ISLAMABAD: Adviser to Prime Minister on Commerce Abdul Razak Dawood on Wednesday appreciated the role that chain stores and tier-1 retailers played in the national economy and also acknowledged the hardships being faced by the sector in the ongoing COVID-19 crisis.
He expressed these views in a video conference with members of the Chainstore Association of Pakistan (CAP).
Dawood stated that the meeting was being held in connection with the role that the chain store owners could play in mitigating the impact of the COVID-19, and to discuss future roadmap for the sector’s development.
The participants included Asad Shafi of Shiekhupura Textile Mills Ltd (Cross Stich); S.M. Nabeel of Din Industries (By the Way); Asfandyar Farrukh of Urban Brands (HUB); Rana Tariq Mehboob of Rana Trading Co. (Royal Tag); and Wasif Sikandar Butt of Mari B-Designs (Pvt) Ltd (Maria B).
The wholesale and retail sector is one of the largest domestic commerce sectors in the GDP and employs some 9.21 million people, which constitutes 14.92pc 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 adviser assured all out support to the sector and asked the association to come up with workable strategy and share their input on SBP’s schemes for loan to the business.
The possibility of including the organized retails sector in the relief given in respect of utilities was also discussed in the meeting.
Members of the Association briefly informed the advisor about the organized retail sector and the Chainstore Association of Pakistan, which was termed as the largest representative body of organized 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 retail business.
The association members were of the view that these issues, if resolved, could assist the government in the documentation of the 19pc of the GDP, its supply chain and workforce, besides phenomenally increasing its revenue.
The adviser assured that the issues would be taken up at the highest forum so that they could be resolved on priority.
