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Karachi, Pakistan News About Karachi, Pakistan Karachi is the financial capital of Pakistan. Karachi generates over 65% of the total national revenue (federal and provincial taxes, customs and surcharges), Although a larger part of this amount account for as indirect tax contribution. Karachi produces about 42 percent of value added in large scale manufacturing and 25% of the GDP of Pakistan. In February 2007, the World Bank identified Karachi as the most business-friendly city in Pakistan. Karachi is the nerve centre of Pakistan's economy. Karachi claims highest per capita income in South Asia, with a GDP per capita greater than $8,000. Most of Pakistan's public and private banks are headquartered on Karachi's I.I. Chundrigar Road, while most major foreign multinational corporations operating in Pakistan have their headquarters in Karachi. The Karachi Stock Exchange is the largest stock exchange in Pakistan, and is considered by many economists to be one of the prime reasons for Pakistan's 8% GDP growth across 2005. During the 1960s, Karachi was seen as an economic role model around the world, and there was much praise for the way its economy was progressing. Many countries sought to emulate Pakistan's economic planning strategy and one of them, South Korea, copied the city's second "Five-Year Plan" and World Financial Centre in Seoul is designed and modeled after Karachi. Recently, Karachi has seen an expansion of information and communications technology and electronic media and has become the software outsourcing hub of Pakistan. Call centres for foreign companies have been targeted as a significant area of growth, with the government making efforts to reduce taxes by as much as 80% in order to gain foreign investments in the IT sector. In April 2008, the City District Government build a Control Unit(CU) which accommodate the world largest data center. With the help of this CU, every road in Karachi is monitored through a very high resolution camera, which even capture the number plate and the face of driver with in a second and send it to the CU. Other Major Cities:
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