this kind of informative articles.
ReplyDeleteBlue World City Islamabad