KARACHI: Naya Pakistan’s advent appears to have set in motion an immovable gold rush with the newly registered business sector growth of 132% in 2020-21. According to data gathered from the apex regulator of the country’s business sector, Boost of real estate sector has been seen as 1,794 real estate development enterprises were incorporated in last fiscal year, up 2,3 times from 773 enterprises registered for 2019-20.
Several incentives” by the government, in the form of amnesty schemes, tax reductions and increase in the development fund allocation as well as a decrease of 25% on the tax on sales of capital gains, result in a rapid rise in new registers in the real estate and construction sectors.
The number of newly registered IT (52 pc) and trade sectors (42 pc) companies in 2020-21, which have shown significant growth has also been shown. In the pharmaceutical, textile, e-commerce and auto sectors, more than 1,000 companies were registered in the past year.
He said while the official data of SECP shows that direct investment from overseas investors declined almost 28% last fiscal year, foreign investment in established firms showed a “significant rise” in the period 2020-21.
In 2020-21, there have been 529 new businesses investing abroad, while 21 foreign companies have established business centers in Pakistan.