Pakistan is the world’s 6th most populated and Asia’s 4th most populated country. With an approximate population of more than 220 million, Pakistan is home to some of the world’s most intelligent and well-renowned scholars. Being one of the leading nations to secure the maximum number of scholarships in the world’s top universities, Pakistanis are multitalented people who like working on complex tasks and solving intricate problems. As a result, Pakistani graduates and executives are serving in every large organization at various levels. This article explains seven attributes that make Pakistan the preferred choice of multinational companies for outsourcing their operations.
English Language Proficiency
Pakistanis can communicate in English with fluency in the UK or the US accent. More than 8% of Pakistanis speak English as the first language while 49% as the second. Similarly, Pakistan is among the top 25 countries that send students to the United States while nearly 25,000 Pakistani students are currently studying in the UK’s top universities and colleges. Hence, foreign investors can easily find skilled professionals in Pakistan to deal with international customers.
The labor costs, benefits, and operational effectiveness in Pakistan are considerably low that helps companies save their operational costs. The salary of fresh graduates in Pakistan is comparatively lower to their counterparts in the West. Therefore, multinational brands can gain an economic edge over their competitors by outsourcing their operations to Pakistan.
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Pakistan has one of the largest percentages of youth with 29% of the population between 15 and 29 years of age, and 64% of the population below 30 years of age. The youth is a valuable asset for Pakistan as it brings new dreams, hopes, and aspirations to the table and uses creativity and resilience to present highly innovative solutions. Besides, young Pakistanis are capable of utilizing limited resources intelligently and solving complex problems with brilliance. These qualities make Pakistani youth highly creative, innovative, and passionate about turning challenges into opportunities.
Ease of Business
Corporate-friendly laws and regulations have improved Pakistan’s position in the Ease of Doing Business by 11 spots that make Pakistan a business-friendly country. Pakistan is one of the rare countries in the world that allow a 100% ownership of equity in the IT industry and offer tax incentives for various sectors. Additionally, despite internal & external challenges, Pakistan still managed to be Asia’s best-performing stock market in 2016.
Pakistan has a well-developed and organized infrastructure with a well-settled network of fiber optics, which has enabled the availability of high-speed 3G and 4G internet. The increased usage of the smartphone supported by cheap internet packages has generated increased demand for digital applications and services. The government of Pakistan is also considering the launch of 5G internet to meet the growing demand for high-speed internet and invite foreign investors. Moreover, Pakistan also has a higher computer literacy rate as well as reliable telecommunication, transport, and energy networks.
Future Hub of Tech Outsourcing
Pakistan is considered the future hub of tech outsourcing as several Pakistani firms are working with Fortune 500 Companies. Pakistan’s stable rankings in the business community make it a preferred option for IT and software outsourcing. The country offers 100% ownership of equity in the IT companies, 100% repatriation of earnings, and 33% annual depreciation of equipment.
Pakistan has nearly 56 million skilled and dedicated workforce. The turn overrate in Pakistan is less than 20% which shows the resilience and loyalty of its professionals. There are more than 80,000 IT-related institutes in Pakistan and the Oxford Internet Institute in Online Labor Index ranked Pakistan as the 4th most popular country for freelancing in 2019.
Pakistan is the 6th most populace and 3rd largest English speaking country in the world with nearly 64% population aged below 24 years. Karachi, Lahore, and Islamabad are the business hubs since there is a strong emphasis on technology education and training in these cities. Global tech-giants have been using services of Pakistan’s major brands such as System Limited, Khired Networks, Netsol, TRG Pakistan, 10 Pearls, Folio 3, Ovex tech, and LMKR. Most of the IT professionals and IT executives in Pakistan have graduated from the US or the UK and often have western experiences. Hence, Pakistan is considered the future hub of tech outsourcing and thousands of foreign investors are planning to outsource their operations to Pakistan to achieve corporate excellence without stretching their budgets.