Yusuf M Farooq

director of research at Topline Securities

Compiled from 2 recorded interviews. Every statement below is drawn from the passage cited beside it.

Yusuf M Farooq is Director of Research at Topline Securities and a Director at Elite Lighting (Pvt) Ltd. and Capital Asset Leasing Corporation. He was born in Riyadh in 1989, and his family moved to Karachi when he was five years old. He began investing in the Pakistan stock market around 2010 and worked at Fortune Securities, JS Investments and Providus Capital before registering his own company.

Early life and background

Farooq was born in Riyadh in 1989. His family moved to Karachi when he was five years old. His father spent 15 years working in Saudi Arabia, and his grandfather was a stockbroker from 1957 to 1989. [2]

Education

Farooq moved to a different school after his parents decided the matric system would not work for him. He reports six A's at O Level and two at A Level. [2]

He aimed for IBA but fell four marks short in the maths test. He went to ZABIST after not getting into IBA, and says ZABIST was the best thing that happened to him. In his third semester he was made to de-register five courses. [2]

Early career

Farooq has been teaching since grade nine. From his third semester he went to his father's shop each morning, and by the time he finished university about 30 students came to him. He says his tuition work was his first taste of running a small business. [2]

He did an internship at a company in 2006 or 2007, around the time of his O and A Levels. He began investing in the Pakistan stock market around 2010 and says he had no idea what he was doing when he first started investing. He looked at technical analysis and began reading Warren Buffett. He joined the stock market in late 2011, when the market stood at 11,500 points. [1][2]

Fortune Securities

A teacher of his invited him to join Fortune Securities. He got a job in a research department before finishing his eighth semester. He describes the CEO of Fortune Securities at the time as one of his greatest mentors. Farooq says he mostly chose what to research, and management appreciated it. [2]

He says the approach was always to buy distressed small caps and work on them. He analysed which stocks gave the best returns from 2000 to 2014, and says National Foods was the best-performing stock from 2000 to 2014. [2]

JS Investments, Providus Capital and his own company

Farooq was at Fortune Securities until 2016, then moved to JS Investments as Head of Research. He worked at JS Investments for two years. He left JS Investments to move to Providus Capital, where he managed the small-cap portion of the fund. [2]

After Providus Capital he decided to do his own work. He registered a company. The company started in 2019, just as COVID hit, and started advising clients. A friend asked him to raise funds for a PCB assembling factory. [2]

Elite Lighting

Farooq helped form a company called Elite Lighting, which takes PCBs from another company, disassembles them and sells them. Before Elite Lighting he had never operated a company, though he worked in finance. He says he had never been part of an operating team before, and that running the business has brought him significant maturity. [2]

He says doing business in Pakistan brings unique challenges, and stability has not been constant. He says the company brought a machine back and had it running within 15 days. He says the company has been around for 30 years and this particular venture for three. He says electricity was a small share of operating cost when he invested, but cheap power would not last. [2]

He says his company has trained its own labour itself. He says new workers start on basic tasks, settle in about six months, and can become supervisors. He says some people who joined his factory as labour now run units in the company, and some staff have been with the company for 20 years. [2]

He says some of his staff have matric or intermediate education and learned from YouTube videos. He says the manufacturing work his company does needs little training, and that the company's labour came as fresh recruits and became skilled through training on the job. [2]

Farooq says the electronics manufacturing field is small in Pakistan because it is complicated. His business plans to focus on more complicated printed circuit boards, and his company is raising funds for some larger projects. He spoke with the Oppo team, which wanted to set up a research centre in Islamabad. [2]

Current roles

Farooq is Director of Research at Topline Securities. He is a Director at Elite Lighting (Pvt) Ltd. and a Director at Capital Asset Leasing Corporation. He works at Chase, where he gives clients the same long-term view on stock returns. [1][2]

Views on investing

Farooq has said the stock market has returned about 20% a year since he joined it. He has said stock market returns depend more on how efficiently capital is allocated than on the economy, and that short-term market moves should not matter to most investors. He has said stock returns hedge inflation over the long term but not the short term. [1]

He advises investors to put only money they will not need for 10 to 20 years into stocks. He advises investors to hold cash, fixed income and some gold, and to invest for the long term. He advises people to save more each month and work harder to earn more. [1]

He has said stocks trade at about six and a half times earnings, down from nine in January, and that investors should be more aggressive now than they were in January. He has said many people in his industry do equity research for foreign funds and are paid in dollars. [1]

He says there are some very good sponsors who have looked after their minority shareholders, and that things can also go very wrong with sponsors. He says there are serious corporate governance issues in Pakistan. [2]

Views on crises and the currency

Farooq has said Pakistan goes from one economic crisis to the next, and has named crises in 2017 and 2023 among Pakistan's repeated crises. He has said Pakistan's crises have mostly happened because the government prints too much money too quickly. He has said governments push for growth the economy cannot sustain, which leads to crises. He has said the important question is how fast the economy grows over the next 10 years. [1]

He has said oil above $100 from 2011 to 2014 did not cause a crisis because prices were passed on, and that not passing on fuel prices would bring back a current account deficit. He has called the government's fuel price increase a good step and said petrol subsidies do not make sense. He has called using reserves for a few months a terrible decision. [1]

He has said the central bank has been buying dollars each month to hold the rupee at one level. He has said keeping the rupee weaker and building reserves would have been a better idea. He has cited a devaluation of around 8% each year, and said Pakistan's current account is stable at present. [1]

He says holding the currency in one place discouraged manufacturing, and that the currency devalued steadily from 1979 to 2002. He says governments run fiscal deficits and hold the currency fixed, and that this leads to a crisis after four or five years. He says governments avoid devaluation because the resulting inflation is politically unsuitable. [2]

He says the currency has been allowed to float freely, and that labour-intensive businesses have done better since the devaluation. He says some companies have increased manufacturing activity over the last six months. [2]

Views on public finance and debt

Farooq says a fiscal deficit is government revenue minus government expenses. He explains that a primary surplus is revenue minus spending excluding interest payments. He says large fiscal deficits are financed by borrowing from the central bank, which prints money, and that printing money to cover a shortfall causes inflation. [2]

He says the fiscal deficit leads to a current account deficit, because people buy imported goods. He says the COVID-era fiscal deficit widened the current account deficit. He says the government has run a primary surplus over the last nine months. [2]

He says Pakistan has borrowed about $125 billion in total, with government borrowing close to $100 billion. He says about $25 billion of repayments fall due each year for the next three years, which is not sustainable. He says the loans were poorly planned, and that Pakistan should now talk to lenders about reprofiling or restructuring its debt. [2]

He says Ghana has completed a debt restructuring and Sri Lanka is in talks. He says the Sri Lankan rupee moved from 360 to 304 after restructuring brought some stability. He says Sri Lankan inflation fell from 70 percent to 30 percent over three to four months. [2]

He says lenders will ask a borrower to get its house in order before repaying. He says the IMF asks Pakistan to spend no more than it earns, and he sees nothing wrong with that. He says the IMF argues against blanket petrol subsidies, and that subsidies should go to the people who actually deserve them. He says he is not giving policy suggestions because that is not his expertise. [2]

He says the State Bank lends money to banks at around 21 percent through reverse repo, and that its injections into banks rose from about 4 trillion to about 8 trillion rupees. He says the State Bank holds about 6 trillion rupees of Pakistan Investment Bonds. He says State Bank profits are paid back to the federal government, so markup should be netted against them, and that the government will receive the State Bank's profit only after an audit. [2]

He says people are quoting markup payments of 7.5 to 8 trillion rupees for next year. He says Pakistani banks are solid and depositors should not worry about their rupee deposits. He says State Bank liquidity injections into the economy are inflationary, and that the State Bank cannot keep creating money indefinitely. [2]

He says the markup burden is not yet the main problem, but could become one if the government does not get its house in order. He says the country needs fiscal discipline, control of the current account, and borrowing on good terms for productive projects. [2]

Views on population, labour and education

Farooq has said Pakistan has a population of 240 million, of whom 116 million are of working age. He has said low female labour force participation means only 60 to 70 million people work in Pakistan. He says Pakistan has one of the youngest populations in the world and very low female labour participation. [1][2]

He says about 4 million people turn 18 in Pakistan each year, which makes labour supply a guarantee, and about half of those young people have not gone to school. He says about 2.8 million people enter the workforce each year. He says IT can absorb perhaps 80,000 of the 2.8 million people entering the workforce. [2]

He says Bangladesh has about double the female labour participation of Pakistan. He says female labour participation is about 20 percent, and would be about 40 percent at Bangladesh's level. He says Bangladesh is the only country in the region with a lower minimum wage than Pakistan. [2]

He says businesses have to realise that 25,000 is not enough to live on. He argues that setting a price above equilibrium leads to more supply and less demand. He says businesses might move towards machine-intensive work if the minimum wage rises. He says output growth and income redistribution are two separate topics. [2]

Farooq has said Pakistan has not spent enough on education, and that Vietnam has spent 6% of GDP on education for a long time. He says about half of school-age children do not go to school, and those who do often fail maths and science. He says education spending of about a trillion rupees a year produces little output. He says educating one person costs less than what the government now spends, and that the education problem is one of efficiency more than a lack of spending. [1][2]

He has said many educated people left Pakistan in 1971, 1998, 2022 and 2023. He says talent leaving the country raises the wages of those who stay, and that most of his O Level and A Level classmates have left Pakistan. He says people who left Pakistan because of heartbreak, not greener pastures, could return once conditions stabilise. [1][2]

He says Pakistan's actual product to sell is human capital. He says a Pakistani working abroad is, in his view, an export that sends remittances home. He agrees the brain-drain argument is legitimate, but says China and India treated emigrants as assets. He says there is no shortage of talent in Pakistan. [2]

Views on manufacturing and technology

Farooq has said Pakistan is an amazing place to start an online business, though not a manufacturing one. He has said manufacturing in Pakistan is structurally difficult because of over-regulation. He says Pakistan does not have cheap capital or cheap electricity right now, and that capital is expensive in Pakistan while labour is cheap. [1][2]

He does not think capital-intensive work should be pursued much right now, because capital is expensive. He says people are scared of investing in Pakistan, and some earlier investors had their dividends held back. He says Pakistan's consumer market of about 250 million people is powerful. [2]

He says plots in Phase 8 in Karachi were among Pakistan's best asset classes over 20 to 30 years. He says that when plots make money, there is no incentive to take the risk of manufacturing. He says incentives for productive work will come when easy asset classes stop making money. [2]

He says import bans were badly managed and made it impossible to plan a business, and that import bans have disrupted industry a great deal. He says a free market would have been a better option than import bans. He says smuggling and customs mis-declarations have been common. [2]

He says manufacturing labour arbitrage is done with relatively less skilled people. He says it is hard for Pakistan to compete with India, the Philippines or Indonesia in IT, because the trained supply is thin. He says IT will face a problem because the 2.8 million new entrants are not going into it. He cites India's electronics exports at $15.7 billion. [2]

He has said a large labour arbitrage opportunity can be unlocked by better internet speeds, and that people can get a lot of work done online from wherever they are. He has said internet speeds could improve significantly over the next six months, and that 4G speeds should improve over the next three to six months. He has said telecom companies have not earned enough to invest heavily in infrastructure. [1]

He says Pakistan could become a labour-intensive manufacturing powerhouse by 2050, and that the country has to use the current crisis to build manufacturing. He says some companies in Pakistan are assembling televisions and chargers. He says garment volumes rose 51 percent in the first ten months of the fiscal year. He says competing globally with a ground-up consumer product needs a full ecosystem. [2]

He says cheap electricity from Thar could be supplied to selected industries. He says Pakistan should pick businesses where electricity is not a barrier until its power problems are solved. [2]

Views on Karachi

Farooq has said Karachi has become safer than Dubai, at least for the past month. He expects Karachi to win additional transshipment business. He has said a port expansion might be needed at some point, and that an export industrial base should be close to the port, and that Karachi is set up for this. [1]

He has said there is little gain for regional power players in investing in Karachi. He has said Karachi is in ruins, and has described Karachi as a mushroom growth. He has said Lahore is simpler to solve than Karachi because it is being built out. [1]

Views on energy and privatisation

Farooq has said oil prices could fall below pre-war levels in the medium term. He has said Iranian gas is definitely cheaper than LNG. He has said the Iran pipeline is built on Iran's side and Pakistan still needs to build its own end. He does not expect Iran or anyone to sell oil to Pakistan below market price, even if sanctions are lifted. [1]

He has said there will be a lot of exploration in Pakistan over the next 10 years. He has said the power distribution companies need to be privatised, and that losses should come down once distribution companies are privatised. He has said a lot of duplicate capital allocation has happened in the power sector. [1]

He has said every business in Pakistan also has a power plant. He has said residential power losses should not be passed on to industry, and that reducing electricity prices for industry was a good decision. He says reducing PIA's losses would free up more money for an income support programme. [1][2]

He has said PIA is now off the government's books after privatisation. He has said it is a good idea for everything to be privatised, and that local people can buy companies and turn them around. [1]

Views on policy and governance

Farooq has said a country should pick a system of government and keep it for 20 to 30 years. He says Pakistan needs a strong government that can take steps with a long-term effect. He says the government thinks in the short term because elections are coming. He has said the government has given many wrong signals on capital allocation. [1][2]

He has said deregulation brings short-term pain to every sector, and that deregulating agriculture in Chile, New Zealand and Russia led to a tough few years. He has said agriculture is 30% of the total economy. He has said non-essential medicines have been deregulated, and that there was no wheat support price and no sugarcane support price. [1]

He has said there is an improvement from 10 years ago, but a lot more needs to be done. He has said capital moved out of Pakistan after nationalisation in the 1970s, and that people keep money abroad to guard against nationalisation. [1]

He says official numbers represent less than 30 percent of the actual economy, and that the economy is still largely undocumented. He says that after devaluation and large inflation, the wheat crop was sold at a higher price. He says fixed-income and middle-class people were hit hardest by inflation. He describes Pakistan as a country of 230 million people. [2]

Views on the regional outlook

Farooq has discussed what the US-Iran ceasefire means for Pakistan's economy. He has described the outlook on Iran as cautious optimism. He has said Pakistan's role in the ceasefire was done more for Pakistan than for anyone else. [1]

He has said Dubai became a destination for cash partly because Singapore is too far away. He has said cash will stay in Pakistan if economic crises stop, and that people will send cash to other places if the crises continue. He has said Pakistan's defence budget has been a high share of GDP for a long time. [1]

Timeline

1989
Born in Riyadh.[2]
2010
Began investing in the Pakistan stock market, around this year.[2]
2011
Joined the stock market, when the market stood at 11,500 points.[1]
2016
Left Fortune Securities and moved to JS Investments as Head of Research.[2]

Appearances

DateTitleWhere
2026-04-08 Pakistan goes crisis to crisis because it keeps printing money Thought Behind Things
2023-06-02 Pakistan could be a manufacturing powerhouse by 2050 Thought Behind Things

Frequently asked questions

Who is Yusuf M Farooq?

Yusuf M Farooq is Director of Research at Topline Securities. He is also a Director at Elite Lighting (Pvt) Ltd. and Capital Asset Leasing Corporation. Farooq was born in Riyadh in 1989.[2]

What does Yusuf M Farooq do?

Yusuf M Farooq is Director of Research at Topline Securities. He works at Chase, where he gives clients the same long-term view on stock returns. He is also a Director at Elite Lighting (Pvt) Ltd. and Capital Asset Leasing Corporation.[1][2]

Where did Yusuf M Farooq study?

Yusuf M Farooq aimed for IBA but fell four marks short in the maths test. He went to ZABIST after not getting into IBA. Farooq reports six A's at O Level and two at A Level.[2]

Where is Yusuf M Farooq from?

Yusuf M Farooq was born in Riyadh in 1989. His family moved to Karachi when he was five years old. His father spent 15 years working in Saudi Arabia.[2]

Where has Yusuf M Farooq worked?

Yusuf M Farooq was at Fortune Securities until 2016, then moved to JS Investments as Head of Research. He left JS Investments to move to Providus Capital, where he managed the small-cap portion of the fund.[2]

What company did Yusuf M Farooq found?

Yusuf M Farooq helped form a company called Elite Lighting, which takes PCBs from another company, disassembles them and sells them. He also registered a company that started in 2019, just as COVID hit.[2]

When did Yusuf M Farooq start investing?

Yusuf M Farooq began investing in the Pakistan stock market around 2010. He joined the stock market in late 2011, when the market stood at 11,500 points.[1][2]

What does Yusuf M Farooq advise investors to do?

Yusuf M Farooq advises investors to put only money they will not need for 10 to 20 years into stocks. He also advises them to hold cash, fixed income and some gold, and to invest for the long term.[1]

References

  1. Pakistan goes crisis to crisis because it keeps printing money . Thought Behind Things , 2026-04-08.
  2. Pakistan could be a manufacturing powerhouse by 2050 . Thought Behind Things , 2023-06-02.
Show the source passages (227 statements)
  1. He joined the stock market in late 2011, when the market stood at 11,500 points. the day that I joined the market, the market was at 11,500 points. This is late 2011.
  2. He works at Chase, where he gives clients the same long-term view on stock returns. this is the same thing that I've been saying to all of our clients at Chase
  3. He has said the stock market has returned about 20% a year since he joined it. The market right now is at 150,000 points, which is a 20% CAGR.
  4. He has said stock market returns depend more on how efficiently capital is allocated than on the economy. stock market returns have got a lot more to do with how efficiently capital is is allocated and less to do with the economy.
  5. He has said short-term market moves should not matter to most investors. for most investors, maybe 99% of people investing in the stock market, uh what happens in the short term should not matter.
  6. He has said stocks trade at about six and a half times earnings, down from nine in January. stocks were trading at nine times earnings in January, now they're trading at probably six and a half times.
  7. He has said investors should be more aggressive now than they were in January. So if you're so you should be more aggressive than you were in January.
  8. He has said oil prices could fall below pre-war levels in the medium term. you might in the medium term see oil prices coming down below levels that they were before the start of the war.
  9. He advises investors to put only money they will not need for 10 to 20 years into stocks. you should only invest in the stock market money that you don't need for 10, 15, 20 years.
  10. He advises investors to hold cash, fixed income and some gold, and to invest for the long term. So you always need to have some cash, some uh some allocation to fixed income, some allocation to maybe gold and only invest for the long term.
  11. He has said stock returns hedge inflation over the long term but not the short term. But it gives you a hedge against inflation in the long term. It does not give you a hedge against inflation in the short term.
  12. He has cited a devaluation of around 8% each year. So that is a devaluation of around 8% each year.
  13. He advises people to save more each month and work harder to earn more. strategically what you need to do is save more each month, work hard on your job so that you get paid more
  14. He has said Pakistan goes from one economic crisis to the next. we go from crisis to crisis and we've been doing that again and again.
  15. He has named crises in 2017 and 2023 among Pakistan's repeated crises. then we had a crisis in 2017, then we had a crisis in 2023.
  16. He has said Pakistan's crises have mostly happened because the government prints too much money too quickly. all of these crises have mostly happened because the government ends up printing too much money too quickly
  17. He has said not passing on fuel prices would bring back a current account deficit. that if you don't pass on these prices, you'll start getting a current account deficit again.
  18. He has said oil above $100 from 2011 to 2014 did not cause a crisis because prices were passed on. If you look at what happened from 2011 to say 2014, oil was above $100, but because it was passed on, we did not have a crisis.
  19. He has called using reserves for a few months a terrible decision. So for a few months, we used our reserves, which was a terrible decision.
  20. He has said the central bank has been buying dollars each month to hold the rupee at one level. The Central Bank has been buying dollars each month to keep the currency at one level.
  21. He has said keeping the rupee weaker and building reserves would have been a better idea. maybe it would have been a better idea to keep the currency even weaker uh and build some reserves.
  22. He has said Pakistan's current account is stable at present. right now the current account situation is stable.
  23. He has said Karachi has become safer than Dubai, at least for the past month. So Karachi right now has become safer than Dubai, at least for the last month was, uh which is very surprising
  24. He expects Karachi to win additional transshipment business. I think Karachi is going to get additional transshipment business.
  25. He has said a port expansion might be needed at some point. So we might need a port expansion in some point at some point.
  26. He has said an export industrial base should be close to the port, and that Karachi is set up for this. If you want to have an export industrial base, you need to have it close to the port. And Karachi is set up to do that.
  27. He has said there is little gain for regional power players in investing in Karachi. I genuinely feel like there is not a lot of gain for the power players of the region if they actually invest in in Karachi.
  28. He has said Karachi is in ruins. Karachi is in ruins.
  29. He has described Karachi as a mushroom growth. Karachi is a mushroom growth.
  30. He has said Lahore is simpler to solve than Karachi because it is being built out. Lahore on the other hand is much simpler as a city to solve because they are really just sort of building that city out.
  31. He has said a country should pick a system of government and keep it for 20 to 30 years. you need to pick a system and then you need to run with it and you then need to run with it for 20-30 years.
  32. He has said agriculture is 30% of the total economy. your agriculture economy, which is 30% of your total economy
  33. He has said deregulation brings short-term pain to every sector. For deregulation to happen, every sector will have to take some short-term pain.
  34. He has said deregulating agriculture in Chile, New Zealand and Russia led to a tough few years. what happened after deregulation agriculture in say Chile or what happened in New Zealand or what happened in Russia or what happened in other countries where this deregulation happened, you had a very tough few years.
  35. He has said petrol subsidies do not make sense. subsidies on petrol really don't make sense.
  36. He has said internet speeds could improve significantly over the next six months. I think internet speeds could improve significantly over the next six months.
  37. He has said 4G speeds should improve over the next three to six months. so 4G speed should also improve over the next three to six months.
  38. He has said telecom companies have not earned enough to invest heavily in infrastructure. telecom companies just have not been making enough money to spend so much on infrastructure.
  39. He has said Pakistan is an amazing place to start an online business, though not a manufacturing one. Pakistan is possibly not the best place to start a manufacturing business, but it's an amazing place to start an online business.
  40. He has said manufacturing in Pakistan is structurally difficult because of over-regulation. it is structurally difficult to run manufacturing businesses in Pakistan because they're overregulated also.
  41. He has said many people in his industry do equity research for foreign funds and are paid in dollars. Like in our industry, there are a lot of people who are doing equity research, for example, for foreign funds and getting paid in dollars.
  42. He has said a large labour arbitrage opportunity can be unlocked by better internet speeds. there's a lot large labor arbitrage opportunity available that can be unlocked because of the internet and because of speeds improving.
  43. He has said people can get a lot of work done online from wherever they are. Like you can be sitting in Thatta or you can be sitting in Bahawalpur and you can get a lot of work done online.
  44. He has said the power distribution companies need to be privatised. So so the discos need to get privatized.
  45. He has said losses should come down once distribution companies are privatised. we'll see distribution companies gradually get uh privatized and we'll once that happens, we'll see losses come down the same way that we saw losses come down in K-Electric.
  46. He has said a lot of duplicate capital allocation has happened in the power sector. a lot of duplicate capital allocation has happened in the power sector.
  47. He has said every business in Pakistan also has a power plant. every business in Pakistan also has a power plant.
  48. He has said residential power losses should not be passed on to industry. Uh losses from the residential segment should not be put on uh the industrial sector because that just makes it inefficient.
  49. He has said reducing electricity prices for industry was a good decision. we have reduced uh electricity prices for in for industry. That was also a good decision.
  50. He has said the government has given many wrong signals on capital allocation. the government has given a lot of wrong signals also for capital allocation.
  51. He has said capital moved out of Pakistan after nationalisation in the 1970s. after nationalization in the 70s, you saw capital moving out.
  52. He has said people keep money abroad to guard against nationalisation. keep some money abroad that so that the government does not come in and nationalize things.
  53. He has said many educated people left Pakistan in 1971, 1998, 2022 and 2023. a lot of educated people left Pakistan in 1971, a lot left in 1998 and a lot left in 2022 and 2023.
  54. He has said low female labour force participation means only 60 to 70 million people work in Pakistan. because your female labor force participation is so low that only 60 to 70 million people are working in the economy.
  55. He has said Pakistan has a population of 240 million, of whom 116 million are of working age. out of a population of 240 million, 116 million are of working age
  56. He has said Pakistan has not spent enough on education. So you haven't been spending on education.
  57. He has said Vietnam has spent 6% of GDP on education for a long time. Vietnam's been spending 6% of GDP for a very long period of time
  58. He has said Pakistan's defence budget has been a high share of GDP for a long time. So your defense budget as a percentage of your GDP has been higher for a very long period of time.
  59. He has said the important question is how fast the economy grows over the next 10 years. What's important is how fast is the economy going to grow in the next 10 years?
  60. He has said governments push for growth the economy cannot sustain, which leads to crises. the government will try to get to 6% GDP growth, but because the economy cannot sustain it, you then have these deficits and then you have crisis situations.
  61. He has called the government's fuel price increase a good step. I think good step by the government, they increased uh fuel prices.
  62. He has said non-essential medicines have been deregulated. Non-essential medicines have been deregulated.
  63. He has said there was no wheat support price and no sugarcane support price. But uh there was no wheat support price, there was no sugarcane support price.
  64. He has said there is an improvement from 10 years ago, but a lot more needs to be done. Like uh there is an improvement from 10 years ago, but a lot more needs to be done.
  65. He has said PIA is now off the government's books after privatisation. Then we've started to see privatizations also. PIA is off the government's books now.
  66. He has said it is a good idea for everything to be privatised. it's a good idea for everything to get privatized.
  67. He has said local people can buy companies and turn them around. There are local people who can buy these companies, turn them around.
  68. He has said Iranian gas is definitely cheaper than LNG. it's it's definitely cheaper to get Iranian gas than than LNG
  69. He has said the Iran pipeline is built on Iran's side and Pakistan still needs to build its own end. The the pipeline on Iran's end is already made. We need to make our end.
  70. He does not expect Iran or anyone to sell oil to Pakistan below market price, even if sanctions are lifted. I don't think if there is sanction relief on Iran, Iran or anyone will be willing to give us below market price on oil.
  71. He has said there will be a lot of exploration in Pakistan over the next 10 years. there is going to be a lot of exploration activity in Pakistan over the next 10 years
  72. He has described the outlook on Iran as cautious optimism. It's cause for optimism, but cautious optimism.
  73. He has said Pakistan's role in the ceasefire was done more for Pakistan than for anyone else. Pakistan's I think done this more for Pakistan than for anyone else.
  74. He has said Dubai became a destination for cash partly because Singapore is too far away. Singapore is too far away, which is why we had Dubai at this as this destination and people would not send money to the Far East because when you have money in Dubai, the flight's just two hours.
  75. He has said cash will stay in Pakistan if economic crises stop. If we stop having these economic crises and people have investing opportunities in the country and they feel safe in the country, I think money is going to stay in.
  76. He has said people will send cash to other places if the crises continue. If we keep having these economic crises, people will find a different destination to send that cash.
  77. Yusuf M Farooq discussed what the US-Iran ceasefire means for Pakistan's economy. Yusuf M. Farooq breaks down exactly what this means for the Pakistani economy and local investors.
  78. He is Director of Research at Topline Securities. Yousuf M. Farooq is the Director of Research at Topline Securities & Director at Elite Lighting (Pvt) Ltd. and Capital Asset Leasing Corporation.
  79. He is a Director at Elite Lighting (Pvt) Ltd. Yousuf M. Farooq is the Director of Research at Topline Securities & Director at Elite Lighting (Pvt) Ltd. and Capital Asset Leasing Corporation.
  80. He is a Director at Capital Asset Leasing Corporation. Yousuf M. Farooq is the Director of Research at Topline Securities & Director at Elite Lighting (Pvt) Ltd. and Capital Asset Leasing Corporation.
  81. He was born in Riyadh in 1989. so I was born in Riyadh, 1989, and my family moved here when I was five.
  82. His family moved to Karachi when he was five years old. my family moved here when I was five. So uske baad pura time Karachi mein guzara hai.
  83. His father spent 15 years working in Saudi Arabia. My father spent 15 years in Saudi Arabia to wahan se IPOs bharte rehte the
  84. His grandfather was a stockbroker from 1957 to 1989. So my nana was a stockbroker from 1957 to 89.
  85. He moved to a different school after his parents decided the matric system would not work for him. jab parents ne realize kiya ki yeh matric system mein nahi chalega, to uske baad City School chala gaya.
  86. He reports six A's at O Level and two at A Level. Phir O Levels mein aaye to thoda sa sambhal liya, 6 A's aa gaye, A Levels mein 2 aa gaye.
  87. He aimed for IBA but fell four marks short in the maths test. woh goal tha ki IBA chale jayein. Aur test mein math mein 4 marks kam aa gaye.
  88. He went to ZABIST after not getting into IBA. And uski wajah se mera admission nahi hua tha. Ab kya karein? To ended up at ZABIST and I think it is the best thing
  89. He says ZABIST was the best thing that happened to him. ZABIST is the best thing that happened to me.
  90. In his third semester he was made to de-register five courses. I was in the third semester and 7th ke saath ek course register hua hua tha and Dean finds out. And they make me de-register 5 courses.
  91. He has been teaching since grade nine. I had been teaching since grade 9.
  92. From his third semester he went to his father's shop each morning. So third semester yeh start hua ki my father had a shop in Karimabad. To third semester onwards yeh hona start hua ki subah main wahan jata tha.
  93. By the time he finished university, about 30 students came to him. And by the time I was done with university, mere paas koi 30 students aate the.
  94. He says his tuition work was his first taste of running a small business. To woh tuitions ki wajah se jo hai woh that was the first taste of ki bhai how to run a small business type.
  95. He says he had no idea what he was doing when he first started investing. I had no idea what I was doing.
  96. He began investing in the Pakistan stock market around 2010. This is I think 2010 when I started investing.
  97. He looked at technical analysis and began reading Warren Buffett. Maine technical analysis dekha, maine Warren Buffett padhna shuru kiya.
  98. A teacher of his invited him to join Fortune Securities. this teacher Faraz Yunus Bandukda, who now is CEO of Al-Hilal Investments. So he was my teacher there and he was like yaar tum na Fortune Securities aa jao.
  99. He got a job in a research department before finishing his eighth semester. main research department join kar leta hoon. Naukri lag gayi hai, 8th semester khatam hua nahi hai, job mil gayi hai.
  100. He describes the CEO of Fortune Securities at the time as one of his greatest mentors. And us waqt the CEO of Fortune Securities was Qasim Lakhani. And Qasim Lakhani is one of my greatest mentors
  101. He says he mostly chose what to research, and management appreciated it. mostly I do what I what I wanted to do research on and and it was appreciated by the management team.
  102. He says the approach was always to buy distressed small caps and work on them. to hamesha se yeh tha ki distressed small cap khareed do, us pe kaam karo.
  103. He analysed which stocks gave the best returns from 2000 to 2014. To 2000 se 2014 tak main analyze kar raha tha ki kis stock ne sabse zyada return diya hai.
  104. He says National Foods was the best-performing stock from 2000 to 2014. So the best performing company was National Foods.
  105. He says there are some very good sponsors who have looked after their minority shareholders. There are some very good sponsors who have really taken care of their minority shareholders also.
  106. He says things can also go very wrong with sponsors. things can go very very wrong also.
  107. He says there are serious corporate governance issues in Pakistan. There are serious corporate governance issues in Pakistan.
  108. He was at Fortune Securities until 2016, then moved to JS Investments as Head of Research. So basically I was at Fortune till 2016 and then I got an offer from JS Investments and I moved to JS Investments as Head of Research.
  109. He worked at JS Investments for two years. I worked there for 2 years.
  110. He left JS Investments to move to Providus Capital. matlab quit JS and then I move to Providus Capital.
  111. At Providus Capital he managed the small-cap portion of the fund. Providus Capital mein I was managing a small cap portion of their fund.
  112. After Providus Capital he decided to do his own work. Uske baad, I decide ke yaar mujhe na paise-waisay thode ban gaye hain, apna kaam karte hain.
  113. He registered a company. And I registered this company called Uqab Capital.
  114. The company started in 2019, just as COVID hit. This is, this is now 2019 start hua and COVID, Uqab Capital start hua hai and COVID hits.
  115. The company started advising clients. we start advising clients. We get clients, we start advising them.
  116. A friend asked him to raise funds for a PCB assembling factory. this friend of mine comes to my office and says ke yeh so mujhe jo hai woh kuch paise raise kar do. I want to start a PCB assembling factory.
  117. He did an internship at a company in 2006 or 2007, around the time of his O and A Levels. 2006, 2007 mein meri O aur A levels ki presentation ke beech mein maine is company mein ek internship ki thi.
  118. He helped form a company called Elite Lighting, which takes PCBs from another company, disassembles them and sells them. So we form a new company called Elite Lighting. Uh, and we take PCB from Elite Cleaner and we disassemble it and we sell it.
  119. Before Elite Lighting he had never operated a company, though he worked in finance. I was in finance and I knew how to analyze things, but I didn't, but I had never operated a company.
  120. He says he had never been part of an operating team before. Yeah, I had never been part of an operating team.
  121. He says running the business has brought him significant maturity. I think significant maturity aayi hai, thehrao aaya hai
  122. He says doing business in Pakistan brings unique challenges, and stability has not been constant. then there are unique challenges in Pakistan when you are doing this. And pura time jo hai woh stability nahi rahi hai.
  123. He says the company brought a machine back and had it running within 15 days. we brought that machine back and humne chala di 15 din mein
  124. He says the company has been around for 30 years and this particular venture for three. So company has been there for 30. But this particular This particular venture has been there for three years
  125. He says electricity was a small share of operating cost when he invested, but cheap power would not last. The bet when investing was ke as a percentage of total operating cost electricity kam hai, kyunke analyst thay toh pata tha ke bijli toh sasti Pakistan mein, permanently toh nahi milegi.
  126. He says about 4 million people turn 18 in Pakistan each year, which makes labour supply a guarantee. agar Pakistan mein koi ek guarantee hai toh woh yeh hai ke 4 million log turn 18 years old every year.
  127. He says about half of those young people have not gone to school. And unfortunately half of them have not gone to school.
  128. He says garment volumes rose 51 percent in the first ten months of the fiscal year. if you compare yeh 10 months of this uh, fiscal year with the last fiscal year, toh you will see ke garments mein 51% growth aayi hai volume mein.
  129. He says labour-intensive businesses have done better since the devaluation. So any labour intensive business has been doing well and now ke itna devalue ho gaya hai toh they can possibly do better.
  130. He says holding the currency in one place discouraged manufacturing. manufacturing discourage hui hai currency ek jagah pe rakhne ki wajah se aur incentive sahi nahi hone ki wajah se.
  131. He says the currency devalued steadily from 1979 to 2002. 1979 se 2002 tak constant devalue hota raha hai.
  132. He says governments run fiscal deficits and hold the currency fixed, and that this leads to a crisis after four or five years. you keep pumping money into the economy, you keep doing a fiscal deficit and you keep the currency at the same level. So you do that for four, five years then you have a crisis.
  133. He says governments avoid devaluation because the resulting inflation is politically unsuitable. currency jaane se jo hai woh inflation hoti hai toh politically suitable nahi hota toh currency nahi jaane dete.
  134. He says Pakistan has one of the youngest populations in the world and very low female labour participation. you have one of the youngest populations in the world. Jiska matlab yeh hai ke the number of dependents per every person working is higher than every other country. Then you have very low female labour participation.
  135. He says about half of school-age children do not go to school, and those who do often fail maths and science. Toh ek masla yeh hai ke aadhe bache school nahi jaate, jo jaate hain woh matlab bahut achi quality education nahi milti, math science mein fail ho jaate hain.
  136. He says education spending of about a trillion rupees a year produces little output. We spent a trillion rupees last year on education. We'll probably spend probably 1.2 or 1.3 trillion next year. But uska jo output hai woh koi bahut khaas nahi hai.
  137. He says educating one person costs less than what the government now spends. the cost of educating one person is not as much jitna government is waqt kharch kar rahi hai.
  138. He says the education problem is one of efficiency more than a lack of spending. It's basically it's not a lack of spending, it's more uh, an efficiency problem.
  139. He says he is not giving policy suggestions because that is not his expertise. I am trying not to give policy suggestions because that's not my expertise.
  140. He says a fiscal deficit is government revenue minus government expenses. Fiscal deficit is basically government ka revenue minus government ke expenses.
  141. He says large fiscal deficits are financed by borrowing from the central bank, which prints money. So when you do large fiscal deficits, you borrow that money from the central bank, which basically means ke note chaap ke central bank economy mein daal deta hai.
  142. He says printing money to cover a shortfall causes inflation. Toh jab note aapka output bada nahi aur aapne note bahut zyada chaap diye toh inflation ho jaati hai.
  143. He says the fiscal deficit leads to a current account deficit, because people buy imported goods. So hota yeh raha hai ke fiscal deficit hota hai, uski wajah se phir current account deficit hota hai.
  144. He says Pakistan has borrowed about $125 billion in total, with government borrowing close to $100 billion. So, we have now, mashallah se borrowed $125 billion in total. Government ki total borrowing is close to $100 billion.
  145. He says about $25 billion of repayments fall due each year for the next three years, which is not sustainable. agle teen saal mein har saal aapko takreeban 25-25 billion dollar ki payment karni hai. And that is not sustainable.
  146. He says the loans were poorly planned. I think it was poor planning and I think socha nahi.
  147. He says Pakistan should now talk to lenders about reprofiling or restructuring its debt. Aur koi us debt ko re-profile karne ki ya re-structure karne ki uh, lender se baat kar lein.
  148. He says Ghana has completed a debt restructuring and Sri Lanka is in talks. Ek Sri Lanka mein baat chal rahi hai and Ghana mein ho gayi hai.
  149. He says the Sri Lankan rupee moved from 360 to 304 after restructuring brought some stability. So, in dono mulkon mein re-structuring karne ke baad jo hai woh kuch stability aa gayi hai like Sri Lankan rupee has gone from 360 to dobara 304 ho gaya hai.
  150. He says Sri Lankan inflation fell from 70 percent to 30 percent over three to four months. Inflation has gone from 70% to 30% in Sri Lanka over the last three, four months
  151. He explains that a primary surplus is revenue minus spending excluding interest payments. Primary surplus hota hai basically ke government ne paise government ke paas revenue kitna aaya minus total government ke kharche kitne hain. Lekin un kharchon mein se ab interest payment hata do.
  152. He says the IMF asks Pakistan to spend no more than it earns, and he sees nothing wrong with that. Toh IMF aake yahi kehta hai ke bhai jitne paise kamao utne paise kharch karo. I think there is there is generally nothing wrong with that.
  153. He says the IMF argues against blanket petrol subsidies. IMF bolta hai ke petrol pe 80 rupaye litre subsidy nahi do.
  154. He says subsidies should go to the people who actually deserve them. Toh subsidy milni chahiye un logon ko jo actually deserve karte hain.
  155. He says lenders will ask a borrower to get its house in order before repaying. First I get your house in order taake hamare paise wapas mil sake.
  156. He says Pakistan needs a strong government that can take steps with a long-term effect. a strong government that comes in that can then take steps jo thode long term in nature nature ho
  157. He describes Pakistan as a country of 230 million people. Uh dekho 230 million logon ka mulk hai.
  158. He says the government has run a primary surplus over the last nine months. If you look at what's happened in the last 9 months uh toh government ne primary surplus kiya hai.
  159. He says the currency has been allowed to float freely. Phir currency ko free floating chhod diya.
  160. He says some companies have increased manufacturing activity over the last six months. kuch companies ne manufacturing side pe activity ki hai.
  161. He says reducing PIA's losses would free up more money for an income support programme. agar aap PIA ka itna bada loss nahi karoge toh aapke paas Benazir Income Support Program mein paise dene ke liye aur aa jayenge
  162. He says output growth and income redistribution are two separate topics. Ek topic hai ke bhai main total output kaise badha loon? Main woh wale kaam kar loon jo meri strength hai. Income redistribution alag topic hai
  163. He says businesses have to realise that 25,000 is not enough to live on. but I think businesses have to realize ke 25,000 mein guzara nahi ho sakta.
  164. He argues that setting a price above equilibrium leads to more supply and less demand. agar aap equilibrium se upar price set karoge to there is going to be more supply and less demand.
  165. He says Bangladesh is the only country in the region with a lower minimum wage than Pakistan. Bangladesh is the only country in the region jismein minimum wage humse kam hai.
  166. He says Bangladesh has about double the female labour participation of Pakistan. Wahan pe labor female labor participation is double.
  167. He says female labour participation is about 20 percent, and would be about 40 percent at Bangladesh's level. Ab us 4 million mein se female labor participation is 20%. You gradually of course have to make more people work. So us 20 ko agar aap Bangladesh wale pe le jao to woh 40 ho jayega.
  168. He says about 2.8 million people enter the workforce each year. So you've got 2.8 million people entering the workforce every year guaranteed
  169. He says manufacturing labour arbitrage is done with relatively less skilled people. Manufacturing mein aap labor arbitrage kar rahe ho but you're doing it with relatively less skilled people.
  170. He says Pakistan does not have cheap capital or cheap electricity right now. Agar aapke paas cheap capital available nahi hai aap to aur aapke paas cheap bijli available nahi hai
  171. He says IT will face a problem because the 2.8 million new entrants are not going into it. IT mein woh 2.8 million nahi aa rahe peeche se.
  172. He says it is hard for Pakistan to compete with India, the Philippines or Indonesia in IT, because the trained supply is thin. it's impossible to compete with India or or let's say Philippines or Indonesia even. Simply because of the fact ke supply side itni thodi hai.
  173. He says his company has trained its own labour itself. Hum apni labor khud hi train karte rahe hain
  174. He says new workers start on basic tasks, settle in about six months, and can become supervisors. Like basic se aap start karte ho aap company mein aate ho aap 6 mahine mein aap set ho jaate ho aur aap seekh jaate ho aur phir aap ahista ahista ahista phir aap supervisor bante ho
  175. He says some people who joined his factory as labour now run units in the company. We have people in the factory who came in as labor and are now running units.
  176. He says some staff have been with the company for 20 years. There are people in this company jo 20-20 saal se bhi hain.
  177. He says the electronics manufacturing field is small in Pakistan because it is complicated. this is a field that is not that big in Pakistan. It's actually very small. Right. And it's very small because it's very complicated.
  178. He says capital is expensive in Pakistan right now, while labour is cheap. but capital in Pakistan is expensive right now. Okay. Sahi hai labor in Pakistan is cheap.
  179. He does not think capital-intensive work should be pursued much right now, because capital is expensive. So abhi mujhe nahi lagta ke koi capital intensive bahut zyada kaam karna chahiye. Capital is expensive in Pakistan.
  180. He says people are scared of investing in Pakistan, and some earlier investors had their dividends held back. So people are scared when investing in Pakistan. Phir abhi repatriation issues bhi hue hain to jis jis ne pehle paise dale hue the aapne uska dividend rok liya.
  181. He spoke with the Oppo team last year, which wanted to set up a research centre in Islamabad. I spoke to the Oppo team last year and they talked about how at the time circumstances were very different uh but they talked about how they want wanted to set up a research center in in Islamabad
  182. He says Pakistan's consumer market of about 250 million people is powerful. Pakistan ki apni 250 million bande ki consumer market mein bahut powerful hai.
  183. His business plans to focus on more complicated printed circuit boards. Our business focus is going to be more complicated printed circuit boards.
  184. His company is raising funds for some larger projects. jinke liye hum kuch funds bhi raise kar rahe hain.
  185. He says plots in Phase 8 in Karachi were among Pakistan's best asset classes over 20 to 30 years. one of the best asset classes in Pakistan over the last 20, 30 years has been Phase 8 ka Karachi ka plot.
  186. He says that when plots make money, there is no incentive to take the risk of manufacturing. jab plot leke paise bante hain toh there is no incentive to take risk.
  187. He says incentives for productive work will come when easy asset classes stop making money. incentive us waqt milega jab easy asset classes ke andar paise nahi banenge
  188. He says smuggling and customs mis-declarations have been common. Woh hota raha hai, smuggling hoti rahi hai, customs pe mis-declarations hoti rahi hain.
  189. He says the COVID-era fiscal deficit widened the current account deficit. Uske andar ek wajah COVID hai ke COVID mein fiscal deficit bahut zyada hua jiski wajah se phir uh, current account deficit bahut bade bade hue.
  190. He says the State Bank lends money to banks at around 21 percent through reverse repo. So ek reverse repo woh karte. So basically they they take a security as collateral from the bank and they lend money at for example right now 21%.
  191. He says the State Bank's injections into banks rose from about 4 trillion to about 8 trillion rupees. woh number last year 4 trillion tha abhi woh koi 8 trillion ho gaya hai.
  192. He says the State Bank holds about 6 trillion rupees of Pakistan Investment Bonds. 6 trillion rupay State Bank ke paas uh Pakistan Investment Bonds rakhe hue hain.
  193. He says State Bank profits are paid back to the federal government, so markup should be netted against them. So basically State Bank jitne paise kamata hai woh federal government ko wapas de deta hai.
  194. He says people are quoting markup payments of 7.5 to 8 trillion rupees for next year. Toh people are quoting numbers like 7.5 trillion, 8 trillion ka markup payment hogi next year.
  195. He says the government will receive the State Bank's profit only after an audit. the government is going to get this money after an audit.
  196. He says Pakistani banks are solid and depositors should not worry about their rupee deposits. I think Pakistani banks right now are solid and kisi ko PKR mein koi ghabrahat nahi honi chahiye.
  197. He says State Bank liquidity injections into the economy are inflationary. This is also inflationary by the way ke the Central Bank is pumping money into the economy.
  198. He says the State Bank cannot keep creating money indefinitely. The State Bank can't keep on doing money.
  199. He says the markup burden is not yet the main problem, but could become one if the government does not get its house in order. woh problem ban jayegi if the government does not get its house in order.
  200. He says the country needs fiscal discipline, control of the current account, and borrowing on good terms for productive projects. Toh cheezein sahi karni hain, fiscally responsible rehna hai, current account ko control mein rakhna hai, agar paise borrow karne hain toh woh sahi terms pe borrow karne hain
  201. He says official numbers represent less than 30 percent of the actual economy. numbers actually represent less than 30% of your actual economy.
  202. He says the economy is still largely undocumented. Um but it's still largely un uh undocumented and because of that aapka overall
  203. He says that after devaluation and large inflation, the wheat crop was sold at a higher price. So if there is deval and there is large inflation toh jo wheat crop is dafa kati hai woh upar ki price pe kati hai.
  204. He says fixed-income and middle-class people were hit hardest by inflation. Uh hit sabse zyada aayi hai fixed income wale logon ko jo middle class middle class probably hain
  205. He says talent leaving the country raises the wages of those who stay. So kyunke log bahar chale jayenge toh jo reh jayenge unki price badh jayegi.
  206. He says most of his O Level and A Level classmates have left Pakistan. So from my if I if I look at my class from O levels, most of the people are not here.
  207. He says import bans were badly managed and made it impossible to plan a business. But I think is dafa manage bahut bura hua hai. The import bans aur woh puri cheez leke toh uh it has not been fun managing a business jab import bans ho rahe hon. You can't plan anything.
  208. He says a free market would have been a better option than import bans. Uh better option would have been a free market where price determines kya hoga
  209. He says the government thinks in the short term because elections are coming. The government is thinking ke inflation ho jayegi and bahut short term sochna hai kyunke election hone wale hain.
  210. He says businesses might move towards machine-intensive work if the minimum wage rises. So we might start thinking about doing more machine intensive work rather than doing a lot of labor intensive work.
  211. He says Pakistan could become a labour-intensive manufacturing powerhouse by 2050. Dekho we can potentially become a labor intensive manufacturing powerhouse.
  212. He says IT can absorb perhaps 80,000 of the 2.8 million people entering the workforce. IT has got a limitation ke bhai ye jo 2.8 million log aayenge isme se shayad 80 hazar wo kar le.
  213. He says the country has to use the current crisis to build manufacturing. So this is a crisis that the country has to use. And we have to manufacture stuff.
  214. He cites India's electronics exports at $15.7 billion. India is exporting electronics worth 15.7 billion dollars.
  215. He says import bans have disrupted industry a great deal. Ye import bans ne jo hai wo bahut zyada disrupt kiya hai.
  216. He says some companies in Pakistan are assembling televisions and chargers. there are companies that are that are assembling televisions. There are companies that are assembling chargers.
  217. He says cheap electricity from Thar could be supplied to selected industries. Thar mein sasti bijli bhi ban rahi hai aap usko isolate karke sirf wo wali bijli ki price bhi de sakte ho.
  218. He says Pakistan should pick businesses where electricity is not a barrier until its power problems are solved. You have to pick businesses where electricity jab tak hum problems nahi solve kar lete.
  219. He says a Pakistani working abroad is, in his view, an export that sends remittances home. human capital as a product agar aapka Pakistani bahar ja raha hai toh mere hisaab se woh bhi aapka ek export hai
  220. He says Pakistan's actual product to sell is human capital. Toh actual product jo hamare paas that we have to sell is is human capital.
  221. He agrees the brain-drain argument is legitimate, but says China and India treated emigrants as assets. brain drain ka argument ek bada legitimate hai I agree. But still ek human capital ki tarah kyunke China aur India dono ne apne jo jo bande bahar bheje unhone usko as a as an asset treat kiya.
  222. He says competing globally with a ground-up consumer product needs a full ecosystem. main Samsung se compete kar raha hounga. Mujhe uski is wajah se samajh nahi aati because uske andar ek pura ecosystem chahiye hota hai for you to be able to compete in a global economy.
  223. He says people who left Pakistan because of heartbreak, not greener pastures, could return once conditions stabilise. jaise hi halat stabilize honge it will attract back a lot of people who may have left not for greener pastures but have left because of a heartbreak.
  224. He says some of his staff have matric or intermediate education and learned from YouTube videos. these are people jinhone matric kiya hai, inter kiya hai. YouTube pe videos dekh ke aaye hain
  225. He says there is no shortage of talent in Pakistan. To talent ki na kami nahi hai.
  226. He says the manufacturing work his company does needs little training. Manufacturing mein to be honest jo kaam hum karte hain uske andar itna zyada jo hai woh train nahi karna hota hai.
  227. He says the company's labour came as fresh recruits and became skilled through training on the job. aap kisi ko leke aate ho bilkul fresh jo haan yeh of course I think sab log face karte hain