There’s a reason Pakistan is attracting interest from major foreign investors. With an economy powered by small- and medium-sized enterprises (SMEs) and a rapidly growing population of mobile users, the country is within the right direction to supply one among the most important digital audiences in the world. Here’s what you would like to understand about the developments happening in Pakistan, and why it should get on your radar.
1. Pakistan will soon have the fifth largest population within the world
Pakistan features a population of quite 202 million people, which suggests there are lot of potential consumers coming online a day . and therefore the country is even more urbanized than neighboring India, with nearly 40% of total households living in cities.
2. Entrepreneurship plays an enormous role in its fast-growing economy
With a current GDP at $1,641 per ca-pita, Pakistan is predicted to be the fourth fastest growing economy globally through 2030. Driven largely by SMEs (more than 90% of all companies in Pakistan are SMEs), these smaller businesses contribute 40% to the country’s $305 billion GDP.
3. The amount of smartphone users is steadily increasing
Currently, there are 59 million smartphone users in Pakistan, and quite 83% of these users are on Android devices. This number will likely grow quickly as smartphone prices have dropped over the previous couple of years. Pakistan also has a number of the most cost effective data prices within the world, which helps to grow mobile app usage. YouTube captures an enormous chunk of smartphone users’ attention and is that the most-used online video streaming platform among millennial.
4. Pakistan’s internet penetration is nearing a tipping point
Pakistan’s overall internet penetration stands at 22% with 44.6 million users. In spite of this, digital consumption within the country continues to grow quickly. YouTube watch time, for instance , has seen over 60% growth over the last three years.
5. China invests heavily in Pakistan’s development
The Chinese-Pakistan Economic Corridor (CPEC) is that the largest Chinese investment during a foreign country (valued at $62 billion). one among the primary CPEC projects is to get 820 kilometers of fiber-optic cable, connecting more Pakistanis to the web . this is often additionally to ongoing investments in 3G and 4G network expansions from China Mobile — the corporate has already announced plans to take a position another $225 million in 4G expansion (bringing its total investment to $2.4 billion).
How you’ll make an impression on Pakistan now
Leaving your mark on Pakistan now’s crucial, and you’ll start by reaching bent the SME audience to assist them scale. As interest within the country increases, infrastructure investments will minimize barriers to internet access and data speed — pushing more people into the digital space and presenting endless opportunities for your brand.