Giga Group At Forefront To Support Pakistan Amid Economic Crisis – OpEd
Pakistan, a country with massive potential and skilled human resource is currently going through the worst economic turmoil of its history. Inflation in the country has hit a 6-decades high reaching at 35.37%. Short-term rate of inflation measured by Sensitive Price Indicator (SPI) hit a record 46.65% and monthly inflation as per consumer Price Index reached 31.6% in February according to Pakistan Bureau of Statistics. Due to depleting business growth environment – many of the foreign companies have already announced countrywide shutdown and pulled out their assets.
Amid this financial crisis there are few loyalists who decided to support their country and their people in this difficult phase. Giga Group is at the forefront among them and is continuously trying to help sustain the country’s economy. It’s a business group established in 1956, and since then involved in development of Pakistan’s economy through different business ventures.
Construction sector and construction activities play an important role in economic growth of a country. It is regarded as a mechanism of generating employment and offering job opportunities to millions of semi-skilled, unskilled, and skilled work force. Construction industry helps in generating income for both formal and informal sector. It also contributes in enhancing foreign exchange earnings derived from trade in construction material and services. Though in Pakistan, construction sector remained as one of the most neglected sectors. In Pakistan it contributes around 2.53% in the GDP according to a recent Pakistan Economic Survey that is almost the same as it was two decades earlier.
Giga Group has been working since decades to uplift the productivity of construction industry in Pakistan. It came to Pakistan after delivering award winning residential and commercial projects in Dubai. Giga’s initiative such as Crescent Bay in Karachi is a revolution in real estate development. Moreover, the group is also engaged in a talent hunt program to find skilled individuals with untapped potential. The CEO and Vice-chairman of Giga Group Mr. Najeeb Amin Pardesi is fully engaged with his team to give Pakistan and its people a better future and contribute to the national economy. Currently, the group is supporting more than 200 small local industries and created thousands of job opportunities for un-skilled, semi-skilled, and skilled labor. In recognition of their efforts they have been conferred with multiple awards by the government of Pakistan.
Mohammad Salahudin is an economic expert and freelance journalist based in Islamabad. He contributes to various International forums and frequently writes on global economy, Pakistan’s political economy, and International economic order.