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Business Management in Pakistan - Term Paper Example

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From the paper "Business Management in Pakistan" it is clear that Pakistan is a major non-NATO ally, clearing the path for advanced military ties between the nations. This involvement has cost Pakistan many civil and military lives since then as retaliation from the Taliban force…
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Business Management in Pakistan
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?Pakistan August 1947 demarcates three major events in the world history and political scenario. End of British rule in South Asian subcontinent, independence of India and creation of an independent Islamic Country in the world map since known as “The Islamic Republic of Pakistan”, popularly known as Pakistan. History The land of Pakistan is witness to some of the wonderful civilizations of the history. The cultural heritage spans over centuries beginning from the Indus civilization, followed by Gandhara civilization, Islamic period, Sikh period, British period and post-independence era. About 8000 years BC, Indus Civilization was prominent in this region with rise of famous cities like Mohenjo-Daro and Harappa. Gandhara civilization started with the exploration of Alexander the great and spread of Buddhism by 326 BC. Islamic period started by 712 AD with the visit of Arab General Muhammad Bin Qasim followed by Mahmud Ghaznavi by 10th century AD. Islamic civilization and culture dominated other beliefs resulting in wider and deeper adoption which influenced the culture, architecture and lifestyle of people. After the death of Mughal Emperor Aurangzeb in 1707, the Sikhs established an empire uniting Punjab under the leadership of famous Sikh ruler Maharaja Ranjit Singh. Sikh religion is a combination of the Sufi and Bhakti school of thought developed due to few of the illogical practices by Brahmins. Unstable political and economic situations provided opportunities for the British East India Company to set foot and expand the empire. Influenced by the western culture and architecture many educational institutes and railroads developed. Anti-British mentality due to British administration resulted in mass revolts led by Mahatma Gandhi paving the way for creation of the modern country Islamic Republic of Pakistan. Geography Pakistan lies between 23-35 to 37-05 north latitude and 60-50 to 77-50 east longitude touching the Hindukush Mountains in the north. Pakistan spreads across to 796,095 Sq. Kilometers and carries approx 132.35 million human beings. Pakistan is divided into four provinces and mostly has cold and pleasant climatic conditions. Pakistan has an agriculture based economy with irrigation systems and cultivated land. A wide variety of fruits and crops are grown with abundance of natural gas, coal, salt and iron. The current global economic conditions have paved the way for industrial development. Economic System The economy of Pakistan has gone through turbulent times in the past and latest world economic developments and activities. In terms of purchasing power Pakistan’s economy is placed 28th and placed at 45th rank in dollar terms. Pakistan has a semi-industrial economy mostly driven by the agricultural output. Other industries with growth potential are textiles, chemicals, food processing, and agri-based industries. The internal political instability, eco-political and socio-economic conflicts between the neighboring states have impacted the economy, with mixed levels of foreign investment. Power (Energy) generation is another sector which has been impacted and affected the industrial growth of Pakistan. During the latest economic recession (2008), Pakistan faced major economic crisis where it reached a state of “balance of payment” situation. IMF bailed out Pakistan in November 2008 with a loan amount of $11.3 Billion. The nation’s role in the “War on Terror” has also created significant instability which affected the FDI to $3.5 Billion from expected $8 Billion. Unclear political and military agenda has put Pakistan into various challenging situations attracting financial sanctions from United States and other Countries. A stable government with clear internal and external affair policies would help Pakistan to grow its economy better. Legal System Legal system in Pakistan has evolved over centuries with influence from the social and economic condition of the nation during the Hindu era, the Islamic dominion and the British era. Essence of the Pakistani judicial system is derived from the Hindu era, Islamic era and the British rulings. Post independence, the Government of India Act 1935 was retained as a provisional constitution leading to retention of the existing High-Courts and Federal Courts. The Government of India Act 1935 was amended in 1954 and empowered High-Courts. No major changes were adopted till 1956 when the Federal Court was re-named as Supreme Court. In 1980 a new court of law was created called, Federal Shariat Court with jurisdiction limited to determining ‘suo-moto” or on petition by a citizen or the Federal or a provincial Government, as to whether or not a certain provision of law is repulsive to the injunctions of Islam. There have been minor amendments to the legal system with more power and autonomy given to the High Courts and Supreme Court. The Supreme Court exercises jurisdiction in inter-governmental disputes and disputes between the High-Courts. Also the Court has jurisdiction in civil and criminal matters along with opinion to the Government on a question of Law. As compared to the practice elsewhere in the World, where fewer cases reach the apex court, the Supreme Court of Pakistan deals with cases much more than its capacity. Apart from cases the judges have also allotted responsibilities and head inquiry commissions. With little development into the legal system, there is no system of adequate research assistance being made available to the court to facilitate the judges in their research assignments concerning the clarification / elaboration of a legal provision or interpretation of the Constitution. For successful implementation of the Law of the Land, there are several other courts as guardian of the legal system such as Court of District and Sessions Judge, Civil and Criminal Courts, Revenue Courts, Special Courts and Service Tribunals. There are 11 universities with 74 affiliated colleges to provide legal education in the nation. Political System Political system in Pakistan is one amongst the most turbulent and unstable nations of the world. This has resulted in slow economic progress, lesser impact on world terrorism and hence growth of the nation. The governments in Pakistan have at times been parliamentary, presidential or semi-presidential. The current government is based on the Parliamentary system with the Prime Minister as the Head of the Government and president being the ceremonial head of the State. In this system the executive power is vested with government and legislative power lies with the Parliament. The parliamentary system is a democratic system and has a defined electoral process to form the executive branch, legislative branch, senate and national Assembly. Pakistan has a varied history of altering periods of democracy and authoritarian military governments; however in 2004 Pakistan has been included into the Commonwealth Nations based on the democratic stability in the nation. Pakistan is sub-divided into four provinces, two territories and 1 capital territory. Each province has a political system with Provincial Assembly, headed by an elected Chief Minister. Pakistan’s political system applies an integrated federated system framework similar to its neighboring nations and influenced by the British government. Pakistan is the only country with urban framework as adopted by western countries. This methodology is increasingly adapted, as it delivers greater regional integration. Government Pakistan is currently a democratic parliamentary federal republic with Islam as the national religion. The first constitution was adopted in 1956, but was suspended in 1958 by general Ayub Khan. But Pakistan's military plays a key role in mainstream politics. Asif Ali Zardari is the current President and has faced heavy public opposition and charges of corruptions. Yousaf Raja Giliani is the Prime minister of Pakistan and heads a legislature of 100 members Senate and 342 members National Assembly. Unlike USA, Pakistan's Prime minister plays the major role in national politics and controls the nation activities. Physical Situation Pakistan is situated in the South Asian continent bordering with China on the north-east, India on the east, Iran and Afghanistan on the west and Gulf of Oman on the south. Pakistan is the sixth most populous country and second highest population of Muslims. The nation broadly experience four seasons in a year, but he rainfall changes every year without any stipulated timeframe, causing trouble planned crops. Pakistan is slowly growing with steady political outcomes. Still a lot has to happen. Technological Know-How Recent political stability in the nation has provided the scope and opportunity for focus on technological education and technological development. The Ministry for Science and Technology headed by Mir Changez Khan Jamali is focusing on planning, coordination and directing efforts to initiate and launch scientific and technological programs. Pakistan has global partners helping the nation to grow the technological capabilities. Pakistan has 16 Technological Institutes offering and focuses on growing the technological know-how of the nation. Religion: The primary religion in Pakistan is Islam. Around 98% of the population is Muslim. Islam is divided into two major sects, Sia and Sunni. The majority follow Sunni Islam. Other religions include Hinduism and Christianity. Religious Practices: Quran is the Holy Scripture of Islam. Muslims recite the Quran devoutly every day. Certain obligations for the Muslims is to say their prayers five times a day - at dawn, noon, afternoon, sunset, and evening. Friday is the Muslim holy day. During the holy month of Ramadan all Muslims fast from dawn to dusk. Fasting includes no eating or drinking. Culture: Pakistan is a country of multi-ethnic cultures. Cultures and ethnic groups include Punjabis, Sindhis, Kashmiris, Parsis, Muhajirs, Makhranis, Baloch and Pushtans. These cultures are greatly influenced by the surrounding countries including Turkey, Afghanistan, India and the Middle East. Beliefs and Norms: Greeting one another is considered very important in Pakistan. Men stand as a mark of respect while greeting women and elders. Elders play an essential role in the family. They are looked upon and all important decisions in the family are made by the elders. In social gatherings elders are served first. It is considered disrespectful to point your feet or shoes to others while seated. Women in Pakistan wear purdah as a symbol of dignity and respect. The ethnic dress for women is Salwar Kameez. Language: Urdu is the national language. Urdu vocabulary consists of a mixture of Parsi, Arabic and Turkic vocabulary. Other languages spoken include Punjabi, Sindhi and Pashtan. Cultural Heritage: Pakistan is a culturally rich state with its roots originating from the Indus Valley civilization. This country has a vast heritage in arts, literature, music, poetry, painting and more. Pakistan culture is based on Islamic ways and traditions. Literature and Poetry Urdu literature and poetry have been a great part of the cultural heritage. There has been a significant contribution to literature and poetry. The national poet of Pakistan is Allama Mohammad Iqbal. Sufi poetry is also a strong tradition in Pakistan. The Sufi poems are recited even today. Music Music mainly is of two types, Qawwali and Ghazals. These have been with the people from time immemorial. Also the Moghal influence in Pakistani music is very evident. Calligraphy The mosques of the medieval times have been decorated with great works of calligraphy. Islamic calligraphy is based on Arabic letters. Calligraphy is the most valuable Islamic art of times. Education System in Pakistan: Education system lacks the required attention. Only 63% of Pakistani children finish primary school education. Furthermore, 68% of Pakistani boys and 72% of Pakistani girls reach grade 5. Schools lack basic facilities including black boards, books for students and electricity. There are not enough trained teachers. Female education is not given enough priority in the country. The Ministry of Education is planning to take serious measures in promoting female education and welfare. Also, since the rural population is more in Pakistan, education becomes very difficult. Work Attitude Systematic education and focus on technology and technological development, widespread adoption of internet and unrestricted usage of study materials and Internet has helped the public in Pakistan to slowly change their attitude towards work. The geographical conditions of Pakistan make the men highly laborious and hard-working. The development in agriculture is a live example of their hard working capabilities. With the sustained efforts for educational development and usage of internet, further change in attitude is possible. Individualism Pakistan is an Islamic state with religious motivations and guidance. Individualism is hence influenced and controlled by religious beliefs. With over 97% Sia Muslims Pakistan is the 2nd largest country in Muslim population. Individualism is inspired by the religious laws and apprehensions in any nation, so as in Pakistan. Time As per research, attitude towards time is very crucial for people in Pakistan. Being very hard working they believe in effective time management for success in any work. Due to geographic and climatic conditions, effective utilization of time is required in Pakistan. Pakistan Standard Time is 5 hours ahead of the GMT. The time zone is based on the virtual Timeline passing through Karachi and Islamabad. Change The economic and political conditions are always in continuous change. This drastic and incessant change has resulted in slow development and intermittent inflow of FDI in the nation. Recent developments in the political shifts and democratic elected government are focusing on changing the economic and social aspects in the nation. Materialism Influenced and inspired by Islamic and cultural beliefs the people of Pakistan are still distant from materialism. Luxury is banned as per their beliefs and hence they do not believe on materialism. Aspirations for materialism are not promoted in Pakistan. Still there is difference in opinion and gradual change can be seen in the nation. People are become educated and respecting the religious beliefs as well as developing towards materialism. Individual & Group Employee Job Behavior Any nation’s employee and employment factors depend on certain non job related factors such as politics, internal and external security, economic conditions etc. Drastic political instability, internal and external conflicts in Pakistan has created mental trauma for the people of Pakistan and this has impacted their behavior in jobs as well. De-motivation, insecurity, distractions etc are few of the major causes impacting the work, resource slippage, schedule slippages and cost over-run. Motivation Political instability also raise a question on job security be it government or corporate. This mental condition impacts the motivation level of employees and impacts the organization and its clients in the worst way. Nearly 72% employees feel that their motivational levels have changed and 81% out of them agree that this change is negative (Source: http://www.ep.liu.se/ecp/033/067/ecp0803367.pdf). Commitment Political instability in a country along with internal and external conflicts also impacts the employees in a psychological level impacting the motivation, commitment levels, productivity and ethical behavior. Poor motivational levels lead to lack of commitment from employees impacting their work and also lead to output of poor-quality products or services. Productivity Impact on motivation and commitment levels directly hampers the productivity level of an employee and organization. 89% of employees feel stressed due to the psychological disturbances triggered by motivational and commitment factors. Internal conflicts and security issues have created situations where employees have not reached office when it is most required developing a negative impact on the organization. Ethics When motivation, commitment and productivity are impacted due to unstable political conditions, business ethics and employees’ ethics are also at stake. 50% of employees feel changed and 66% within them feel the change is negative. These have impacted the management as well the organization at large. Such conditions are not suitable for a business and economic growth in the country. Recent political stability due to democratic government has succeeded in bringing in changes to the above described scenarios, still a long way ahead. Doing Business in Pakistan Pakistan is largely suffering from internal political conflicts and FDI. This has resulted slower growth in industrialization and other businesses as well. Pakistani rupee has depreciated since 2007. Widespread floods in 2010 reduced agricultural output increasing inflation. Expanding expenditure in education, healthcare, electricity production and reducing dependency on foreign donors are major few of the major economic challenges faced by Pakistan. Economy After the bail – out of Pakistan from the “balance of payment crisis” by IMF in 2008, the account situation strengthened in 2009 -10 and the economy revived mainly possible due to the stable political situation. Textiles account for most of Pakistan’s earnings, but failure to develop an export base for other industries and manufacturers has left the nation to face the shift in world demands. Pakistan stands at 28th Rank as per PPP Index with $451.2 Billion as GDP. Pakistan is expected to achieve economic growth in GDP at 2.7% per year. The nation has a strong an affordable labor as compared to its neighboring countries at 55.77 million human resources. Pakistan is struggling with unemployment rate of 15% and has 24% of population under poverty line. Pakistan’s annual budget is suffering with a deficit of almost $11 Billion and stands with 13.4% inflation rate. Recently the stable government has initiated many reformative campaigns for economic development of the nation creating avenues for FDI and industrialization. Industry Growth of industries in Pakistan has suffered due to unstable political situations, internal conflicts and security aspects. The industries in Pakistan are broadly divided into Agri-Based, Industrial, Power & Energy, Oil & Natural Gas, and Export-Import. Agri-based industries have a wide variety of products such as cotton, wheat, rice, sugarcane, fruits, vegetable, milk, beef, mutton and eggs etc. Industrial sectors are textile and apparel, food processing, pharmaceuticals, construction material, paper products, fertilizers and shrimps etc. The industrial growth rate stands at 4.9%. Another major industry is energy and electricity production which stands at 90.8 Billion KWh. Production of oil and natural gas are also growing industries in Pakistan with 59,140 barrels/day and 37.5 Billion cu mt per year respectively. Business Culture In spite of rich natural resources, Pakistan is still not well-developed. Agricultural production remains uncertain and FDI in Pakistan is less making the situation even more critical. Doing business in Pakistan requires understanding of the culture, political and economic history, as well as Pakistani Business Culture and working practices. Working Practices Appointments are preferred well in advance. Ideally meetings happen late morning or early afternoon. Pakistanis expect you on time for meetings but may make you wait, Deadlines are rather flexible, and they expect rewards and recognition for their work. Structure and Hierarchy The most senior person tends to make most decisions and sometime depends on members and meetings. Pakistanis like to do business with people they know and trust. Pakistanis are used to giving and receiving orders and do not tend to work in teams. Working Relationship Negative emotions are not generally shown in public, and hence problems in the work place are dealt secretly. Pakistanis tend to do business more in person as other communication mediums are considered personal. While communicating with Pakistanis, their Name and Surname should be used unless they invite you to use their first name only. Shake hands are ok, with minimum query on their personal levels. Decision making process is very slow in Pakistan. During meetings in-direct eye contact is appreciated. Pakistanis talk quite loudly, but as part of their culture and not by anger. Close contact in business help a lot. If you are a woman, you need to cover visible body parts and head with scarf. Giving and receiving gifts with both hands are not appreciated. Pakistanis may ask personal and family related questions to inquire about your family traditions and values. Asking questions about women is inappropriate. Shake hands with Pakistani women are restricted unless offered. Economic Environment Economic environment in Pakistan has always been uncertain due to political, internal conflicts, international pressure for stringent action on terrorism and certain natural factors. The GDP is maintaining a growth rate of 4.9% but the per capita income is unstable. Pakistan economy continues to remain exposed to the vagaries of international developments as well as internal security environment. The intensity of the global financial crisis in 2008 has further added to Pakistan predicament. Despite support from the IMF and other international financial support, Pakistan external account remains exposed to a host of uncertainties. Agriculture is the source of the livelihood of almost 44.7 % of the total employed labor force in the country with the present contribution to GDP at 21.8%. Manufacturing industry being the second largest sector of the economy bears significant importance 18.4 % contribution to GDP. The main objective of Pakistan fiscal policy is sustained economic growth in sync with decline debt services, poverty alleviation, the creation of job opportunities and investment in physical and human infrastructure. The capital market is also unstable due to less investment and depending on socio-political environment. Overall economic growth is slow and going through continuous political and military conflicts. Natural Resources Vast geographic area is filled with natural resources in Pakistan. Pakistan’s natural resources can be broadly divided into water resources, fuel resources, agriculture, fishery, forestry and mining. Water resources in Pakistan are going through water resource management for energy production, still scope of effective management is open. Water supply and sanitation programs are being adopted by the government for better utilization of the water resources Pakistan has extensive under-ground energy sources including natural gas reserves, petroleum oil reserves, coal fields, and large hydro-power projects. Over 27% of agricultural land in Pakistan are used for agri-based production and watered by one of the largest irrigation systems in the world. Fishery and Fishing industry plays an important role in the nation’s economic development. With an extensive coastline of about 814 kilometers Pakistan has an extensive fishery resource and also contributes to export earnings. Approximately 4% of land in Pakistan is covered with forest. These forests are the main source of food, timber, paper, lumber, fuel wood, latex, medicines as well as wildlife conservation and eco-tourism. Mining industry is also growing with extensive natural resources such as rock salt, gypsum, limestone, chromites, iron ore, rock salt, silver, gold, precious stones, gems, marbles, tiles, copper, sulfur, fire clay and silica sand. Apart from these Pakistan has also a great reserve of coal. Import – Export Pakistan’s export constitutes textiles (garments, bed linen, cotton cloth, and yarn), rice, leather goods, sports goods, chemicals, manufactures, carpets and rugs. The major export partners are US, UAE, Afghanistan, UK and China. Pakistan’s export is worth of $20.29 Billion. Petroleum, petroleum products, machinery, plastics, transportation equipment, edible oils, paper and paperboard, iron and steel and tea are the major import items for Pakistan. China, Saudi Arabia, UAE, US, Kuwait, Malaysia and India are Pakistan’s major import partners. Annual import costs around $32.71 Billion. Pakistan has $16.1 Billion as foreign exchange reserves and $57.21 Billion as external debt. Foreign Trade Pakistan is trying to improve its economic condition through careful foreign trade practices through trade liberalizations, improving export competitiveness, and optimum utilization of cost. The trade policy of Pakistan aims at poverty alleviation and employment generation through export led growth. The foreign trade aims at trade diplomacy and market access initiatives. Trade policies are developed as per global trade norms in sync with WTO, Imports Wing, Exports Wing, ITO Wing and Trade Organizations Wing. With the stability in the government Pakistan is trying to establish greater trade relationships, and promoting import and exports ties with developed and other developing nations. After the global economic downturn in 2008, Pakistan is witnessing growth in their import and export revenue. The clear policy developed by the Foreign Trade Ministry clearly demarcates the trade motives for promoting trade relationships. Foreign Affairs Pakistan is the 3rd largest nation with Muslim population and the only Muslim country with nuclear power. This status plays a very important role while deciding relationship with Pakistan. Apart from close proximity to natural oil rich countries in Central Asia, Pakistan enjoys membership in Organization of the Islamic Conference (OIC), a major non-NATO ally of the war against terrorism, and has a highly disciplined standing military force ranked 7th in the world. Pakistan’s foreign policy is largely manifested by the economic benefits. Pakistan's foreign policy has encompassed difficult relations with India; especially on the core-issue of Kashmir, over which it has fought three declared wars and one non-declared war. However maintain cordial relations with its other neighbors such as Afghanistan, Iran and China. Pakistan has extensive security and economic interests in the Persian Gulf and wide-ranging bilateral relations with the United States and other Western countries. Pakistan was a strong ally with United States of America and China during U.S.S.R crisis and remains so in the modern days. Under the umbrella of OIC, Pakistan has maintained friendly relations with all Muslim countries in the world. Pakistan is an active member of the United Nations. Pakistan was also a member of the CENTO and SEATO military alliances. Relationships with the US are strengthened after U.S.S.R crisis. Pakistan maintains an envied relationship with India, as compared to other neighboring states. The stringent relations with India have led to few declared and non-declared wars with India mainly aroused for Pakistan Occupied Kashmir. These conflicts led to creation of another nation known as Bangladesh. Recent development in terror organizations and dubious support of Pakistan to such organizations has created reactions by most of its allies. However Pakistan’s foreign policy is majorly focusing on strengthening ties for military and economic advantages and development of Pakistan as a stronger economic and military power. Pakistan Military The Pakistan Armed Forces (PAF) is the seventh largest in the world in terms of active troops. The Pakistan Army was created on 30 June 1947 with the division of the British Indian Army. It came into effect after the Partition of India. Since independence, the Army has been involved in four wars with neighboring India, however lost all. The President of Pakistan is the Commander-in-Chief and supreme commander of the Army. The three main branches of the Armed Forces are Pakistan Army, Navy and Air Force. The PAF consists of Infantry, Armor, Artillery, Engineer, Special Forces, Air Defense and Army Aviation. The military is well trained and disciplined. Pakistan Army: Pakistan Army is the largest military branch in the country. The main responsibilities of the army are to protect the borders, security of administrative areas and defending the national interests of Pakistan within the framework of its international obligations. Chief of Army Staff, General Ashfaq Pervez Kiyani leads this prestigious military organization. Pakistan Air Force: Pakistan Air Force (PAF) comprises of around 330 combat aircrafts and 45,000 uniformed personnel. PAF Air HQ has five Deputy Chiefs responsible for operations, engineering, personnel, administration and training respectively. The current Chief of Air Staff is Air Chief Marshal Rao Qamar Suleman. Pakistan Navy: Pakistan Navy is responsible for Pakistan's 1,046 kilometres (650 mi) coastline along the Arabian Sea. The Pakistan Navy is small but is operationally capable of defending Pakistan coastline. The Pakistan Navy has around 24,000 active personnel and 5,000 in reserve. Its tasks are to defend coastal waters and offshore economic resources, and secure sea lines of communication and protect the merchant fleet. Currently Admiral Noman Bashi is the Chief of Naval Staff. National Security Like almost all nations Pakistan also has “National Security Council” chaired by President of Pakistan and Prime Minister. The objective is to closely review national security, internal security matters and foreign policy. Pakistan’s National Security Council was created by Gen Pervez Musharraf in 2004 under the National Security Council act. It provides consultation to the President and Prime Minister on matters of sovereignty, integrity, defense, and security along with crisis management in general. The National Security Council consists of Military and Civil members with a total of 21 members to represent the council. Pakistan – US Relationship The diplomatic relationship between Pakistan and USA started on October 20, 1947 with support from US in terms of military and economic support. But many diplomats refer the relationship as “roller-coaster”. The relationship went through various stages over the years. The ties were disturbed during Indo-Pak war of 1965, as US sanctioned aids to both the nations but the sanction impacted Pakistan more. Again the ties were reformed by 1975 for a short period till 1979 when the ties were suspended to stop the nuclear program of Pakistan. After the ties were reformed in 1986, it again took a set back during 1998 after Pakistan’s nuclear test following India’s test. Again in 1999 Pakistan faced more sanctions as an act of over-throwing the democratically elected government. After 9/11 attack in US, the US government started putting pressure on Pakistan for supporting its anti-terror initiatives against Al-Qaeda, based out of Afghanistan. During these days Pakistan become a close ally of US and provided logistics support and military bases for running an effective anti-terror campaign against Taliban in Afghanistan. In return Pakistan had the sanctions lifted and received $10 Billion worth aid, mostly military from US. In 2004, president of United States made Pakistan as a major non-NATO ally, clearing the path for advanced military ties between the nations. This involvement has cost Pakistan many civil and military lives since then as retaliation from the Taliban force. Global Management Future Outlook Stable political and economic conditions in Pakistan are good signs of economic revival in the nation with promising options for FDI and MNCs to open and operate. Strengthening ties between US and Pakistan and other developed nations of the world can provide stable opportunities for future business options by MNCs. Cheaper labor cost with developed special export zones can boost the industrial revolution in the nation and can further enhance the economic condition. Understanding business practices, foreign policies, trade options and political movements are highly recommended before starting up any international business ties. References “Ministries and Division”. Government of Pakistan. 2011. Web. 5 May 2011. “The World Factbook”. Central Intelligence Agency. 2011. 4 Feb 2011. Lynd, Douglas. “The Education System in Pakistan: Assessment of the National Education Census.” 2007. Read More
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