Punjab Finance Minister Mian Mujtaba Shuja-ur-Rehman, while addressing the 4th Pakistan Future of Retail Business Summit and Expo at a local hotel here on Thursday, stressed the need to shift Pakistan’s economic focus beyond agriculture and industry.
He highlighted the significant role of the retail and wholesale sectors, which contribute over Rs. 20 trillion to the national economy, making up 18pc of the GDP and providing employment to over 10 million people.
The theme of the summit, “Building a Stronger and Smarter Retail Ecosystem,” addressed the evolving dynamics of the retail sector. The Minister stated that retail is a vital component of domestic commerce and plays a crucial role in driving national prosperity. He noted the substantial progress in Pakistan’s retail landscape, with organized retail stores and the growth of e-commerce bringing local brands like Khaadi and Nishat to international prominence, boosting the country’s export revenues.
Despite these successes, the Minister acknowledged challenges, particularly the fact that 90% of the retail sector operates informally, hindering its full potential.
He emphasized the need to modernize regulations and implement a single-window compliance system at all levels of government. “Streamlining the regulatory framework will encourage retailers to formalize their businesses, enhance tax contributions, and foster a more competitive market,” he remarked.
