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Investment Climate Improvement in Karachi) Islamic Republic of Pakistan Board of Investment (BOI) THE PREPARATORY SURVEY ON JICA COOPERATION PROGRAM FOR INDUSTRY DEVELOPMENT (INVESTMENT CLIMATE IMPROVEMENT IN KARACHI) FINAL REPORT SEPTEMBER 2012 JAPAN INTERNATIONAL COOPERATION AGENCY KRI INTERNATIONAL CORP. Exchange Rate PKR 1 = ¥ 0.840 USD 1 = ¥ 78.63 September 2012 (JICA designated rates) Pictures of the Study Karachi Export Processing Zone (KEPZ) Bin Qasim Industrial Area Rehabilitated Mehran Highway Congested National Highway 05 Industrial Generators for Power Shortages Industrial Gas Facilities for Gas Shortages Sindh Police Car Patrolling Sindh Police Officers Supermarket in Karachi Opening Remarks by Chairman, BOI Seminar on Study Results (August 6, 2012) Daruma Eye Opening with Hope for Presentation on Study Results Investment Climate Improvement in Karachi Seminar on Study Results (August 6, 2012) Seminar on Study Results (August 6, 2012) Preparatory Survey on JICA Cooperation Program for Industry Development (Investment Climate Improvement in Karachi) Final Report Table of Contents Pictures of the Study List of Figures List of Tables List of Abbreviations Chapter 1 Study Outline and Summary ......................................................................................... 1 1.1 Study Outline....................................................................................................................... 1 1.1.1 Background .................................................................................................................. 1 1.1.2 Objectives of the Study ................................................................................................ 1 1.1.3 Study Area .................................................................................................................... 1 1.2 Study Methods..................................................................................................................... 2 1.2.1 Schedule of the Study ................................................................................................... 2 1.2.2 Study Methodology ...................................................................................................... 3 1.3 Summary ............................................................................................................................. 3 Chapter 2 Needs of Economic Development and Karachi Development Potentials ................... 31 2.1 Introduction ....................................................................................................................... 31 2.2 Economic Growth of Pakistan ........................................................................................... 31 2.2.1 Economic Structural Transformation ......................................................................... 31 2.3 Need for Sustainable Economic Development .................................................................. 32 2.3.1 Pakistan in the 21st Century: Vision 2030 ................................................................. 32 2.3.2 Quantitative Targets .................................................................................................... 32 2.3.3 Pakistan’s Framework for Economic Growth ............................................................ 36 2.4 Need for Industrial Sector Development ........................................................................... 38 2.4.1 Trend of Industrial Sectors Growth ............................................................................ 38 2.4.2 Important Role of Manufacturing Sector for Economic Development ...................... 39 2.4.3 External Trade Performance ....................................................................................... 40 2.4.4 Investment Scenario – FDI ......................................................................................... 42 2.5 Partnership Strategies and Reforms Scenarios .................................................................. 44 2.5.1 Reforms Support from IMF ........................................................................................ 44 2.5.2 Partnership with the World Bank ............................................................................... 46 2.5.3 Partnership with the Asian Development Bank .......................................................... 47 2.6 Karachi Development Potentials ....................................................................................... 48 2.6.1 Population .................................................................................................................. 49 2.6.2 Karachi Mega-City ..................................................................................................... 50 2.6.3 Karachi Vitalization Scenario ..................................................................................... 51 2.7 Current Conditions of Manufacturing Sector in Karachi .................................................. 52 2.7.1 Position of Manufacturing Sector in Karachi ............................................................. 52 2.7.2 Current Manufacturing Conditions in Karachi ........................................................... 54 2.7.3 Current Conditions of the Automobile Industry Representing Karachi ..................... 59 2.7.4 Current Conditions of the Steel Industry Representing Karachi ................................ 60 Chapter 3 Issues on Investment Climate Proposed by the International Organizations and Industrial Associations ............................................................................................ 63 3.1 The Business Environment–Doing Business 2012................................................................ 63 3.1.1 International Comparisons ......................................................................................... 63 3.1.2 Domestic Comparisons .............................................................................................. 65 i 3.2 Business Environment and Investment Survey ................................................................. 72 3.2.1 World Bank Enterprise Survey................................................................................... 72 3.2.2 Perception and Investment Survey 2011 by OICCI ................................................... 73 3.2.3 Additional Information Relating to Industrial Activity .............................................. 74 3.3 Requests Proposed by JPBCC and PJBF .......................................................................... 76 3.4 Problem–Solution Analysis ............................................................................................... 80 3.4.1 KEPZ (Karachi Export Processing Zone) .................................................................. 81 3.4.2 Banking ...................................................................................................................... 84 3.4.3 Automobile Industry ................................................................................................... 85 3.4.5 Steel Mill .................................................................................................................... 88 Chapter 4 Issues Identified from the Interview Survey ............................................................... 91 4.1 Introduction ....................................................................................................................... 91 4.2 Issues of Investment Climate Identified in the Interview Survey ..................................... 92 4.2.1 Outline of the Company`s Activities in the Proposed Site (Section A) ...................... 92 4.2.2 Security (Section B) ................................................................................................... 96 4.2.3 Legal/Regulatory Operations (Section C) .................................................................. 97 4.2.4 Access to Information on Investment Climate and Market (Section D)..................... 99 4.2.5 Countermeasures on Poor Infrastructure (Section E) ............................................... 101 4.2.6 Administrative Procedures for FDI Approvals (Section F) ...................................... 103 4.3 Issues of Living Environment Identified from the Interview Survey .............................. 104 4.3.1 Living Environment of Foreign Employees ............................................................. 104 4.3.2 Living Environment of Local Employees ................................................................. 110 Chapter 5 Identification of Priority Issues and Policy Matrix for Investment Climate Improvement in Karachi ........................................................................................ 113 5.1 Priority Issues ................................................................................................................... 113 5.1.1 Process to Identify Priority Issues ............................................................................. 113 5.1.2 Rationales for the Identification of Priority Issues with Big Impacts on the Automobile and Steel Industries ............................................................................ 114 5.1.3 Rationales for the Identification of Priority Issues with Impacts on the Whole Industry .................................................................................................................. 115 5.2 Issues with Big Impacts on the Automobile and Steel Industries .................................... 115 5.2.1 Trade (Import) Policy ...............................................................................................
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