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Islamabad, 13 Oct 2023: In a strategic move toward economic fortification, the Islamabad Chamber of Commerce and Industry (ICCI), in partnership with the Policy Institute of Development Economics (PIDE), convened a seminar accentuating the pivotal role of domestic commerce in stimulating economic activities, augmenting exports, and achieving economic stabilization. Faad Waheed, the Acting President of ICCI, underscored that despite providing employment to a substantial portion of the non-agricultural workforce and being a notable contributor to the GDP, domestic commerce and markets have traditionally been overlooked in policymaking.
In his address, Waheed emphasized that domestic commerce, an integral segment of the economy employing 40% of the non-agricultural workforce, has not been accorded the requisite attention and development in policy frameworks despite its noteworthy contribution to the GDP. Waheed advocated for an enhancement of the infrastructure for domestic commerce across wholesale and retail sectors, and a bolstered development of business centers, markets, and shopping malls, aiming to metamorphose Pakistan into a flourishing economy. He commended PIDE for crafting a research study on the state of domestic commerce in the nation and expressed optimism that the government would utilize the findings to usher in pivotal policy reforms for the sector’s upliftment.
Dr. Nadeem ul Haq, Vice Chancellor of PIDE, spotlighted various obstacles hampering the evolution of domestic commerce, including an abundance of regulations, intricate documentation and registration processes, tax complexity and multiplicity, elevated compliance costs, fear of penalties, and the challenges businesses face in accessing formal finance. With 120 regulatory authorities in the federal government alone, he accentuated the necessity for the government to streamline the regulatory regime, aiming to facilitate domestic commerce’s augmented growth.
Engr. Azhar ul Islam Zafar, Vice President of ICCI, articulated that a concentrated governmental focus on propelling domestic commerce would equip Pakistan with a robust platform for international trade. This encompasses expansive sectors and sub-sectors of the economy, involving transport, storage, communication, wholesale and retail trade, construction, entertainment, tourism, real estate, and domestic marketing, among others. Strengthening these domains, he emphasized, could serve as a linchpin to recover Pakistan’s waning economy and place it on a trajectory of sustainable growth.
Omer Siddique, Senior Research Economic PIDE, extended a comprehensive presentation on the condition of domestic commerce in Pakistan, proffering necessary corrective measures to revitalize it as an energetic segment of the economy.
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