Bank Alfalah Joins hands with the AllWorld Network to support Pak100 Fast Growth Program 2013
Karachi, March 18, 2013 (PPI-OT): Bank Alfalah announced that it will be joining hands with the AllWorld Network as the lead program sponsor for the Pakistan Fast Growth 100 (Pakistan100) Program. The AllWorld Network Inc., co-founded by Professor Michael Porter of Harvard Business School, launched the Pakistan 100 in 2012. This is a pioneering effort to showcase and rank the most innovative and dynamic fast-growth private companies in Pakistan.
Speaking at the Arabia 500 awards ceremony in Dubai, Atif Bajwa, CEO Bank Alfalah said, “The medium-scale enterprise sector is the engine to fuel future economic growth by creating the next wave of employment, driving the economy and fostering prosperity.
SME development and entrepreneurship remain key focus areas for the bank on business and community fronts. We are excited by this opportunity of supporting such a unique global initiative that recognizes rising and established entrepreneurs in Pakistan and beyond. This is another side of Pakistan that must be – a forward-looking story of innovation, ambition, and achievement.”
Over 80 Pakistan100 entrepreneurs traveled to Dubai for the Arabia500 Awards.
Deirdre M. Coyle, Jr., co-CEO and co-founder of AllWorld Network said, “AllWorld is thrilled that Bank Alfalah has joined us in promoting and growing the Pakistan100 program. We feel that their support of the Pakistan100 only enhances their already solid reputation and commitment to the SME community in Pakistan. When no one expected much, the Pakistan100 broke all AllWorld records for growth, transparency and competitiveness. They are the personification of what every country dreams of having. Now with Bank Alfalah on board we can only raise the bar higher and build Pakistan as a leading entrepreneurial nation.”
In the midst of challenging political and economic circumstances, the Pakistan100 broke many AllWorld records in relation to 15 other country rankings in the region, coming in only second to Turkey in terms of entrepreneurial growth and transparency. Many of the companies have been founded in the last years, and have already grown to be industry leaders. An average of only 42 years old, most Pakistan100 entrepreneurs plan to establish another company in the next two years.
With a population exceeding 180 million people, Pakistan is the sixth most populous country in the world. It is a rapidly developing country and one of the ‘Next Eleven’ along with the BRICs with high potential to become one of the world’s largest economies in the 21st century. Further, the SME sector in Pakistan contributes 30 percent to the country’s GDP, employs more than 70 percent of the non-agricultural workforce, accounts for 35 percent of the value added in the manufacturing industry and generates 25 percent of export earnings. Information on Pakistan’s larger companies and conglomerates is readily available.
However, younger and smaller companies suffer from a profound lack of visibility. Many smaller and dynamic companies, which may now only be employing 20 people, could grow to 200 or 2,000 if they had global visibility and investors. The Pak100 program will aim to highlight precisely these enterprises through its rankings.
Leading the 2012 Pakistan100 was the number 1 company e2e Supply Chain Management, which grew 1,918 percent between 2008 and 2010, with 2010 revenues above $50 million and 297 employees. Launched in 2005, e2e has risen to become one of the most successful end-to-end logistics companies covering Pakistan and Afghanistan.
Taking the second spot for Pakistan was Exceed Private Limited, with a growth rate of 1,320 percent and 90 employees. Pakistan also had the most number of women entrepreneurs of any AllWorld list at 8 percent, and 7th ranked Luscious Cosmetics of Pakistan topped the list of the fastest growing women entrepreneurs with growth of 392 percent and 82 employees. The Pakistan100 entrepreneurs have built globally competitive businesses with one quarter of their revenues coming from international markets and companies such as ROZEE.PK (#12) having secured VC investment from the Silicon Valley.
The 2013 Pakistan100 will be announced in March/April 2013 and will be published nationally and globally, giving visibility to emerging company stars. With a spot on the list, ranking companies will gain global recognition, a network of growth entrepreneurs and an invitation to the AllWorld Summit@Harvard University.
AllWorld rankings exist in throughout the Middle East, Africa, India, Pakistan, South Africa and Turkey. Winners in these countries have credited their participation with positively impacting their businesses in the form of new contacts, global visibility and credibility, and attracting new sources of capital from investors.
Entrepreneurs can apply to the Pakistan Fast Growth 100 list by visiting www.allworldlive.com. The application process comes at no financial cost.
For more information, Contact:
Saba Karim Khan
Head of Corporate Communications
Bank Alfalah Limited
Tel: (+9221) 32423952, 021-111-777-786 (x) 2101