Harnessing Adversity for Progress in Pakistan

Historically businesses in #Pakistan and especially #SME sector, hardly have "go-global" as part of their vision. Many nations, including our neighbors have seen exponential economic growth by go-regional and/or going global. The current economic situation and challenges in Pakistan with such a low purchase power is a challenge for a business to expand within the country. There are always two ways to look at adversity – a challenge or an opportunity. It is a matter of decision rather than resources.

There are several reasons why businesses in Pakistan may consider the go-global strategy. Political instability, a challenging economic environment in Pakistan, access to the global market, access to talent, and diversification, to name a few.

It is important to note that a go-global strategy can pose its own challenges, such as navigating complex regulations, cultural differences, and language barriers. Businesses in Pakistan should carefully evaluate their goals and resources before deciding to expand outside of the country. But it is definitely high time and worth the effort. Partnerships and collaboration could be an initial model to open new markets/offices.

While businesses going global, it can also have a positive impact on the country as a whole:

1. Increased investment: By establishing offices in other countries, businesses in Pakistan can attract foreign investment and capital, which can help to drive economic growth and create new jobs.
2. Improved trade relations: Establishing offices in other countries can help businesses in Pakistan to build and strengthen trade relationships with other countries, leading to increased exports and economic growth.
3. Improved reputation: By establishing a presence in other countries, businesses in Pakistan can demonstrate their commitment to global commerce and improve the country's reputation as a viable business partner.
4. #Technologytransfer : Working with foreign companies can also provide opportunities for technology transfer and the development of new skills and expertise within the business community in Pakistan.
5. Increased competitiveness: By accessing new markets and customers, businesses in Pakistan can increase their competitiveness and expand their reach, helping to drive #economicgrowth and #prosperity .

In summary, businesses going global can help drive economic growth, improve trade relationships, and increase competitiveness, ultimately benefiting the country.

Nutshell Group Muhammad Azfar Ahsan Pathfinder Group Pakistan World Economic Forum

#FDI #Export #Trade #exports