market entry report- pakistan - with title and pledge (1)

7/24/2019 Market Entry Report- Pakistan - With Title and Pledge (1)

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Pensacola Christian College

Market Entry Project

Project 01

A Project Submitted to

Dr. John Cirone

in Partial Fulfillment of

the Requirements for the Course

A !""

#nternational usiness

$%Alex Abraham

o& 1"''

Micah Atwater

o& 1!"(

Kyle Doyle

o& 1')"

Calvin NG

o& 1*)"

Pensacola+ Florida,o-ember "!+ "01'


2/39

#n this aer+ e-er$ /P#,#/, from someone else has been indicated b$ a arentheticalcitation or reference number. # realie that the mere resence of a arenthetical note or referencenumber does not a-oid lagiarism.

Parenthetical Citations:# ha-e laced quotation mars around e&act 2ords+ hrases+clauses+ or sentences of someone else. #f # ha-e arahrased oinions of someone

else+ # ha-e stated those oinions in m$ o2n 2ords 32ithout quotation mars4. # ha-ealso introduced the quotations and arahrases and follo2ed the authors5 names 2itharenthetical notes.

Reerence N!mbers:# ha-e laced quotation mars around e&act 2ords+ hrases+clauses+ or sentences of someone else. #f # ha-e arahrased the oinions of someoneelse+ # ha-e stated those oinions in m$ o2n 2ords 32ithout quotation mars4. # ha-ealso introduced the quotations and arahrases and ut a reference number at the endof the sentence.

A66 FAC78A6 #,F/R9A7#/, 3common no2ledge or uncontested no2ledge4+though not credited 2ith a arenthetical note or reference number+ has been stated in m$ sentencestructure. # ha-e not used an$one else5s organiation of the facts.

7his aer is m$ o2n first:time 2or. ,o one has heled me in the rearation or 2ritingof this aer. # understand that lagiarism detection soft2are ma$ be used on this aer.

Signed%

Signed%

Signed%

Signed%

Ale& Abraham : Political and Cultural section

9icah At2ater : Demograhic and ;eograhic Section


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Exec!tive "!mmary

7he #nternational Research team+ comrised of al:9art5s maret entr$

into the countr$ of Paistan. 7his team conducted research in the follo2ing areas% coman$

assessment+ cometiti-e assessment+ cultural assessment+ olitical assessment+ economic

assessment+ financial assessment+ maret assessment+ geograhic assessment+ and demograhic

assessment. =nclosed is the team5s findings in the abo-e listed areas.

8ltimatel$+ after much research+ the #nternational Research team ad-ises against >al:

9art entering into Paistan at the resent time. 7he rimar$ reasons for this roosal are the

ad-erse cultural conditions and the strong cometiti-e resence. 7his is discussed in further

detail in the both the cultural and cometiti-e assessments. 7he #nternational Research team has

included -aluable information that ma$ be used if >al:9art decided to enter Paistan at a later

time.


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#able o Contents

Com$any Assessment Pa%e &

>al:9art 9ission Statement 1

>al:9art?s Purose Statement 1

>al:9art?s Philosoh$ 1

>al:9art Products and Store 7$es "

>al:9art?s #nternational acground !

>al:9art?s @alues and Programs '

Com$etitive Assessment '

#ndustr$ Definition

Domestic Cometition

Cometition in Paistan

C!lt!ral Assessment (

Cultural in Paistan *

9uslim Culture *

Political Assessment &&

7he 8nited States Relation 2ith Paistan 11

7a& Polic$ 1"

#ncenti-es 1B

7rade Polic$ 1B

Al aeda and 7errorism 1!

Economic Assessment &)

Currenc$ 1!

Paistan?s =conomic /-er-ie2 1'

=&ternal 7rade 1

Domestic 1(

=conomic Assessment Conclusion 1*


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Com$any Assessment

(Unless otherwise indicated, all Company Assessment information is received from Wal-Mart's

corporate website.)

7o full$ understand 2hether 2e at >al:9art should enter Paistan+ 2e must first

consider 2ho >al:9art is as a coman$.

0al1Mart2s Mission "tatement

E>e sa-e eole mone$ so the$ can li-e better.

0al1Mart2s P!r$ose "tatement

E#f 2e 2or together+ 2e?ll lo2er the cost of li-ing for e-er$one . . . 2e?ll gi-e the 2orld an

oortunit$ to see 2hat it?s lie to sa-e and ha-e a better life.

0al1Mart2s Philoso$hy

>al:9art?s hilosoh$ goes bac to its mission of Esa-ing eole mone$. >al:9art

achie-es this mission b$ follo2ing its =-er$ Da$ 6o2 Prices 3=D6P4 and =-er$ Da$ 6o2 Costs

3=D6C4 business format. 8ltimatel$+ >al:9art is able to achie-e e-er$da$ lo2 rices because of

its understanding of cutting costs. >al:9art has been e&tremel$ successful in its cost:cutting

strateg$ b$ mastering distribution and sul$:chain management. >al:9art?s logistical

achie-ement in the 8nited States is an e&amle that should be considered if 2e e-entuall$ enter

Paistan. #n the 8nited States+ >al:9art has lo2ered costs b$ handling its distribution and

logistics internall$. >al:9art has 1') distribution centers+ each strategicall$ ositioned 2ithin a

"00:mile radius of aro&imatel$ 100 stores. #n the 8nited States+ >al:9art also has a logistic

fleet of +'00 tractors+ ''+000 trailers+ and o-er (+000 dri-ers1. $ lacing distribution facilities

in a strategic+ central location+ >al:9art is able to shi roducts as quicl$ and efficientl$ as

1 E/ur usiness+ /ur usiness+ Ghtt%HH cororate.>al:9art.comHour:stor$Hour:histor$ 3accessed ,o-ember1!+ "01'4.

1


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ossible. al:9art to lo2er the costs

as much as ossible. #n relation to entering Paistan+ >al:9art should consider the same logistics

strateg$. 7his ma$ be difficult at first because this s$stem is trul$ made successful 2hen there are

a large number of stores. >e belie-e this strateg$ can translate+ ho2e-er+ because >al:9art

sees to gro2 relati-el$ quicl$ once it has entered a ne2 maret. For e&amle+ >al:9art+ 2hich

oened its first store in #ndia in "00*+ no2 has "1 stores 2ithin #ndia. >al:9art is lanning to

oen '0 more stores in #ndia b$ the $ear "0"0". #f >al:9art enters Paistan+ >al:9art 2ill see

to gro2 quicl$. Setting u the logistical infrastructure uon initial maret entr$+ although cost

rohibiti-e+ 2ill allo2 >al:9art to lo2er costs in the long:term as 2ell as lo2er the costs of

oening additional stores.

Ia-ing e-er$da$ lo2 costs ro-ides >al:9art 2ith the abilit$ to ro-ide e-er$da$ lo2

rices to its customers+ 2hich is the heartbeat of the coman$. eing able to ro-ide the lo2est

ossible rices to our customers allo2s >al:9art to set itself aart from its cometitors. 7his

significant rice differentiation 2ill assist >al:9art in o-ercoming the liability of foreinness

that occurs 2hen entering a ne2 maret. Ia-ing lo2 rices is essential 2hen considering the

demograhics of Paistan.

0al1Mart2s Pro*!cts an* "tore #y$es

At >al:9art+ 2e ut a focus on ro-iding a 2ide -ariet$ of roducts at as lo2 a rice as

ossible. >ithin the 8nited States+ >al:9art has three rimar$ store t$es% >al:9art

Suercenter+ >al:9art Discount Store+ and >al:9art ,eighborhood 9aret. A stale of the >al:

9art brand+ >al:9art Suercenters+ 2hich are t$icall$ oen "! hours+ are >al:9art5s one:sto

shoing e&erience. 7he >al:9art Suercenters sell grocer$ items+ electronics+ aarel+ and

" E>al:9art is Committed to #ndia and Focused on ;ro2ing Cash Carr$ and " =:commerce usinessesacross the Countr$+ htt%HH222.2al:martindia.inHarticleH>al:9art:is:committed:to:india:and:focused:on:gro2ing:cash:carr$:and:b"b:e:commerce:business:across:thecountr$+ 3accessed ,o-ember+ "01'4.

"
http://www.wal-martindia.in/article/walmart-is-committed-to-india-and-focused-on-growing-cash-carry-and-b2b-e-commerce-business-across-thehttp://www.wal-martindia.in/article/walmart-is-committed-to-india-and-focused-on-growing-cash-carry-and-b2b-e-commerce-business-across-thehttp://www.wal-martindia.in/article/walmart-is-committed-to-india-and-focused-on-growing-cash-carry-and-b2b-e-commerce-business-across-thehttp://www.wal-martindia.in/article/walmart-is-committed-to-india-and-focused-on-growing-cash-carry-and-b2b-e-commerce-business-across-thehttp://www.wal-martindia.in/article/walmart-is-committed-to-india-and-focused-on-growing-cash-carry-and-b2b-e-commerce-business-across-the


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much more. >al:9art Discount Stores are the original t$e of >al:9art store. >al:9art

Discount Stores are smaller than Suercenters and do not offer grocer$ items. >al:9art

,eighborhood 9aret+ the smallest of all store t$es+ sees to offer groceries at e-er$da$ lo2

rices. Sam?s Club is another segment of >al:9art. Sam?s Club is a membershi:onl$ store that

offers items in bul.

Although these store segments ha-e had enormous success in the 8nited States+ 2e

belie-e that the est Price 9odern >holesale stores in #ndia are a better model to follo2 2hen

deciding 2hat the best 2a$ to enter Paistan is. est Price 9odern >holesale+ an #ndian

subsidiar$ of >al:9art+ follo2s a business:to:business+ cash and carr$ 2holesale model. est

Price taes >al:9art5s mission statement and caters it secificall$ to businesses b$ Eenabling

business to roser . . . e-er$ single memberB. 9embershi is necessar$ to sho at est Price

9odern >holesale. 7o become a member+ one must ro-ide a co$ of a -alid business license.

7he a-erage est Price store is aro&imatel$ '0+000 sq. ft. and offers a 2ide -ariet$ of more

than '+000 items sanning from grocer$ to aliances and general merchandise. est Price

recei-es o-er *0 of its roducts from local sources!.

>e belie-e that this store t$e 2ould be best suitable for se-eral reasons. First+ if >al:

9art 2ere to enter Paistan+ the liabilit$ of foreignness 3articularl$ the cultural factor4+ 2ould

be e&tremel$ difficult to o-ercome. $ onl$ selling to local Paistani businesses+ >al:9art

2ould be sho2ing both the Paistani eole and the go-ernment that it is not looing to o-ertae

its countr$ but rather it is seeing to assist the alread$ gro2ing econom$. Directl$ selling to

businesses in Paistan 2ill ro-ide >al:9art 2ith the best 2a$ to o-ercome the difficult$ of

entering a ne2 maret. Recei-ing the majorit$ of the roducts from local sources 2ill also assist

B E/ur Stores+ /ur Stores+htt%HH222.2al:martindia.inHour:stores+ 3accessed ,o-ember+ "01'4.! >al:9art #ndia+ E/ur Stores.

B
http://www.wal-martindia.in/our-storeshttp://www.wal-martindia.in/our-storeshttp://www.wal-martindia.in/our-stores


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in maing the transition to the ne2 maret as successful as ossible. 6ocall$ sourced roducts

benefit >al:9art in a -ariet$ of 2a$s. Ia-ing the majorit$ of the roducts sourced globall$ 2ill

hel >al:9art to ee costs as lo2 as ossible to ensure that e-er$da$ lo2 rices are

maintained. Costs are lo2ered b$ local sourcing because >al:9art 2ill then able to a-oid an$

tariffs and imort ta&es. 6ocall$ sourced roducts also allo2 >al:9art to adhere to its successful

method of distribution and logistics b$ ha-ing all sections of the sul$ chain as geograhicall$

close to each other as ossible. Recei-ing roducts from local sources 2ill better endear >al:

9art to the Paistani eole and businesses. #nstead of being -ie2ed as a threat+ >al:9art 2ill

be -ie2ed as an all$ b$ ro-iding more re-enue to the local businesses.

0al1Mart2s 3nternational .ack%ro!n*

Anal$ing >al:9art?s current international footrint allo2s us to see if entering Paistan

follo2s >al:9art5s current international strateg$. #n the last fi-e $ears >al:9art?s international

segment has gro2n e&onentiall$. >al:9art?s international segment has gro2n from !+1*1 stores

in "010'to +"' stores in "( different countries as of Setember B0+ "01' . >al:9art?s oints of

emhasis are ,orth America+ South America 3rail+ Argentina+ and Chile4+ southeast Africa+ the

8nited al:9art location to Paistan

is the neighboring countr$ of #ndia. Although Paistan and #ndia are neighbors+ there cultural

bacgrounds differ greatl$. 7herefore+ 2e must consider 2ith caution the transferabilit$ of >al:

9art5s success in #ndia. #t is imortant to note that >al:9art does not currentl$ ha-e an$

locations in the 9iddle =ast. 7he reasons that >al:9art has not $et entered the 9iddle =ast

should be considered. 7his is further discussed in later sections of the reort.

' "01! >al:9art Annual Reort+ htt%HHs".q!cdn.comH0''B"!BHfilesHdocKfinancialsH"01!HAnnualH"01!:annual:reort.df+ g. "0+ 3accessed ,o-ember ""+ "01'4.

E/ur 6ocations+ /ur 6ocations+ htt%HHcororate.>al:9art.comHour:sotr$Hour:locations+ 3accessed,o-ember 1!+ "01'4.

!
http://corporate.walmart.com/our-sotry/our-locationshttp://corporate.walmart.com/our-sotry/our-locations


10/39

0al1Mart2s 4al!es an* Pro%rams

>al:9art rides itself on being a maing a ositi-e imact in each of its store?s local

communities. $ assessing 2hat rograms are currentl$ being used in other locations+ 2e at >al:

9art can better understand the rograms able to be offered in Paistan. /ne rogram that ma$ be

imlemented is a concentration on the lo2ering of food thro2a2a$. 7his ma$ be accomlished

b$ using more locall$ gro2n roduce and offering higher:grade items 2ith a longer shelf life. #n

#ndia+ >al:9art has been able to lo2er its food thro2a2a$ rate to ".BB(. 6o2er food 2aste 2ill

assist in lo2er costs for >al:9art as 2ell as in increasing the brand image of >al:9art 2ithin

Paistan. >al:9art ma$ also imlement a career de-eloment rogram in its stores in Paistan.

$ hiring the local eole+ training them+ and assisting in their career ad-ancement+ >al:9art

2ill be able to ha-e a ositi-e brand image 2ithin Paistan. A rogram to emlo$ and romote

more 2omen should also be consideredL ho2e-er+ this should be imlemented 2ith caution in

light of Paistan?s cultural bacground.

As a 2hole+ entr$ into Paistan 2ould align 2ith >al:9art?s continued focus on international

gro2thL ho2e-er+ se-eral other factors must also be considered.

Com$etitive Assessment

#t is crucial that >al:9art understands its cometition. =-en if all other maret entr$

factors are fa-orable+ >al:9art?s entr$ ma$ fail if 2e cannot o-ercome the local cometition.

7his section 2ill detail 2ho >al:9art?s cometitors are+ 2hat their strengths and strategies are+

and ho2 >al:9art can or cannot o-ercome the cometition.

3n*!stry Deinition

( E#ndia+ #ndia+htt%HHcororate.>al:9art.comHour:stor$Hour:businessHinternationalH>al:9art:india3accessed ,o-ember 1!+ "01'4.

'
http://corporate.walmart.com/our-story/our-business/international/walmart-indiahttp://corporate.walmart.com/our-story/our-business/international/walmart-indiahttp://corporate.walmart.com/our-story/our-business/international/walmart-indiahttp://corporate.walmart.com/our-story/our-business/international/walmart-india


11/39

roadl$ seaing+ >al:9art is in the retail industr$. 7he retail industr$ contains a 2ide

-ariet$ of retailers. Some retailers determine to be a one:sto shoing e&erience for their

customers. /ther retailers decide to ro-ide a secific roduct t$e and target a much more

secific target maret. >al:9art falls under the grou that stri-es to be a one:sto shoing

e&erience for its customers.

Domestic Com$etition

>al:9art5s largest cometitor domesticall$ is 7arget. /ut of all of >al:9art?s

cometitors+ 7arget is the most similar to >al:9art. 7arget?s strateg$ of ro-iding a large -ariet$

of items at cometiti-e rices is -er$ similar to >al:9art?s strateg$. Primaril$ focused

domesticall$+ 7arget5s onl$ locations outside of ,orth America are located in #ndia. 7herefore+

based on 7arget?s international strateg$+ it is unliel$ that 7arget 2ill e-en attemt to enter

Paistan. /ther domestic cometitors of >al:9art ser-e a secific retail maret. For e&amle+

est u$+ 2hich secialies in electronics+ is a direct cometitor 2ith >al:9art?s electronics

deartment. 6arge grocer$ chains+ such as Publi&+ are direct cometitors 2ith >al:9art?s grocer$

deartment. Sam?s Club+ a segment of >al:9art+ cometes 2ith other 2holesale clubs such as

Costco. ,one of >al:9art5s domestic cometitors are currentl$ in PaistanL therefore+ it is

unliel$ that >al:9art 2ill face cometition in Paistan from an$ of its domestic cometitors.

Com$etition in Pakistan

Although >al:9art 2ill not ha-e to face an$ of its domestic cometition in Paistan+

>al:9art 2ill ha-e se-eral foreign cometitors to comete 2ith in Paistan. Perhas the largest

cometitor that >al:9art 2ill ha-e to comete 2ith in Paistan is I$erstar. I$erstar is a joint

-enture bet2een Carrefour and the Dubai:based conglomerate Abdul 9ajid al:Futtaim ;rou

39AF4. Carrefour+ the second largest retailer in the 2orld 3second onl$ to >al:9art4+ is >al:


12/39

9art?s greatest global cometition).Ieadquartered in 6ahore+ Paistan+ I$erstar is a 9iddle

=astern h$ermaret chain 2ith '" stores located throughout the 9iddle =ast. 7here are

currentl$ t2o I$erstar stores located in Paistan+ one in 6ahore and the other in al:9art 2ill. I$erstar sees to differentiate itself b$ offering its o2n retail

brands+ much lie >al:9art does 2ith its ;reat @alue brand.

;reen @alle$ is another h$ermaret that is located in Paistan. ;reen @alle$ is o2ned b$

ahria 7o2n+ a real estate coman$ based out of 6ahore+ Paistan. 7here is currentl$ one ;reen

@alle$ store 2hich is located in 6ahore+ but future stores are lanned for Ra2alindi+ #slamabad+

and


13/39

Another otential cometitor in Paistan is 9=7R/:Iabib Cash Carr$. 9=7R/:

Iabib 2as created in a merger bet2een 9=7R/ and 9aro:Iabib11. 9=7R/:Iabib is a cash

and carr$ 2holesale center+ much lie >al:9art?s est Price 9odern >holesale stores in #ndia.

Just lie est Price+ 9=7R/:Iabib is a membershi:onl$ 2holesaler that onl$ offers

membershi to businesses. #n Paistan+ there are currentl$ nine 9=7R/:Iabib locations in the

cities of 6ahore+


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C!lt!re in Pakistan

7here are se-eral major ethnic grous that are dominant in Paistan. 7he$ are the

Punjabis+ ahi+

and altisani and urusho. 7hese ethnic grous are searated among man$ different areas in

Paistan. 7he Punjabis+ accounting for !!.) of the nation+ is the largest ethnic grou in

Paistan1B, follo2ed b$ the Pashtun 2hich co-er onl$ 1'.!" of the nation1!. As a 2hole+ the

man$ different ethnic grous are referred to as EPaistani. 7he official religion of Paistan is

#slam. Paistan is *.! 9uslim. 7he other B. is Iindu and Christian. 7here are t2o t$es of

9uslims in Paistan% the Sunni and the Shia. 7he Sunni account for aro&imatel$ )':*0 of

the 9uslims in Paistan+ 2hile the Shia onl$ account for 10:1'1'.7he large ercentage of

9uslims in Paistan is substantiated in the fact that+ as of the $ear "01B+ Paistan is the third

largest 9uslim countr$ in the 2orld1.

Paistan?s official language is 8rdu. =-en though it is the official language of Paistan+

onl$ ) of Paistanis use 8rdu as their language. 9ost Paistanis use their local ethnic language

such as the Punjabi+ etc.1(.7he other language that is commonl$ used among the Paistanis is

=nglish. 7his is because Paistan 2as once colonied b$ the ritish =mire. =nglish is actuall$

the lin!a franca in Paistan.

M!slim C!lt!re

Paistani culture is heterogeneous. ecause of the large number of 9uslims in Paistan+

much of Paistan?s culture is deri-ed from the rules of #slam. #t is hard for businesses that do not

1B EPaistan+ accessed ,o-ember 1(+ "01'. htts%HH222.cia.go-Hlibrar$HublicationsHthe:2orld:factbooHgeosH.html

1! C#A+ EPaistan.1' C#A+ EPaistan.1 E7o 7en Countries 2ith 6argest 9uslim Poulation+ htt%HH222.masof2orld.comH2orld:to:tenH2orld:to:

ten:countries:2ith:largest:muslim:oulations:ma.html+ 3accessed ,o-ember 1(+ "01'4.1( EPaistan Iistor$+ 6anguage and Culture+ htt%HH222.2orldtra-elguide.netHaistanHhistor$:language:culture+3accessed ,o-ember 1(+ "01'4.

*
http://www.mapsofworld.com/world-top-ten/world-top-ten-countries-with-largest-muslim-populations-map.htmlhttp://www.mapsofworld.com/world-top-ten/world-top-ten-countries-with-largest-muslim-populations-map.htmlhttp://www.worldtravelguide.net/pakistan/history-language-culturehttp://www.worldtravelguide.net/pakistan/history-language-culturehttp://www.mapsofworld.com/world-top-ten/world-top-ten-countries-with-largest-muslim-populations-map.htmlhttp://www.mapsofworld.com/world-top-ten/world-top-ten-countries-with-largest-muslim-populations-map.htmlhttp://www.worldtravelguide.net/pakistan/history-language-culture


15/39

ha-e a 9uslim bacground to enter the maret due to the strong influence of #slam in Paistan.

=-en though Paistanis are mo-ing to2ard moderniation+ there is still a cultural barrier for

foreign firms to o-ercome. #n Paistan?s culture+ 2omen are rohibited to 2ear tight clothing+

and both men and 2omen should ensure that their arms and legs are co-ered. Paistani societ$

also use the social classes 2ithin their ethnic grous.

ecause Paistan is redominantl$ 9uslim+ the countr$?s rules and regulations are based

on the ur5an+ the hol$ boo for the 9uslims. >ords in the ur5an are the re-alent influence in

most asects of life in Paistan1). For e&amle+ there are t2o common rules about food in

Paistan. First+ 9uslims are ne-er allo2ed to eat or. Second+ during the Iol$ 9onth of

Ramadan 39uslim5s $earl$ feast4+ 9uslims ha-e to fast during the da$. 9ost food in Paistan is

similar to #ndia and other 9iddle =ast countries+ 2hich contain a lot of sices+ curr$+ herb+ and

strong fla-or. Paistanis lo-e and tae ride in their culture.

Paistanis are often selecti-e 2ith roducts that the$ use for their dail$ acti-ities.

=seciall$ 2ith the strong 9uslim influence+ man$ roducts ha-e to ha-e the certification of

halal. According to Sharia la2+ man$ food roducts must be reared according to halal1*.

9uslims 2ill not bu$ roducts+ secificall$ groceries+ if the$ are not reared in accordance to

Sharia la2. ecause of Paistan?s redominantl$ 9uslim influence+ >al:9art must be a2are of

the fact that most of its roducts 2ill need to be reared according to Sharia la2. Due to the fact

that most farmers in Paistan alread$ adhere to Sharia la2+ it 2ould be 2ise for >al:9art to

recei-e its roducts from local sources as much as ossible.

=-en though #slamabad is the caital cit$ of Paistan+ most businesses in Paistan are

located in ilber+ Donald ,e2ton+ and Donald 6ochart At2ell."a#istan, $ts "eople, $ts %ociety, $ts C!lt!re.,e2 Ia-en%IRAF Press+ 1*!.

1* E>hat is IalalM+ htt%HH222.halalcs.orgHhalal:e&lainedH2hat:is:halal.html+3accessed ,o-ember "1+ "01'4.

10
http://www.halalcs.org/halal-explained/what-is-halal.htmlhttp://www.halalcs.org/halal-explained/what-is-halal.htmlhttp://www.halalcs.org/halal-explained/what-is-halal.html


16/39

hard for foreign businesses to enter the maret. For business culture in Paistan+ Paistanis tend

to choose to 2or 2ith eole the$ no2 and trust. Paistanis belie-e in taing time to build

trust 2ith their business artners. >ith the high:conte&t culture in Paistan+ it 2ill tae time for

Paistanis to build a relationshi 2ith businesses from other countries"0. 7his means that >al:

9art 2ill ha-e to send a substantial amount of time building relationshis 2ith Paistani

business artners before actuall$ oening its first store.

Political Assessment

Paistan?s form of go-ernment is a federal reublic. 7he go-ernment of Paistan has

se-eral le-els of leadersL its leaders consist of an elected rime minister+ a resident+ and a

Parliament 2hich has both the Senate 3uer house4 and the ,ational Assembl$ 36o2er

Iouse4"1. 7he legal s$stem that the #slamic Reublic of Paistan uses is the common la2 s$stem

2ith #slamic la2 influence. 7he e&ecuti-e branch of Paistan is di-ided into t2o arts% the

resident as the chief of state and the rime minister as the head of go-ernment. 7he current

resident of Paistan is President 9amnoon Iussain+ and the rime minister is Prime 9inister

9ohammad ,a2a Sharif. oth the resident and the rime minister of Paistan ha-e been in

o2er since the $ear "01B.

#he 5nite* "tates Relations with Pakistan

Since the indeendence of Paistan in 1*!(+the 8nited States has de-eloed a dilomatic

relationshi 2ith Paistan. According to the 8.S. Deartment of State+ EPaistan5s Prime

9inister Sharif made an official -isit to the 8nited States in /ctober "01B+ shortl$ after

Secretar$ of State John


17/39

Dialogue to foster a broader+ long:term+ and more comrehensi-e artnershi and facilitate

concrete cooeration on core shared interests such as energ$+ economics+ counterterrorism+

defense+ strategic abilit$ and education"". #n regards to the 8nited States and Paistan?s

relations+ a good relationshi has de-eloed in se-eral sectors such as economic+ ci-ilian

assistance+ and securit$ assistance"B.

7he most recogniabl$ successful relations bet2een the 8nited States and Paistan is in

the economic sector. #n the economic sector+ the 8nited States is the largest bilateral trading

artner in the eriod of "01!:"01'. ,ot onl$ in trading area+ the 8nited States is also one of the

highest resources of foreign direct in-estment for Paistan+ 2ith O"0* million in "01'

"!

. Another

sector that the 8nited States has built a relationshi 2ith Paistan is in the securit$ sector. >ith

the high terrorism acti-ities that haen all o-er the 2orld+ both countries are strengthening their

counterterrorism and counterinsurgenc$ caabilities.

#ax Policy

Paistan5s ta& authorit$ is called the Federal oard of Re-enue. 7his organiation is the

legal entit$ formed b$ the ;o-ernment of Paistan to tae care of all le-els of ta&ation"'. 7he ta&

rate for cororations that oerate in Paistan is BB in the $ear "01' ". 7he BB ta& rate is -alid

for comanies that are classified as residents in Paistan. Paistan5s comanies that are classified

as residents are comanies that are incororated under the la2 of Paistan"(. Foreign comanies

that full$ oerates in Paistan are also classified as resident comanies b$ the ;o-ernment of

Paistan e-en though the$ oerate under the foreign la2.

"" E8.S. Relations 2ith Paistan+ htt%HH222.state.go-HrHaHeiHbgnHB!'B.htm+ 3accessed ,o-ember 1*+ "01'4."B Deartment of State+ E8.S. Relations 2ith Paistan."! Deartment of State+ E8.S. Relations 2ith Paistan."' EFederal oard of Re-enue+ htt%HH222.fbr.go-.H +3accessed ,o-ember ""+ "01'4." EPaistan Cororate 7a& Rate+htt%HH222.tradingeconomics.comHaistanHcororate:ta&:rate+3accessed

,o-ember ""+ "01'4."( EPaistan 7a& Profile+htts%HH222.mg.comH;lobalHenHser-icesH7a&Hregional:ta&:centersHasia:acific:ta&:

centreHDocumentsHCountr$ProfilesHPaistan.df+ 3accessed ,o-ember ""+ "01'4.

1"
http://www.state.gov/r/pa/ei/bgn/3453.htmhttp://www.fbr.gov.pk/http://www.fbr.gov.pk/http://www.tradingeconomics.com/pakistan/corporate-tax-ratehttp://www.tradingeconomics.com/pakistan/corporate-tax-ratehttp://www.tradingeconomics.com/pakistan/corporate-tax-ratehttps://www.kpmg.com/Global/en/services/Tax/regional-tax-centers/asia-pacific-tax-centre/Documents/CountryProfiles/Pakistan.pdfhttps://www.kpmg.com/Global/en/services/Tax/regional-tax-centers/asia-pacific-tax-centre/Documents/CountryProfiles/Pakistan.pdfhttps://www.kpmg.com/Global/en/services/Tax/regional-tax-centers/asia-pacific-tax-centre/Documents/CountryProfiles/Pakistan.pdfhttp://www.state.gov/r/pa/ei/bgn/3453.htmhttp://www.fbr.gov.pk/http://www.tradingeconomics.com/pakistan/corporate-tax-ratehttps://www.kpmg.com/Global/en/services/Tax/regional-tax-centers/asia-pacific-tax-centre/Documents/CountryProfiles/Pakistan.pdfhttps://www.kpmg.com/Global/en/services/Tax/regional-tax-centers/asia-pacific-tax-centre/Documents/CountryProfiles/Pakistan.pdf


18/39

3ncentives

#n regards to incenti-es in Paistan+


19/39

terminated b$ the 8nited States arm$ in "011 in Abbottabad+ PaistanB". >hen this e-ent

occurred+ the relations bet2een the 8nited States and Paistan 2ere affected and a conflict 2as

created bet2een the t2o countries. >ith the strong 9uslim influence in Paistan blaming the

8nited States for inhumane beha-ior in the illing of /sama bin 6aden in Paistan. 7his has

added to the negati-e -ie2 of the 8nited States that is held b$ man$ 9uslims. 7he negati-e -ie2

of the 8nited States translates to 8S based comanies+ such as >al:9art. >al:9art ma$ not be

able to o-ercome this negati-e brand image.

Economic Assessment

7o understand full$ 2hether 2e at >al:9art should enter Paistan+ 2e must -erif$ that

Paistan5s econom$ is fa-orable to >almart5s in-estment.

C!rrency

7he currenc$ of Paistan is the Paistan Ruee 3P


20/39

Po2er Parit$ 3PPP4. >ith a oulation of 1** million+ Paistan is the si&th most oulous

countr$ in the 2orld. #n terms of 8SD+ Paistan has a ;DP er caita of O1+!"( 8SD and a PPP

er caita of O!+*0" 8SDB. #n the case of PPP+ considering the other measurement+ the ig 9ac

#nde& of Paistan is B'0 Rs+ or OB.BB 8SDB(+ meaning it is ")." under-aluedB). As 2ith other

de-eloing countries+ Paistan has issues of undocumented econom$+ 2hich affects the

calculation of er caita income. 7his is estimated to be B of Paistan5s o-erall econom$B*.

Paistan5s econom$ is categoried as semi:industrialied 2ith gro2th along the #ndus

Ri-er 3see geograhic assessment for #ndus Ri-er5s detail4!0. Agriculture constitutes the largest

sector of Paistan5s econom$. #t is stated that the majorit$ of the oulation is either directl$ or

indirectl$ deendent on the agriculture sector!1. 7herefore+ >almart should consider recei-ing

agriculture from local+ Paistani sources. Paistan5s econom$ is di-ersifiedL much of Paistan5s

economic gro2th is in the ort cit$ of


21/39

Paistan5s undocumented econom$ aid their ta&es+ the go-ernment 2ould collect an e&tra )00

billion ruee!B+ or (.1 billion 8SD!!.

External #ra*e

Paistan e&orts rice+ oranges+ mangoes+ furniture+ cotton fiber+ cement+ tiles+ marble+

te&tiles+ clothing+ leather goods+ sorts goods+ cutler$+ surgical instruments+ electrical aliances+

soft2are+ carets and rugs+ ice cream+ li-estoc meat+ chicen+ o2dered mil+ 2heat+ seafood+

-egetables+ rocessed food items+ salt+ on$&+ engineering goods+ and man$ other items. Paistan

also roduces and e&orts cement to Asia and the 9iddle =ast. eing that these roducts are

e&orted out of Paistan+ it can be inferred that these locall$ sourced roducts 2ould be a-ailable

to >almart. $ the art of the table E=&orts b$ =conomic Categories 3Summar$4+ belo2 is the

data of "01":1B and "01B:1!3#n million ruees4!'.

ear Primar$

Commodities

Semi:9anufactures

;oods

9anufactured ;oods

"01":1B B!+1"(.0 B*1+1'1.B 1+11+1**.'

"01B:1! !"0+!*.B B*+0.1 1+(*B+*00.)

7he gro2th of e&orting from Paistan is seen in t2o categories% rimar$ commodities and

manufactured goods. Io2e-er+ Paistan is still facing a trade deficit of as much as 1*.*B billion

8SD in the $ear of "01!!.

!B 9angi+ ,a2een A. T7he Secret Strength of Paistan?s =conom$.T loomberg usiness+ "01". 3accessed,o-ember4.

!! )00 billion Rs di-ided b$ 10'.1 RsH8SD!' E=&orts b$ =conomic Categories 3Summar$4 Paistan ureau of Statistic.

htt%HH222.bs.go-.HcontentHe&orts:economic:categories3accessed ,o-ember (+"01'4! Eearl$ =&ternal 7rade Paistan ureau of Statistic. htt%HH222.bs.go-.HcontentH$earl$:e&ternal:trade

3accessed ,o-ember (+ "01'4.

1
http://www.pbs.gov.pk/content/exports-economic-categorieshttp://www.pbs.gov.pk/content/exports-economic-categorieshttp://www.pbs.gov.pk/content/yearly-external-tradehttp://www.pbs.gov.pk/content/yearly-external-tradehttp://www.pbs.gov.pk/content/exports-economic-categorieshttp://www.pbs.gov.pk/content/yearly-external-trade


22/39

Paistan and the 8nited States ha-e strong bilateral economic relations. Actuall$+ the

8nited States is Paistan5s largest bilateral trading artner. Paistan5s e&orts to the 8nited States

aro&imatel$ reresent 1 of its total e&orts!(.

Domestic

#n terms of the domestic econom$ of Paistan+ there are se-eral considerations related to

maret entr$+ such as domestic labor forces+ 2ages+ a-ailabilit$ of caital+ and household

income. 7he domestic societ$ of Paistan is di-ersified bet2een the urban and rural areas. 8rban

domain is collected from


23/39

7he distribution of labor forces in Paistan is sho2n in table 1 belo2!).

6o2 articiation of 2omen in the labor force could be subjected to the gender discrimination in

the societ$ and culture. Same as the majorit$ of de-eloing countries+ Paistan5s 2omen face

oor treatment in terms of articiation in the labor force. Since 2omen are almost half of

Paistan5s oulation+ accurate allocation of 2omen in the labor force could lead to significant

imro-ement. efore hiring more 2omen+ >almart 2ould need to conduct a more thorough

stud$ on the cultural and societal imact that this 2ould ha-e 9

!) E6abor Force Statistic of Paistan Paistan ureau of Statistic+ htt%HH222.bs.go-.HcontentHlabour:force:statistics3accessed ,o-ember (+ "01'4.

1)
http://www.pbs.gov.pk/content/labour-force-statisticshttp://www.pbs.gov.pk/content/labour-force-statisticshttp://www.pbs.gov.pk/content/labour-force-statisticshttp://www.pbs.gov.pk/content/labour-force-statisticshttp://www.pbs.gov.pk/content/labour-force-statistics


24/39


25/39

Paistan?s o-erall economic outut 3;DP4 has gro2n e-er$ $ear since a recession in

1*'1. Paistan is relati-el$ oen to foreign in-estment+ e-en though it still has a lo2 ran in the

>orld an5s Doing usiness #nde&. Paistan holds an o-erall 2elcoming attitude to foreign

direct in-estment from the 8nited States+ e-idenced b$ the fact that the 8nited States is the

leader in foreign direct in-estment in Paistan'B.=-en though Paistan has a good number of

e&orts+ the trade deficit data tells us that there is a large oortunit$ for foreign in-estment in

Paistan. #n terms of trading+ >al:9art+ a 8nited States based coman$+ could tae ad-antage of

the 8nited States and Paistan5s trade relations. Due to Paistan5s lo2 2ages and its emhasis on

grocer$ urchases+ the Paistan econom$ should be fa-orable to >al:9art?s hilosoh$ of

offering its roducts at e-er$da$ lo2 rices.

Geo%ra$hy an* Demo%ra$hics o Pakistan3All information in this section is taen from the =nc$cloedia ritannica 2ebsite'!on Paistan

and the #ndus Ri-er+ unless other2ise stated4

7he demograhics of Paistan are directl$ correlated to the geograh$. 7he oorl$

2atered lateau is sarsel$ oulated+ 2hile the #ndus Ri-er @alle$ is home to around three

fourths of the countr$?s total oulation. Iigh income residents are found in major commercial

cities+ 2hile lo2 income 2orers li-e in highl$ rural areas. #n order for >al:9art to successfull$

begin oerations in Paistan+ 2e must ha-e a basic no2ledge of the geograh$ and

demograhics of Paistan.

Major an*marks

'B E 8.S. Relations 2ith Paistan 8.S. Deartment of State.htt%HH222.state.go-HrHaHeiHbgnHB!'B.htm3accessed,o-ember (+ "01'4.

'! TPaistanT 6a2rence Wiring. =nc$cloedia ritannica+ 9arch + "01'. 3Accessed /ctober *+ "01'4.htt%HH222.britannica.comHlaceHPaistan. T#ndus Ri-erT Der$c /. 6odric. =nc$cloedia ritannica+Februar$ 1+ "01'. 3Accessed ,o-ember "B+ "01'4. htt%HH222.britannica.comHlaceH#ndus:Ri-er.

"0
http://www.state.gov/r/pa/ei/bgn/3453.htmhttp://www.state.gov/r/pa/ei/bgn/3453.htmhttp://www.state.gov/r/pa/ei/bgn/3453.htm


26/39

Paistan+ technicall$ considered art of the 9iddle =ast+ is situated on the edge of the

#ndian subcontinent+ the 9iddle =ast+ and the main Asian continent. #ts neighbors include #ran

and Afghanistan on the 2est+ China on the north+ and #ndia on the east. Paistan has three major

geograhic features% the Iimala$as+ the alochistan Plateau+ and the #ndus Ri-er @alle$.

7he


27/39

2atered -ia irrigation''./f the inhabitants+ most are concentrated in and around a triangle

formed b$ the major cities+ t2o being 6ahore and Faisalabad. 7he third cit$ is the caital

#slamabad 2hich lies on the southeastern corner of


28/39

the age of B0. ecause man$ of this age grou ha-e in recent $ears defected to radical #slam+ the

Paistani go-ernment has taen initiati-e to educate and emlo$ $outh+ in an attemt to increase

its labor force. 7he go-ernment tries to team u 2ith businesses that 2ill tae on $oung interns

to train them at resectable jobs. 7his resents an oortunit$ to build good2ill in the

communit$ for >al:9art. 7raining and emlo$ing $oung Paistanis 2ho ma$ other2ise ris

their li-es and others for terrorist acti-ities ma$ boost resect and admiration for >al:9art.

Major Cities

7he cit$ of al:9art franchise. #t is connected b$ rail and major high2a$ to almost e-er$ art of the

countr$+ including the agriculturall$ abundant Punjab. Ia-ing the largest and most imortant

ort in Paistan+ est est+

and South est being middle

class as 2ell as the major commercial hub. 7he biggest industrial region is found in =ast


29/39

of the 9uslim religion. 7his maret ro-ides an oortunit$ follo2ing initial entr$L it is a maret

that >al:9art is alread$ familiar 2ith.

7he Punjabi triangle in ,orthern Paistan contains a large maret of otential consumers

for >al:9art+ should the coman$ be successful in al:9art raned first on the "01! Fortune '00 list of the 2orld5s largest comanies

b$ re-enue').

'( E>al:9art #nternational >al:9art+ htt%HHcororate.2almart.comHKne2sKH2almart:factsHcororate:financial:fact:sheet+ 3accessed ,o-ember 1'+ "01'4.

') ECororate Financial Facts >al:9art+htt%HHcororate.2almart.comHKne2sKH2almart:factsHcororate:financial:fact:sheet+3accessed ,o-ember 1'+ "01'4.

"!
http://corporate.walmart.com/_news_/walmart-facts/corporate-financial-fact-sheethttp://corporate.walmart.com/_news_/walmart-facts/corporate-financial-fact-sheethttp://corporate.walmart.com/_news_/walmart-facts/corporate-financial-fact-sheethttp://corporate.walmart.com/_news_/walmart-facts/corporate-financial-fact-sheethttp://corporate.walmart.com/_news_/walmart-facts/corporate-financial-fact-sheethttp://corporate.walmart.com/_news_/walmart-facts/corporate-financial-fact-sheethttp://corporate.walmart.com/_news_/walmart-facts/corporate-financial-fact-sheethttp://corporate.walmart.com/_news_/walmart-facts/corporate-financial-fact-sheethttp://corporate.walmart.com/_news_/walmart-facts/corporate-financial-fact-sheethttp://corporate.walmart.com/_news_/walmart-facts/corporate-financial-fact-sheet


30/39

As e-idenced b$ the large number of international stores that >al:9art has built in the

last fi-e $ears 3!+1*1 stores in "010 to +"' stores in "01'4'*+ >al:9art is full$ committed to

e&anding its international resence. >al:9art is ositioning its ortfolio in order to tae

ad-antage of the high gro2th in the international maret. Da-id Cheese2right+ President and

C=/ of >al:9art #nternational+ has confidentl$ stated that >al:9art is seeing to use the

international maret as a gro2th -ehicle0. $ this confidence+ >al:9art has announced its

budget of 11.) to 1".) billion 8SD in resonding to the global caital e&enditure lan in the

"01' fiscal $ear1. 7he detail and comarison to the rior fiscal $ear of >al:9art5s caital

'* Refer to Coman$ Assessment.0 E>al:9art "01! Annual Reort >al:9art+

htt%HHs".q!cdn.comH0''B"!BHfilesHdocKfinancialsH"01!HAnnualH"01!:annual:reort.df+3Accessed ,o-ember1'+ "01'4.

1 E>almart announces O11.) to O1".) billion F"01' global caital e&enditure lan >al:9art+htt%HHcororate.2almart.comHKne2sKHne2s:archi-eH"01BH10H1'H2almart:announces:11):to:1"):billion:f$"01':global:caital:e&enditure:lan+3accessed ,o-ember 1'+ "01'4.

"'
http://s2.q4cdn.com/056532643/files/doc_financials/2014/Annual/2014-annual-report.pdfhttp://s2.q4cdn.com/056532643/files/doc_financials/2014/Annual/2014-annual-report.pdfhttp://corporate.walmart.com/_news_/news-archive/2013/10/15/walmart-announces-118-to-128-billion-fy2015-global-capital-expenditure-planhttp://corporate.walmart.com/_news_/news-archive/2013/10/15/walmart-announces-118-to-128-billion-fy2015-global-capital-expenditure-planhttp://corporate.walmart.com/_news_/news-archive/2013/10/15/walmart-announces-118-to-128-billion-fy2015-global-capital-expenditure-planhttp://s2.q4cdn.com/056532643/files/doc_financials/2014/Annual/2014-annual-report.pdfhttp://corporate.walmart.com/_news_/news-archive/2013/10/15/walmart-announces-118-to-128-billion-fy2015-global-capital-expenditure-planhttp://corporate.walmart.com/_news_/news-archive/2013/10/15/walmart-announces-118-to-128-billion-fy2015-global-capital-expenditure-plan


31/39

e&enditure on global e&ansion lan is as follo2s%

#n the case of caital disciline+ Charles Iolle$+ >al:9art5s e&ecuti-e -ice resident and chief

financial officer+ outlined the coman$5s commitment in terms of le-erage. Ie said that

"


32/39

oerating income 2ill gro2 at the same rate+ or faster+ than sales due to >al:9art5s focus on

oerating e&ense disciline".

Market Assessment

7o full$ understand 2hether 2e at >al:9art should enter Paistan+ a stud$ of the maret

and alicable olicies is necessar$.

Pro*!ct ; Price

Concerning entering Paistan5s maret+ >al:9art5s e&isting roduct urose of lo2ering

the Ecost of li-ing for e-er$oneBis alicable to maret entr$ into Paistan. 7he need for lo2

rices in Paistan is suorted b$ the follo2ing factors% Paistan5s large oulation+ Paistan5s

lo2 a-erage income+ and Paistan5s high commodit$ e&enditure ercentage. #n the long:term+

>al:9art should be able to offer lo2 rices in Paistan b$ lo2ering its cost. Creating a rimaril$

locall$:sourced sul$ chain in Paistan should lo2er >al:9art5s costs as lo2 as ossible. #f the

decision of entering Paistan5s maret is ositi-e+ the business lan that 2ill be used for Paistan

2ill follo2 much of the same business structure that is used for the est Price >holesale stores

in #ndia. 7he roduct line 2ill include Econsumer acaged goods 3foods and non:food4+ general

merchandise+ household electronics+ aliances+ fresh 3fruit+ -egetables+ oultr$+ mutton+ fish4+

and dair$ 3mil and mil roducts4 that are offered to Elocal resellers+ offices and institutions+

hotels+ restaurants+ and caterers!.

Promotion

;oing bac to >al:9art?s mission of Esa-ing eole mone$+ the concet of =-er$ Da$

6o2 Prices 3=D6P4 and =-er$ Da$ 6o2 Costs 3=D6C4 2ill be romoted to Paistan5s maret+ if

" E>almart announces O11.) to O1".) billion F"01' global caital e&enditure lan >al:9art+htt%HHcororate.2almart.comHKne2sKHne2s:archi-eH"01BH10H1'H2almart:announces:11):to:1"):billion:f$"01':global:caital:e&enditure:lan+ 3accessed ,o-ember 1(+ "01'4.

B Refer to >al:9art5s Purose Statement in Coman$ Assessment.! E/ur Stores. >al:9art #ndia+ htt%HH222.2al:martindia.inHour:stores+ 3accessed ,o-ember 1'+ "01'4.

"(


33/39

>al:9art e-er decides to enter Paistan. 7he store t$e 2ill be a membershi onl$ 2holesale

store. 7his follo2s the format that >al:9art uses for its est Price stores in #ndia as 2ell as the

format used b$ 9=7R/:Iabib+ a otential cometitor in Paistan. #n adating to the local

culture+ alicable >al:9art roducts 2ill be reared and then mareted as being halal 3see

Cultural and Social assessment for detail4.

Place

7o accomlish e-er$da$ lo2 rice+ >al:9art5s maret strateg$ in Paistan 2ill require an

alicable lace olic$. >al:9art5s lace olic$ in the 8nited States+ 2hich is strategicall$

ositioning 1') distribution centers 2ithin a "00:mile radius of aro&imatel$ 100 stores'

+2ill

be an ideal reference for lo2ering costs in Paistan through sul$ chain management. 7his

logistics lan 2ould need to be modified to fit Paistan5s en-ironment and >al:9art5s e&ansion

in Paistan. Considering the gro2th and de-eloment of Paistan5s cities+ al:9art should be built in Paistan. /nline and self:ser-ice retailing methods 2ill not be

>al:9art5s retailing method in Paistan because of the ad-antage of lo2 local a$ rates.

-inancial an* Market Assessment Concl!sion

9aret entr$ into Paistan is in line 2ith >al:9art5s aggressi-e international financial

olic$. Paistan+ 2ith a oulation of 1** million otential customers and a ;DP of "(0.*1

billion 8SD+ is a countr$ 2ith great financial oortunit$ for >al:9art. 7he strong cometiti-e

resence that is currentl$ in Paistan has caused >al:9art to lose the first:mo-er ad-antage.

ecause of this cometiti-e resence and the comlicated maret strateg$ modification+ the

maret assessment for Paistan is unfa-orable. Although the financial assessment is fa-orable+ a

' Refer to >al:9art5s Philosoh$ in assessment. EPaistan =conom$+ #9F+ #nternational 9onetar$ Fund+ htt%HH222.imf.orgH+ 3accessed ,o-ember 1'+

"01'4.

")


34/39

more thorough stud$ of Paistan5s maret is needed before ossible future maret entr$ into

Paistan.

"*


35/39

Pro$ose* #imeline

ecause of the hostilit$ to2ard American influence+ a 9uslim countr$ such as Paistan

2ould not be 2illing to accet >al:9art+ either b$ oosition from leadershi or rejection from

the target maret. /ther2ise+ >al:9art ossesses the financial requirements to enter Paistan.

ecause Paistan is a high:conte&t culture+ another hurdle to -ault is building relationshis 2ith

suliers+ go-ernment+ and customers. 7his ste could tae u to ' $ears. ;i-en the required

legal rocedures for urchasing land for buildings+ >al:9art should be able to brea ground in


36/39

.iblio%ra$hy

T#ndus Ri-erT Der$c /. 6odric. =nc$cloedia ritannica+ Februar$ 1+ "01'. 3Accessed,o-ember "B+ "01'4. htt%HH222.britannica.comHlaceH#ndus:Ri-er.

T#slamabad% ,ational caital+ Paistan+T 7he =ditors of =nc$cloedia ritannica. Accessed,o-ember "B+ htt%HH222.britannica.comHlaceHPaistanH=conom$Xtoc"B*).

Torld+ Setember "!+ "01!. Accessed ,o-ember "B+ "01'+htt%HH222.masof2orld.comHrintKimage.hMidNhtt%HH222.masof2orld.comHaistanHmasHaistan:ma.gifsidNundefined.

TPaistanT. 9a.&ncyclopdia ritannica nline. >eb. "B ,o-. "01'.Yhtt%HH222.britannica.comHlaceHPaistanHimages:-ideosHPaistanH1Zhtt%HH222.2orldatlas.comH2ebimageHcountr$sHasiaHlgcolorHco

lor.htm.

TPaistan.T 3accessed ,o-ember 1(+"01'4 htts%HH222.cia.go-Hlibrar$HublicationsHthe:2orld:factbooHgeosH.html

TPaistan.T 3accessed ,o-ember 1*+ "01'4 htt%HH222.factmonster.comHcountr$Haistan.htmlMagenoN1B

TPaistan.T 3accessed ,o-ember 1*+"01'4 htt%HH222.e-er$culture.comH,o:SaHPaistan.html

B1


37/39

TReligion in PaistanT. 9a. 9. #ad$. Searhead Research+ "01". Accessed ,o-ember "1+"01'+ htt%HHsearheadresearch.orgHSRKC9SH2:contentHuloadsH"01"H0!HPaistanKReligionKlg.jg.

TSector Assessment 3Summar$4% Agriculture+ ,atural Resources+ and Rural De-eloment.T AsianDe-eloment an+ "01B. Accessed ,o-ember ""+ "01'+

htt%HH222.adb.orgHsitesHdefaultHfilesHlined:documentsH!("B':001:ssa.df.

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