Engineering Post Report
Despite the prevailing economic and financial situation in the country due to varying factors, it is good to note that new companies are being launched in different sectors quite regularly.
During October 2023, as many as 2463 new companies applied and got registered with the Securities and Exchange Commission (SECP) enhancing the total number of companies registered with the SECP to an impressive figure of 205456 with a cumulative capitalization of Rs 4.24 billion for the newly incorporated entities..
According to the information available from SECP sources, the Information Technology (IT) sector topped the list of newly registered companies boasting 326 new companies. It was closely followed by trading with 322 companies, services 298 companies, real estate development and construction sector 290 new entities, education 107 companies, tourism 100 companies, food and beverages 90, e-commerce and mining and quarrying sectors 67 each. Other sectors which have also also contributed to this encouraging surge though in somewhat low numbers included corporate agricultural farming, marketing and advertising, textile, pharmaceutical, transport, engineering, chemical , power generation, healthcare, cosmetics and toiletries, broadcasting and telecasting, lodging, communications, cables and electrical goods and paper and board.
Investment by the foreign countries’ investors and businessmen have also a notable role in this surge with 75 new companies attracting investments from various countries. China led the list with 40 companies, followed by Afghanistan 5, Great Britain 4, Germany and the UAE 3 each, and the Netherlands, Norway and the US two companies each, .
It may also be mentioned here that 14 companies attracted investment from other countries including Algeria, Australia, Denmark, El Salvador, France, Indonesia, South Korea, Libya, Malaysia, Nigeria, Spain, Syria, Thailand and Turkey.
The SECP sources maintained that this surge in registration of new companies in different sectors highlighted the resilience and growth potential of Pakistan’s business landscape, reflecting positively on the country’s economic trajectory upward.
