Economy of Lahore
Encyclopedia
The economy of Lahore
has a diversified base spanning from telecommunication, information technology, manufacturing industry, engineering, pharmaceuticals, steel, chemicals and construction material. As a major urban centre, the economy of Lahore has relatively prospered. Lahore is hailed as the industrial belt of Pakistan and is home to the largest IT park in Pakistan. It is the country's second largest economic hub and the commercial capital of Punjab. In 2008, the city was ranked with high efficiency to be classified as a gamma world city.
The economy is also enhanced by Lahore's historic and cultural importance. Being the capital of the largest province in Pakistan brings the city one of the largest development budgets in the country. It is also the most advanced in terms of infrastructure, having extensive and relatively well developed road links to all major cities in Punjab and Khyber Pakhtunkhwa, a rail link with India
and the province's biggest international airport. It also has the most developed communications infrastructure in the province, which includes a wide network of fiber optic telephone and cable lines, GSM mobile network, IPP and WiMax
. It has the most developed education and health sectors in Pakistan, making it the economic, Technological, political and educational hub of the Pakistan. As Lahore expands, former residential areas are being turned into commercial centres, and the suburban population is constantly moving outwards. This has resulted in the development of the Liberty Market, M. M. Alam Road
, the new Jail Road (which has some of the largest office buildings in Lahore), and the Main Boulevard.
(PPP) was estimated at $40 billion with a projected average growth rate of 5.6 percent. This is at par with Pakistan's other economic hub, Karachi, with Lahore (having half the population) fostering an economy that is 51% of the size of Karachi's ($78 billion in 2008). The contribution of Lahore to the national economy is supposed to be around 13.2%. Lahore's GDP is projected to be $102 billion by the year 2025, with a slightly higher growth rate of 5.6% per annum, as compared to Karachi's 5.5%. Central to Lahore's economy is the Lahore Stock Exchange
(LSE), Pakistan's second largest stock exchange. Lahore has offices of several Pakistani government corporations including the Water and Power Development Authority
(WAPDA) and Water and Sewage Authority (WASA). Food and restaurant businesses remain open all night. Metro
, Makro
and Hyperstar (Carrefour) have situated their headquarters in Lahore.
The Lahore Railway station is one of the oldest station in the country, and serves as the main connecting point for rail services to many cities and routes. The station building is another example of the magnificant architectural beauty of the city. There is an International Airport in the cantonment area, P.I.A. and other international airlines have routes to all major destinations of the world. Lahore airport is one of the busiest airport of the country after Karachi international terminal. A newly built international terminal, Allama Iqbal International Terminal, helps in the locomotion of passengers to other countries. It greatly facilitate and improves the air transits to and from the Lahore city.
. It is located in Lahore
, Pakistan. The Lahore Stock Exchange (Guarantee) Limited came into existence in October 1970, under the Securities and Exchange Ordinance of 1969 by the Government of Pakistan
in response to the needs of the provincial metropolis
of the province of Punjab
. It initially had 83 members and was housed in a rented building in the crowded Bank Square area of Lahore
. The number of listed companies has increased to 519 since its inception. With 37 sectors of the economy and 519 listed companies with total capital of Rs. 555.67 billion having market capitalization of around Rs. 2.51 trillion . The LSE has 152 members of which 81 are corporate, and 54 are individual members. The LSE was the first stock exchange in Pakistan to use the internet and currently 50% of its transactions are via the internet.
The Lahore Stock Exchange has opened branches in the industrial cities of Faisalabad
and Sialkot
for trading. The Sialkot branch is referred to as the "Sialkot Trading Floor
".
Craftsmen in Lahore produce almost every type of handmade carpet using popular motifs such as medallions, paisleys, traceries, and geometric designs. The Lahore Design Centre at the Punjab Small Industries Corporation maintains a separate section of carpet designing to experiment with new designs. Lahore is known for single-weft
ed designs in Turkoman and Caucasian style and double-wefted Mughal types.
Lake City is a resort and residential development planned on the outskirts of Lahore. Covering an area of more than 2104 acre (851 ha), the resort will include lush green parks, sinuous lakes, an 18-hole regulation golf course and other features.
Defense Raya Golf Resort, also under construction, will be Pakistan's largest and Asia's largest golf course. The project is the result of a partnership between DHA Lahore and BRDB Malaysia. The rapid development of large projects such as these in the city is expected to boost the economy of the country.
Among the many other projects under construction in Lahore are: Pace Tower (24 floors, under construction), Mall99 (21 floors, under construction), Lahore Expo Center (under construction), Expo Center tower (approved), IT Tower (23 floors, under construction), Alamgir Tower (31 floors, under construction), DHA Haly Tower (low rise, under construction), Lahore Ring Road (under construction), Lahore Sports City (approved), Kot Lakhpat elevated expressway (approved), Lahore Rapid Mass Transit System (vision), Xinhua Mall (20 floors, under construction), Lahore-Sialkot motorway
(under construction), Boulevard Heights (19 floors, under construction), Pearl Continental Tower
(40 floors, 152 meters, proposed), LDA Tower (40 floors, approved), Bank Square Gulberg (vision), Pace Circle and Hyatt Regency (12 floors, under construction) and Tricon Corporate Tower (18 floors, under construction).
Lahore is one of Pakistan's most accessible cities and the only city in the country where one can find public and private transportation 24 hours a day and 7 days a week. This includes public buses, as well as thousands of rickshaws and taxis, which run on compressed natural gas to reduce pollution in the city. About 75% of residents have their own conveyances. The roads in the city are well maintained and are broadened when needed to meet increasing demand. Notable means of transport include:
Lahore
Lahore is the capital of the Pakistani province of Punjab and the second largest city in the country. With a rich and fabulous history dating back to over a thousand years ago, Lahore is no doubt Pakistan's cultural capital. One of the most densely populated cities in the world, Lahore remains a...
has a diversified base spanning from telecommunication, information technology, manufacturing industry, engineering, pharmaceuticals, steel, chemicals and construction material. As a major urban centre, the economy of Lahore has relatively prospered. Lahore is hailed as the industrial belt of Pakistan and is home to the largest IT park in Pakistan. It is the country's second largest economic hub and the commercial capital of Punjab. In 2008, the city was ranked with high efficiency to be classified as a gamma world city.
The economy is also enhanced by Lahore's historic and cultural importance. Being the capital of the largest province in Pakistan brings the city one of the largest development budgets in the country. It is also the most advanced in terms of infrastructure, having extensive and relatively well developed road links to all major cities in Punjab and Khyber Pakhtunkhwa, a rail link with India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
and the province's biggest international airport. It also has the most developed communications infrastructure in the province, which includes a wide network of fiber optic telephone and cable lines, GSM mobile network, IPP and WiMax
WiMAX
WiMAX is a communication technology for wirelessly delivering high-speed Internet service to large geographical areas. The 2005 WiMAX revision provided bit rates up to 40 Mbit/s with the 2011 update up to 1 Gbit/s for fixed stations...
. It has the most developed education and health sectors in Pakistan, making it the economic, Technological, political and educational hub of the Pakistan. As Lahore expands, former residential areas are being turned into commercial centres, and the suburban population is constantly moving outwards. This has resulted in the development of the Liberty Market, M. M. Alam Road
M. M. Alam road
M. M. Alam road is a road in Lahore, Punjab, Pakistan. It runs from Main Market to Firdous Market in Gulberg. The road runs parallel to famous Main Boulevard thus providing an alternate route and a huge business for restaurants, fashion boutiques, shopping malls, beauty saloons and décor stores...
, the new Jail Road (which has some of the largest office buildings in Lahore), and the Main Boulevard.
Gross domestic product
As of 2008, the city's gross domestic product (GDP) by purchasing power parityPurchasing power parity
In economics, purchasing power parity is a condition between countries where an amount of money has the same purchasing power in different countries. The prices of the goods between the countries would only reflect the exchange rates...
(PPP) was estimated at $40 billion with a projected average growth rate of 5.6 percent. This is at par with Pakistan's other economic hub, Karachi, with Lahore (having half the population) fostering an economy that is 51% of the size of Karachi's ($78 billion in 2008). The contribution of Lahore to the national economy is supposed to be around 13.2%. Lahore's GDP is projected to be $102 billion by the year 2025, with a slightly higher growth rate of 5.6% per annum, as compared to Karachi's 5.5%. Central to Lahore's economy is the Lahore Stock Exchange
Lahore Stock Exchange
Lahore Stock Exchange Limited is Pakistan's second largest stock exchange after the Karachi Stock Exchange. It is located in Lahore, Pakistan.- History :...
(LSE), Pakistan's second largest stock exchange. Lahore has offices of several Pakistani government corporations including the Water and Power Development Authority
Water and Power Development Authority
The Water and Power Development Authority is a government-owned public utility maintaining power and water in Pakistan, although it does not manage thermal power. WAPDA includes Tarbela and Mangla dams among its resources...
(WAPDA) and Water and Sewage Authority (WASA). Food and restaurant businesses remain open all night. Metro
Metro AG
Metro AG is a diversified retail and wholesale/cash and carry group based in Düsseldorf, Germany. It has the largest market share in its home market, and is one of the most globalised retail and wholesale corporations. It is the fourth-largest retailer in the world measured by revenues . In English...
, Makro
Makro
Makro is a Dutch chain of Warehouse clubs, also called cash and carries. The first one opened in 1968 in Amsterdam. In the following years more stores opened in the Netherlands and in several other countries within Europe. In the 1970s and 1980s Makro extended its business to the Americas and...
and Hyperstar (Carrefour) have situated their headquarters in Lahore.
Communications
There is a network of metalled roads in the district. It is connected other major cities and towns with a very sophisticated network of roads. It is also connected with the capital of Pakistan and other major cities through the M2 Motroway link.The Lahore Railway station is one of the oldest station in the country, and serves as the main connecting point for rail services to many cities and routes. The station building is another example of the magnificant architectural beauty of the city. There is an International Airport in the cantonment area, P.I.A. and other international airlines have routes to all major destinations of the world. Lahore airport is one of the busiest airport of the country after Karachi international terminal. A newly built international terminal, Allama Iqbal International Terminal, helps in the locomotion of passengers to other countries. It greatly facilitate and improves the air transits to and from the Lahore city.
Lahore Stock Exchange
The Lahore Stock Exchange is Pakistan's second largest stock exchange after the Karachi Stock ExchangeKarachi Stock Exchange
The Karachi Stock Exchange or KSE is a stock exchange located in Karachi, Sindh, Pakistan. It is Pakistan's largest and oldest stock exchange, with many Pakistani as well as overseas listings. Currently located in Stock Exchange Building on Stock Exchange Road, in the heart of Karachi's Business...
. It is located in Lahore
Lahore
Lahore is the capital of the Pakistani province of Punjab and the second largest city in the country. With a rich and fabulous history dating back to over a thousand years ago, Lahore is no doubt Pakistan's cultural capital. One of the most densely populated cities in the world, Lahore remains a...
, Pakistan. The Lahore Stock Exchange (Guarantee) Limited came into existence in October 1970, under the Securities and Exchange Ordinance of 1969 by the Government of Pakistan
Government of Pakistan
The Government of Pakistan is a federal parliamentary system, with an indirectly-elected President as the Head of State and Commander in Chief of the Pakistani Armed Forces, and an indirectly-elected Prime Minister as the Head of Government. The President’s appointment and term are...
in response to the needs of the provincial metropolis
Metropolis
A metropolis is a very large city or urban area which is a significant economic, political and cultural center for a country or region, and an important hub for regional or international connections and communications...
of the province of Punjab
Punjab (Pakistan)
Punjab is the most populous province of Pakistan, with approximately 45% of the country's total population. Forming most of the Punjab region, the province is bordered by Kashmir to the north-east, the Indian states of Punjab and Rajasthan to the east, the Pakistani province of Sindh to the...
. It initially had 83 members and was housed in a rented building in the crowded Bank Square area of Lahore
Lahore
Lahore is the capital of the Pakistani province of Punjab and the second largest city in the country. With a rich and fabulous history dating back to over a thousand years ago, Lahore is no doubt Pakistan's cultural capital. One of the most densely populated cities in the world, Lahore remains a...
. The number of listed companies has increased to 519 since its inception. With 37 sectors of the economy and 519 listed companies with total capital of Rs. 555.67 billion having market capitalization of around Rs. 2.51 trillion . The LSE has 152 members of which 81 are corporate, and 54 are individual members. The LSE was the first stock exchange in Pakistan to use the internet and currently 50% of its transactions are via the internet.
The Lahore Stock Exchange has opened branches in the industrial cities of Faisalabad
Faisalabad
Faisalabad , formerly known as Lyallpur, is the third largest metropolis in Pakistan, the second largest in the province of Punjab after Lahore, and a major industrial center in the heart of Pakistan. Before the foundation of the city in 1880, the area was very thinly populated. The population has...
and Sialkot
Sialkot
Sialkot is a city in Pakistan situated in the north-east of the Punjab province at the foothills of snow-covered peaks of Kashmir near the Chenab river. It is the capital of Sialkot District. The city is about north-west of Lahore and only a few kilometers from Indian-controlled Jammu.The...
for trading. The Sialkot branch is referred to as the "Sialkot Trading Floor
Sialkot Trading Floor
Sialkot Trading Floor is one of the two branch offices of Lahore Stock Exchange in order expand its boundaries and make ease of its access in major cites of country. Acting as a part of LSE, STF is going forward day by day to achieve aims, goals and aspirations of its ancestor...
".
Industries
Lahore is the second largest financial hub of Pakistan and has industrial areas including Kot Lakhpat and the new Sundar Industrial Estate (near Raiwand). A major industrial agglomeration with about 9,000 industrial units, Lahore has shifted in recent decades from manufacturing to service industries. Some 42% of its work force is employed in finance, banking, real estate, community, cultural, and social services. The city is the country’s largest software producing center, and hosts a growing computer-assembly industry.Small-scale industries
Lahore is the hub of handmade carpet manufacturing in Pakistan. At present, hand-knitted carpets produced in and around Lahore are among Pakistan's leading export products, and their manufacturing is the second-largest cottage and small industry.Craftsmen in Lahore produce almost every type of handmade carpet using popular motifs such as medallions, paisleys, traceries, and geometric designs. The Lahore Design Centre at the Punjab Small Industries Corporation maintains a separate section of carpet designing to experiment with new designs. Lahore is known for single-weft
Weft
In weaving, weft or woof is the yarn which is drawn through the warp yarns to create cloth. In North America, it is sometimes referred to as the "fill" or the "filling yarn"....
ed designs in Turkoman and Caucasian style and double-wefted Mughal types.
Projects
Among the projects currently under construction in Lahore is the long-delayed Lahore Expo Centre.Lake City is a resort and residential development planned on the outskirts of Lahore. Covering an area of more than 2104 acre (851 ha), the resort will include lush green parks, sinuous lakes, an 18-hole regulation golf course and other features.
Defense Raya Golf Resort, also under construction, will be Pakistan's largest and Asia's largest golf course. The project is the result of a partnership between DHA Lahore and BRDB Malaysia. The rapid development of large projects such as these in the city is expected to boost the economy of the country.
Among the many other projects under construction in Lahore are: Pace Tower (24 floors, under construction), Mall99 (21 floors, under construction), Lahore Expo Center (under construction), Expo Center tower (approved), IT Tower (23 floors, under construction), Alamgir Tower (31 floors, under construction), DHA Haly Tower (low rise, under construction), Lahore Ring Road (under construction), Lahore Sports City (approved), Kot Lakhpat elevated expressway (approved), Lahore Rapid Mass Transit System (vision), Xinhua Mall (20 floors, under construction), Lahore-Sialkot motorway
Sialkot Lahore Motorway
A 6-lane motorway from Sialkot to Lahore, the two important industrial centers of Punjab, was to be constructed which would have given impetus to economic activities in the province. NHA recognized this motorway as M11, however it was also known as LSM, SLM, Lahore-Sialkot Motorway or Shahrah-e-Sanat...
(under construction), Boulevard Heights (19 floors, under construction), Pearl Continental Tower
Pearl Continental Tower
Pearl Continental Tower is a proposed extension project of the existing Pearl Continental Hotel in Lahore, Pakistan. The project was conceived by Pakistan Services Ltd., the owners & operators of Pearl Continental Hotels and Resorts....
(40 floors, 152 meters, proposed), LDA Tower (40 floors, approved), Bank Square Gulberg (vision), Pace Circle and Hyatt Regency (12 floors, under construction) and Tricon Corporate Tower (18 floors, under construction).
Transportation
Lahore is one of Pakistan's most accessible cities and the only city in the country where one can find public and private transportation 24 hours a day and 7 days a week. This includes public buses, as well as thousands of rickshaws and taxis, which run on compressed natural gas to reduce pollution in the city. About 75% of residents have their own conveyances. The roads in the city are well maintained and are broadened when needed to meet increasing demand. Notable means of transport include:
- Lahore Ring Road
- Grand Trunk RoadGrand Trunk RoadThe Grand Trunk Road also formerly known as Uttarapatha, Shah Rah-e-Azam or Sadak-e-Azam or Badshahi Sadak is one of South Asia's oldest and longest major roads...
(G.T. Road) - Sammi Daewoo Bus ServiceDaewoo ExpressDaewoo Express or Sammi Daewoo Express is an inter-city common carrier of passengers by bus serving over 30 destinations in Pakistan and is headquartered in Lahore. It is operated by a Korean company, Sammi...
- Lahore Central Railway StationLahore Railway StationThe Lahore Railway Station in Lahore, Punjab, Pakistan was built by British colonists between 1859-1860 at the cost of half a million Rupees. It is of typical grand British architecture in South Asia during the British Raj period...
- Allama Iqbal International AirportAllama Iqbal International AirportAllama Iqbal International Airport is the second-largest civil airport in Pakistan, serving Lahore, the capital of Punjab province. Originally known as Lahore International Airport, it was renamed in 2003 for Allama Sir Muhammad Iqbal, the Islamic poet-philosopher who was a major advocate for the...