Given the vast $20 billion revenue disparity between the smallest Fortune 500 firm and the largest enterprise in Pakistan, Pakistan may be light-year from joining the coveted Fortune Global 500 club. Experts predict that this will not be the case for long.
Fortune’s Global 500 is a comprehensive list of the world’s top 500 firms by revenue.
Unsurprisingly, the United States (121 firms) has the highest number of companies in this ranking, closely followed by China (119). In terms of our next-door neighbors, Fortune’s most recent Global 500 rankings included seven Indian companies.
Pakistan, unfortunately, has yet to claim membership in this select club. On the other hand, industry experts say that if specific policy reforms and behavioral changes are implemented, the country can easily make this list, as its businesses have enormous potential that is only waiting to be realized.
According to sources, Dr. Nadeem Haq, Vice-Chancellor of the Pakistan Institute of Development Economics, said that Pakistani businesses must develop globally to be included in the Fortune Global 500 index.
SNGPL executive director Rehan Sheikh said the company could qualify for the ranking once the Tajikistan-Afghanistan-Pakistan-India (TAPI) and Iran-Pakistan gas pipeline projects were completed.
Apart from worldwide expansion, innovation and branding, according to an industry analyst with S&P Global Pakistan, are the means for Pakistani companies to compete with the Global 500. “With Chinese high-tech enterprises coming to Pakistan through CPEC, Pakistani firms invest in modern technology and build a name for themselves globally,” he said.
Experts claim they have a chance to make the Fortune Global 500
