A-PM-C Dawood appreciates tier-1 retailers

By Staff Reporter
Thursday – April 30, 2020
ISLAMABAD: The advisor to the prime minister on commerce, (A-PM-C) Abdul Razak Dawood, Wednesday, appreciated the role that the chain stores and tier-1 retailers play in the national economy, especially in the crisis situation, and acknowledged the hardships being faced by the sector in ongoing pandemic crisis.

According to an official statement, this was expressed in a video conference with members of the chainstore association of Pakistan (CAP) with the A-PM-C.

A-PM-C Dawood stated that the meeting was being held in connection with the role that the chainstore owners could play in mitigating the impact of the COVID-19 (coronavirus), and to discuss future roadmap for the development of the sector.

The wholesale and retail sector is one of the largest domestic commerce sector in the gross domestic product (GDP) and employs some 9.21 million people, which constitutes 14.92 percent of the total labour force.

While enumerating the steps taken by the government to mitigate the impact of COVID-19 on the domestic commerce and local industry, the A-PM-C assured all out support to the sector and asked the association to come up with workable strategy and share their input on State Bank of Pakistan’s (SBP) schemes for loan to the business.

The possibility of including the organised retails sector in the relief given in respect of utilities was also discussed.

The members of the association briefly informed the A-PM-C about the organised retail sector and the CAP, which was termed as the largest representative body of organised retail business (tier-1 retailers), and their contribution in the national economy.

They highlighted the problems and challenges being faced by them amidst of COVID-19 pandemic.

Grave apprehensions were expressed over the prevailing state of affairs given the social and economic chaos created by the ongoing pandemic across the world, which has decimated the world economy, rendering millions of workers jobless, particularly in the retail business.

The CAP members were of the view that these issues, if resolved, could assist the government in the documentation of the 19 percent of the GDP, its supply chain and workforce, besides phenomenally increasing government’s revenue.

The A-PM-C assured that the issues will be taken up on the highest forum and resolved on priority.

The participants were Asad Shafi, Shiekhupura Textile Mills Ltd (Cross Stich); S.M. Nabeel, Din Industries (Ltd) (By the Way-BTW); Asfandyar Farrukh, Urban Brands (HUB); Rana Tariq Mehboob, Rana Trading Co. (Royal Tag); and Wasif Sikandar Butt, Mari B-Designs (Pvt) Ltd (Maria B).