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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
BA 422
International Business

Alex Abraham


Kyle Doyle

Box 1255

Box 1582

Micah Atwater

Calvin NG

Box 1427

Box 1982

Pensacola, Florida
November 24, 2015

In this paper, every OPINION from someone else has been indicated by a parenthetical
citation or reference number. I realize that the mere presence of a parenthetical note or reference
number does not avoid plagiarism.
Parenthetical Citations: I have placed quotation marks around exact words, phrases,
clauses, or sentences of someone else. If I have paraphrased opinions of someone
else, I have stated those opinions in my own words (without quotation marks). I have
also introduced the quotations and paraphrases and followed the authors names with
parenthetical notes.
Reference Numbers: I have placed quotation marks around exact words, phrases,
clauses, or sentences of someone else. If I have paraphrased the opinions of someone
else, I have stated those opinions in my own words (without quotation marks). I have
also introduced the quotations and paraphrases and put a reference number at the end
of the sentence.
ALL FACTUAL INFORMATION (common knowledge or uncontested knowledge),
though not credited with a parenthetical note or reference number, has been stated in my sentence
structure. I have not used anyone elses organization of the facts.
This paper is my own first-time work. No one has helped me in the preparation or writing
of this paper. I understand that plagiarism detection software may be used on this paper.

Alex Abraham - Political and Cultural section

Micah Atwater - Demographic and Geographic Section
Kyle Doyle - Company Assessment and Competitive Assessment Section
Calvin NG - Economic, Financial, and Market Section

Executive Summary

The International Research team, comprised of Kyle Doyle, Micah Atwater, Calvin NG,
and Alex Abraham, has conducted a thorough study of the feasibility of Wal-Marts market entry
into the country of Pakistan. This team conducted research in the following areas: company
assessment, competitive assessment, cultural assessment, political assessment, economic
assessment, financial assessment, market assessment, geographic assessment, and demographic
assessment. Enclosed is the teams findings in the above listed areas.
Ultimately, after much research, the International Research team advises against WalMart entering into Pakistan at the present time. The primary reasons for this proposal are the
adverse cultural conditions and the strong competitive presence. This is discussed in further
detail in the both the cultural and competitive assessments. The International Research team has
included valuable information that may be used if Wal-Mart decided to enter Pakistan at a later

Table of Contents
Company Assessment

Page 1

Wal-Mart Mission Statement

Wal-Mart's Purpose Statement

Wal-Mart's Philosophy

Wal-Mart Products and Store Types

Wal-Mart's International Background

Wal-Mart's Values and Programs

Competitive Assessment

Industry Definition

Domestic Competition

Competition in Pakistan

Cultural Assessment

Cultural in Pakistan

Muslim Culture

Political Assessment


The United States Relation with Pakistan


Tax Policy




Trade Policy


Al Qaeda and Terrorism


Economic Assessment




Pakistan's Economic Overview


External Trade




Economic Assessment Conclusion


Geography and Demographics of Pakistan


Major Landmarks


Regional Segmentation


Major Cities


Financial Assessment


Market Assessment


Product & Price






Financial and Market Assessment Conclusion


Proposed Timeline




Company Assessment
(Unless otherwise indicated, all Company Assessment information is received from Wal-Mart's
corporate website.)
To fully understand whether we at Wal-Mart should enter Pakistan, we must first
consider who Wal-Mart is as a company.

Wal-Mart's Mission Statement

We save people money so they can live better.

Wal-Mart's Purpose Statement

If we work together, we'll lower the cost of living for everyone . . . we'll give the world an
opportunity to see what it's like to save and have a better life.

Wal-Mart's Philosophy
Wal-Mart's philosophy goes back to its mission of saving people money. Wal-Mart
achieves this mission by following its Every Day Low Prices (EDLP) and Every Day Low Costs
(EDLC) business format. Ultimately, Wal-Mart is able to achieve everyday low prices because of
its understanding of cutting costs. Wal-Mart has been extremely successful in its cost-cutting
strategy by mastering distribution and supply-chain management. Wal-Mart's logistical
achievement in the United States is an example that should be considered if we eventually enter
Pakistan. In the United States, Wal-Mart has lowered costs by handling its distribution and
logistics internally. Wal-Mart has 158 distribution centers, each strategically positioned within a
200-mile radius of approximately 100 stores. In the United States, Wal-Mart also has a logistic
fleet of 6,500 tractors, 55,000 trailers, and over 7,000 drivers1. By placing distribution facilities
in a strategic, central location, Wal-Mart is able to ship products as quickly and efficiently as

Our Business, Our Business, \http:// (accessed November

14, 2015).

possible. Keeping practically all of the logistics in-house allows for Wal-Mart to lower the costs
as much as possible. In relation to entering Pakistan, Wal-Mart should consider the same logistics
strategy. This may be difficult at first because this system is truly made successful when there are
a large number of stores. We believe this strategy can translate, however, because Wal-Mart
seeks to grow relatively quickly once it has entered a new market. For example, Wal-Mart, which
opened its first store in India in 2009, now has 21 stores within India. Wal-Mart is planning to
open 50 more stores in India by the year 20202. If Wal-Mart enters Pakistan, Wal-Mart will seek
to grow quickly. Setting up the logistical infrastructure upon initial market entry, although cost
prohibitive, will allow Wal-Mart to lower costs in the long-term as well as lower the costs of
opening additional stores.
Having everyday low costs provides Wal-Mart with the ability to provide everyday low
prices to its customers, which is the heartbeat of the company. Being able to provide the lowest
possible prices to our customers allows Wal-Mart to set itself apart from its competitors. This
significant price differentiation will assist Wal-Mart in overcoming the liability of foreignness
that occurs when entering a new market. Having low prices is essential when considering the
demographics of Pakistan.

Wal-Mart's Products and Store Types

At Wal-Mart, we put a focus on providing a wide variety of products at as low a price as
possible. Within the United States, Wal-Mart has three primary store types: Wal-Mart
Supercenter, Wal-Mart Discount Store, and Wal-Mart Neighborhood Market. A staple of the WalMart brand, Wal-Mart Supercenters, which are typically open 24 hours, are Wal-Marts one-stop
shopping experience. The Wal-Mart Supercenters sell grocery items, electronics, apparel, and

Wal-Mart is Committed to India and Focused on Growing Cash & Carry and B2B E-commerce Businesses
across the Country, country, (accessed November, 2015).

much more. Wal-Mart Discount Stores are the original type of Wal-Mart store. Wal-Mart
Discount Stores are smaller than Supercenters and do not offer grocery items. Wal-Mart
Neighborhood Market, the smallest of all store types, seeks to offer groceries at everyday low
prices. Sam's Club is another segment of Wal-Mart. Sam's Club is a membership-only store that
offers items in bulk.
Although these store segments have had enormous success in the United States, we
believe that the Best Price Modern Wholesale stores in India are a better model to follow when
deciding what the best way to enter Pakistan is. Best Price Modern Wholesale, an Indian
subsidiary of Wal-Mart, follows a business-to-business, cash and carry wholesale model. Best
Price takes Wal-Marts mission statement and caters it specifically to businesses by enabling
business to prosper . . . every single member3. Membership is necessary to shop at Best Price
Modern Wholesale. To become a member, one must provide a copy of a valid business license.
The average Best Price store is approximately 50,000 sq. ft. and offers a wide variety of more
than 5,000 items spanning from grocery to appliances and general merchandise. Best Price
receives over 90% of its products from local sources4.
We believe that this store type would be best suitable for several reasons. First, if WalMart were to enter Pakistan, the liability of foreignness (particularly the cultural factor), would
be extremely difficult to overcome. By only selling to local Pakistani businesses, Wal-Mart
would be showing both the Pakistani people and the government that it is not looking to overtake
its country but rather it is seeking to assist the already growing economy. Directly selling to
businesses in Pakistan will provide Wal-Mart with the best way to overcome the difficulty of
entering a new market. Receiving the majority of the products from local sources will also assist


Our Stores, Our Stores,, (accessed November, 2015).

Wal-Mart India, Our Stores.

in making the transition to the new market as successful as possible. Locally sourced products
benefit Wal-Mart in a variety of ways. Having the majority of the products sourced globally will
help Wal-Mart to keep costs as low as possible to ensure that everyday low prices are
maintained. Costs are lowered by local sourcing because Wal-Mart will then able to avoid any
tariffs and import taxes. Locally sourced products also allow Wal-Mart to adhere to its successful
method of distribution and logistics by having all sections of the supply chain as geographically
close to each other as possible. Receiving products from local sources will better endear WalMart to the Pakistani people and businesses. Instead of being viewed as a threat, Wal-Mart will
be viewed as an ally by providing more revenue to the local businesses.

Wal-Mart's International Background

Analyzing Wal-Mart's current international footprint allows us to see if entering Pakistan
follows Wal-Marts current international strategy. In the last five years Wal-Mart's international
segment has grown exponentially. Wal-Mart's international segment has grown from 4,191 stores
in 20105 to 6,256 stores in 27 different countries as of September 30, 20156. Wal-Mart's points of
emphasis are North America, South America (Brazil, Argentina, and Chile), southeast Africa, the
United Kingdom, and Asia (China, Japan, and India). The nearest Wal-Mart location to Pakistan
is the neighboring country of India. Although Pakistan and India are neighbors, there cultural
backgrounds differ greatly. Therefore, we must consider with caution the transferability of WalMarts success in India. It is important to note that Wal-Mart does not currently have any
locations in the Middle East. The reasons that Wal-Mart has not yet entered the Middle East
should be considered. This is further discussed in later sections of the report.

2014 Wal-Mart Annual Report,, pg. 20, (accessed November 22, 2015).
Our Locations, Our Locations,, (accessed
November 14, 2015).

Wal-Mart's Values and Programs

Wal-Mart prides itself on being a making a positive impact in each of its store's local
communities. By assessing what programs are currently being used in other locations, we at WalMart can better understand the programs able to be offered in Pakistan. One program that may be
implemented is a concentration on the lowering of food throwaway. This may be accomplished
by using more locally grown produce and offering higher-grade items with a longer shelf life. In
India, Wal-Mart has been able to lower its food throwaway rate to 2.33%7. Lower food waste will
assist in lower costs for Wal-Mart as well as in increasing the brand image of Wal-Mart within
Pakistan. Wal-Mart may also implement a career development program in its stores in Pakistan.
By hiring the local people, training them, and assisting in their career advancement, Wal-Mart
will be able to have a positive brand image within Pakistan. A program to employ and promote
more women should also be considered; however, this should be implemented with caution in
light of Pakistan's cultural background.
As a whole, entry into Pakistan would align with Wal-Mart's continued focus on international
growth; however, several other factors must also be considered.

Competitive Assessment
It is crucial that Wal-Mart understands its competition. Even if all other market entry
factors are favorable, Wal-Mart's entry may fail if we cannot overcome the local competition.
This section will detail who Wal-Mart's competitors are, what their strengths and strategies are,
and how Wal-Mart can or cannot overcome the competition.

Industry Definition

India, India,

(accessed November 14, 2015).

Broadly speaking, Wal-Mart is in the retail industry. The retail industry contains a wide
variety of retailers. Some retailers determine to be a one-stop shopping experience for their
customers. Other retailers decide to provide a specific product type and target a much more
specific target market. Wal-Mart falls under the group that strives to be a one-stop shopping
experience for its customers.

Domestic Competition
Wal-Marts largest competitor domestically is Target. Out of all of Wal-Mart's
competitors, Target is the most similar to Wal-Mart. Target's strategy of providing a large variety
of items at competitive prices is very similar to Wal-Mart's strategy. Primarily focused
domestically, Targets only locations outside of North America are located in India. Therefore,
based on Target's international strategy, it is unlikely that Target will even attempt to enter
Pakistan. Other domestic competitors of Wal-Mart serve a specific retail market. For example,
Best Buy, which specializes in electronics, is a direct competitor with Wal-Mart's electronics
department. Large grocery chains, such as Publix, are direct competitors with Wal-Mart's grocery
department. Sam's Club, a segment of Wal-Mart, competes with other wholesale clubs such as
Costco. None of Wal-Marts domestic competitors are currently in Pakistan; therefore, it is
unlikely that Wal-Mart will face competition in Pakistan from any of its domestic competitors.

Competition in Pakistan
Although Wal-Mart will not have to face any of its domestic competition in Pakistan,
Wal-Mart will have several foreign competitors to compete with in Pakistan. Perhaps the largest
competitor that Wal-Mart will have to compete with in Pakistan is Hyperstar. Hyperstar is a joint
venture between Carrefour and the Dubai-based conglomerate Abdul Majid al-Futtaim Group
(MAF). Carrefour, the second largest retailer in the world (second only to Wal-Mart), is Wal6

Mart's greatest global competition8. Headquartered in Lahore, Pakistan, Hyperstar is a Middle

Eastern hypermarket chain with 52 stores located throughout the Middle East. There are
currently two Hyperstar stores located in Pakistan, one in Lahore and the other in Karachi. Being
that they are hypermarkets, Hyperstar stores seek to provide a large number of goods for as low a
price as possible. For example, the Hyperstar located in Karachi is over 100, 000 square feet and
displays over 30,000 products9. The Hyperstar stores closely resemble Wal-Mart Supercenters.
Hyperstar seeks to gain a competitive advantage by being able to lower its costs as much as
possible. Due to the extensive bulk purchasing of Hyperstar, Hyperstar is able to purchase many
of its goods directly from consumer goods companies at low prices. One of Hyperstar's biggest
competitive advantages is its foothold on the Middle-Eastern market. By being a large brand that
is based in the Middle East, Hyperstar does not face the liability of foreignness that a US-based
company such as Wal-Mart will. Hyperstar seeks to differentiate itself by offering its own retail
brands, much like Wal-Mart does with its Great Value brand.
Green Valley is another hypermarket that is located in Pakistan. Green Valley is owned by
Bahria Town, a real estate company based out of Lahore, Pakistan. There is currently one Green
Valley store which is located in Lahore, but future stores are planned for Rawalpindi, Islamabad,
and Karachi. Green Valley sets to distinguish itself by offering a higher quality shopping
experience and by selling high-end, imported brands. Green Valley is even proud to share that all
of its aisles, equipment, and allied material were imported from Italy10.

Retail Chains: Carrefour's New Karachi Store, the First among Many, The Express Tribune, November 9,
(accessed November 15, 2015).
9 The Express Tribune, Retail Chains: Carrefour's New Karachi Store, the First among Many.
Green Valley, Green Valley,
option=com_content&view=article&id=4&ltemid=14, (accessed November 15, 2015).

Another potential competitor in Pakistan is METRO-Habib Cash & Carry. METROHabib was created in a merger between METRO and Makro-Habib11. METRO-Habib is a cash
and carry wholesale center, much like Wal-Mart's Best Price Modern Wholesale stores in India.
Just like Best Price, METRO-Habib is a membership-only wholesaler that only offers
membership to businesses. In Pakistan, there are currently nine METRO-Habib locations in the
cities of Lahore, Karachi, Islamabad, and Faisalabad. One of METRO-Habib strengths is its
supply chain method. Metro-Habib receives over 90% of its products from local sources12. One
way that METRO-Habib coordinates with local suppliers is by starting collection centers through
which local farmers may directly sell their produce to METRO-Habib. METRO-Habib seeks to
gain favor with the local market by providing assistance to local farmers and producers in the
form of customized training programs. These programs have assisted local Pakistani businesses
in exporting abroad. By doing this, METRO-Habib is able to form a beneficial bond with the
Pakistani people, therefore, increasing its brand image within Pakistan.
Wal-Mart's competitors have a strong foothold in Pakistan. Because these competitors,
especially Hyperstar and METRO-Habib, follow a similar market strategy to Wal-Mart, market
entry into Pakistan may be difficult.

Cultural Assessment
The culture and religious beliefs of Pakistan make market entry into Pakistan an unwise
decision. Below is an overall assessment of how the culture and religious beliefs will hurt WalMart's possible market entry into Pakistan.

About Us, METRO Cash & Carry Pakistan,, (accessed November 15, 2015).
12 METRO Cash & Carry Pakistan, About Us.

Culture in Pakistan
There are several major ethnic groups that are dominant in Pakistan. They are the
Punjabis, Kashmiris, Sindhis, Muhajirs, Makrani, Baloch, Hazaras and Pashtun, Dardic, Wakhi,
and Baltisani and Burusho. These ethnic groups are separated among many different areas in
Pakistan. The Punjabis, accounting for 44.68% of the nation, is the largest ethnic group in
Pakistan13, followed by the Pashtun which cover only 15.42% of the nation14. As a whole, the
many different ethnic groups are referred to as Pakistani. The official religion of Pakistan is
Islam. Pakistan is 96.4% Muslim. The other 3.6% is Hindu and Christian. There are two types of
Muslims in Pakistan: the Sunni and the Shia. The Sunni account for approximately 85-90% of
the Muslims in Pakistan, while the Shia only account for 10-15%15.The large percentage of
Muslims in Pakistan is substantiated in the fact that, as of the year 2013, Pakistan is the third
largest Muslim country in the world16.
Pakistan's official language is Urdu. Even though it is the official language of Pakistan,
only 8% of Pakistanis use Urdu as their language. Most Pakistanis use their local ethnic language
such as the Punjabi, etc.17. The other language that is commonly used among the Pakistanis is
English. This is because Pakistan was once colonized by the British Empire. English is actually
the lingua franca in Pakistan.

Muslim Culture
Pakistani culture is heterogeneous. Because of the large number of Muslims in Pakistan,
much of Pakistan's culture is derived from the rules of Islam. It is hard for businesses that do not
13 Pakistan, accessed November 17, 2015.
14 CIA, Pakistan.
15 CIA, Pakistan.
16 Top Ten Countries with Largest Muslim Population,, (accessed November 17, 2015).
17 Pakistan History, Language and Culture,, (accessed November 17, 2015).

have a Muslim background to enter the market due to the strong influence of Islam in Pakistan.
Even though Pakistanis are moving toward modernization, there is still a cultural barrier for
foreign firms to overcome. In Pakistan's culture, women are prohibited to wear tight clothing,
and both men and women should ensure that their arms and legs are covered. Pakistani society
also use the social classes within their ethnic groups.
Because Pakistan is predominantly Muslim, the country's rules and regulations are based
on the Quran, the holy book for the Muslims. Words in the Quran are the prevalent influence in
most aspects of life in Pakistan18. For example, there are two common rules about food in
Pakistan. First, Muslims are never allowed to eat pork. Second, during the Holy Month of
Ramadan (Muslims yearly feast), Muslims have to fast during the day. Most food in Pakistan is
similar to India and other Middle East countries, which contain a lot of spices, curry, herb, and
strong flavor. Pakistanis love and take pride in their culture.
Pakistanis are often selective with products that they use for their daily activities.
Especially with the strong Muslim influence, many products have to have the certification of
halal. According to Sharia law, many food products must be prepared according to halal19.
Muslims will not buy products, specifically groceries, if they are not prepared in accordance to
Sharia law. Because of Pakistan's predominantly Muslim influence, Wal-Mart must be aware of
the fact that most of its products will need to be prepared according to Sharia law. Due to the fact
that most farmers in Pakistan already adhere to Sharia law, it would be wise for Wal-Mart to
receive its products from local sources as much as possible.
Even though Islamabad is the capital city of Pakistan, most businesses in Pakistan are
located in Karachi, the largest city in Pakistan. Because Pakistan is a high-context culture, it is
18 Wilber, Donald Newton, and Donald Lockhart Atwell. Pakistan, Its People, Its Society, Its Culture. New Haven:
HRAF Press, 1964.
19 What is Halal?,, (accessed November 21, 2015).


hard for foreign businesses to enter the market. For business culture in Pakistan, Pakistanis tend
to choose to work with people they know and trust. Pakistanis believe in taking time to build
trust with their business partners. With the high-context culture in Pakistan, it will take time for
Pakistanis to build a relationship with businesses from other countries20. This means that WalMart will have to spend a substantial amount of time building relationships with Pakistani
business partners before actually opening its first store.

Political Assessment
Pakistan's form of government is a federal republic. The government of Pakistan has
several levels of leaders; its leaders consist of an elected prime minister, a president, and a
Parliament which has both the Senate (upper house) and the National Assembly (Lower
House)21. The legal system that the Islamic Republic of Pakistan uses is the common law system
with Islamic law influence. The executive branch of Pakistan is divided into two parts: the
president as the chief of state and the prime minister as the head of government. The current
president of Pakistan is President Mamnoon Hussain, and the prime minister is Prime Minister
Mohammad Nawaz Sharif. Both the president and the prime minister of Pakistan have been in
power since the year 2013.

The United States Relations with Pakistan

Since the independence of Pakistan in 1947, the United States has developed a diplomatic
relationship with Pakistan. According to the U.S. Department of State, Pakistans Prime
Minister Sharif made an official visit to the United States in October 2013, shortly after
Secretary of State John Kerry announced the reinvigoration of a U.S.-Pakistan Strategic
20 Pakistan-Language, Religion, Culture, Customs and Etiquette,, (accessed November 17, 2015).
21 Pakistan,, (accessed November 19, 2015).


Dialogue to foster a broader, long-term, and more comprehensive partnership and facilitate
concrete cooperation on core shared interests such as energy, economics, counterterrorism,
defense, strategic ability and education22. In regards to the United States and Pakistan's
relations, a good relationship has developed in several sectors such as economic, civilian
assistance, and security assistance23.
The most recognizably successful relations between the United States and Pakistan is in
the economic sector. In the economic sector, the United States is the largest bilateral trading
partner in the period of 2014-2015. Not only in trading area, the United States is also one of the
highest resources of foreign direct investment for Pakistan, with $209 million in 201524. Another
sector that the United States has built a relationship with Pakistan is in the security sector. With
the high terrorism activities that happen all over the world, both countries are strengthening their
counterterrorism and counterinsurgency capabilities.

Tax Policy
Pakistans tax authority is called the Federal Board of Revenue. This organization is the
legal entity formed by the Government of Pakistan to take care of all levels of taxation25. The tax
rate for corporations that operate in Pakistan is 33% in the year 201526. The 33% tax rate is valid
for companies that are classified as residents in Pakistan. Pakistans companies that are classified
as residents are companies that are incorporated under the law of Pakistan27. Foreign companies
that fully operates in Pakistan are also classified as resident companies by the Government of
Pakistan even though they operate under the foreign law.

U.S. Relations with Pakistan,, (accessed November 19, 2015).

Department of State, U.S. Relations with Pakistan.
Department of State, U.S. Relations with Pakistan.
Federal Board of Revenue,, (accessed November 22, 2015).
Pakistan Corporate Tax Rate,, (accessed
November 22, 2015).
27 Pakistan Tax Profile,, (accessed November 22, 2015).


In regards to incentives in Pakistan, KPMG (a professional tax and auditing firm) states
that Non-residents operating through a branch in Pakistan can claim a deduction for head office
expenses (including regional head office costs) which should be in nature of executive and
general administration expenses. Such expenses can be remitted to the head office without
payment of withholding taxes, subject to approval from the State Bank of Pakistan.28

Trade Policy
Pakistan has made some improvements to their trade policy in order to be more open and
transparent about their trade policy. The improvements made were affected by the signing of the
South Asia Free Trade Agreements (SAFTA) in 2004 by the Government of Pakistan which is a
member of the South Asian Association for Regional Cooperation (SAARC)29. Between the years
1995 and 2006, the Government of Pakistan reduced the tariff rates across the board from over
50% to just under 15%30. Another policy improvement is that there are no more quantitative
restrictions, exchange controls, and other direct state interventions. Currently, the primary trade
policy instrument in Pakistan is the regular customs duties31.

Al-Qaeda and Terrorism

The major issue that the United States has with the Middle East is terrorism. A terrorist
group named Al-Qaeda has declared war on the United States. Al-Qaeda is a major Muslim
terrorist group that has created chaos worldwide. The leader of Al-Qaeda, Osama bin Laden, was

28 Pakistan Tax Profile, (accessed November 22, 2015).

29 South Asian Free Trade Area (SAFTA),,
(accessed November 22, 2015).
30 Pakistan Policy and Performance,
ml, (accessed November 22, 2015).
31 Pakistan Policy and Performance


terminated by the United States army in 2011 in Abbottabad, Pakistan32. When this event
occurred, the relations between the United States and Pakistan were affected and a conflict was
created between the two countries. With the strong Muslim influence in Pakistan blaming the
United States for inhumane behavior in the killing of Osama bin Laden in Pakistan. This has
added to the negative view of the United States that is held by many Muslims. The negative view
of the United States translates to US based companies, such as Wal-Mart. Wal-Mart may not be
able to overcome this negative brand image.

Economic Assessment
To understand fully whether we at Wal-Mart should enter Pakistan, we must verify that
Pakistans economy is favorable to Walmarts investment.

The currency of Pakistan is the Pakistan Rupee (PKR), abbreviated Rs. As of November
1, 2015, 1 USD is equal to 105.1 Rs33. The newly printed 5,000-rupee note, valued at
approximately 47.57 USD34, is the largest denomination. The other notes are in denominations of
10, 20, 50, 100, 500, and 1000.

Pakistans Economic Overview

Pakistan is a developing country35. Pakistan is ranked as the 41st largest nation in terms of
nominal Gross Domestic Product (GDP), and is the 26th largest nation in terms of Purchasing

Pakistan,, (accessed November 19, 2015).

Yahoo Currency Converter. (accessed November 1, 2015).
5000 is divided by 105.1 Rs/USD
Leghari, Faryal. GCC Investments in Pakistan and Future Trends. Gulf Research Center, 2007. (accessed
November 1, 2015).


Power Parity (PPP). With a population of 199 million, Pakistan is the sixth most populous
country in the world. In terms of USD, Pakistan has a GDP per capita of $1,427 USD and a PPP
per capita of $4,902 USD36. In the case of PPP, considering the other measurement, the Big Mac
Index of Pakistan is 350 Rs, or $3.33 USD37, meaning it is 28.2% undervalued38. As with other
developing countries, Pakistan has issues of undocumented economy, which affects the
calculation of per capita income. This is estimated to be 36% of Pakistans overall economy39.
Pakistans economy is categorized as semi-industrialized with growth along the Indus
River (see geographic assessment for Indus Rivers detail)40. Agriculture constitutes the largest
sector of Pakistans economy. It is stated that the majority of the population is either directly or
indirectly dependent on the agriculture sector41. Therefore, Walmart should consider receiving
agriculture from local, Pakistani sources. Pakistans economy is diversified; much of Pakistans
economic growth is in the port city of Karachi (See in Domestic section). Pakistans economy is
closely related to domestic and international issues. Pakistan is trying to improve its low
tax/GDP ratio in comparison to other developing countries in the region such as India and Sri
Lanka42. It is currently estimated to be 8% to 9%. In the case of undocumented economy,
Naween A. Mangi, the Pakistan bureau chief for Bloomberg News, concluded if participants in

36 Pakistan International Monetary Fund.
%2CNGDPD%2CNGDPDPC%2CPPPGDP%2CPPPPC&grp=0&a= (accessed November 1, 2015).
37 350 Rs divided by 105.1 Rs/USD
38 The Big Mac Index. Economist (accessed November 1,
39 Mangi, Naween A. "The Secret Strength of Pakistan's Economy." Bloomberg Business, 2012. (accessed
November 5, 2015).
40 Henneberry, S. An analysis of industrialagricultural interactions: A case study in Pakistan. Agricultural
41 Agriculture Summary Pakistan Bureau of Statistic.
(accessed November 5, 2015).
42 "Business Recorder [Pakistan's First Financial Daily]".
id=526258&currPageNo=1&query=&search=&term=&supDate= (accessed November 7, 2015).


Pakistans undocumented economy paid their taxes, the government would collect an extra 800
billion rupee43, or 7.61 billion USD44.

External Trade
Pakistan exports rice, oranges, mangoes, furniture, cotton fiber, cement, tiles, marble,
textiles, clothing, leather goods, sports goods, cutlery, surgical instruments, electrical appliances,
software, carpets and rugs, ice cream, livestock meat, chicken, powdered milk, wheat, seafood,
vegetables, processed food items, salt, onyx, engineering goods, and many other items. Pakistan
also produces and exports cement to Asia and the Middle East. Being that these products are
exported out of Pakistan, it can be inferred that these locally sourced products would be available
to Walmart. By the part of the table Exports by Economic Categories (Summary), below is the
data of 2012-13 and 2013-14(In million rupees)45.



Manufactured Goods









The growth of exporting from Pakistan is seen in two categories: primary commodities and
manufactured goods. However, Pakistan is still facing a trade deficit of as much as 19.963 billion
USD in the year of 201446.

43 Mangi, Naween A. "The Secret Strength of Pakistan's Economy." Bloomberg Business, 2012. (accessed
44 800 billion Rs divided by 105.1 Rs/USD
45 Exports by Economic Categories (Summary) Pakistan Bureau of Statistic. (accessed November 7,2015)
46 Yearly External Trade Pakistan Bureau of Statistic.
(accessed November 7, 2015).


Pakistan and the United States have strong bilateral economic relations. Actually, the
United States is Pakistans largest bilateral trading partner. Pakistans exports to the United States
approximately represent 16% of its total exports47.

In terms of the domestic economy of Pakistan, there are several considerations related to
market entry, such as domestic labor forces, wages, availability of capital, and household
income. The domestic society of Pakistan is diversified between the urban and rural areas. Urban
domain is collected from Karachi, Lahore, Gujranwala, Faisalabad, Rawalpindi, Multan, Sialkot,
Sargodha, Bahawalpur, Hyderabad, Sukkur, Peshawar, Quetta and Islamabad all considered to
be large cities. The other cities in Pakistan are still considered as rural area.

47 U.S. Relations with Pakistan U.S. Department of State. (accessed

November 7, 2015).


The distribution of labor forces in Pakistan is shown in table 1 below48.

Low participation of women in the labor force could be subjected to the gender discrimination in
the society and culture. Same as the majority of developing countries, Pakistans women face
poor treatment in terms of participation in the labor force. Since women are almost half of
Pakistans population, accurate allocation of women in the labor force could lead to significant
improvement. Before hiring more women, Walmart would need to conduct a more thorough
study on the cultural and societal impact that this would have.

48 Labor Force Statistic of Pakistan Pakistan Bureau of Statistic, (accessed November 7, 2015).


Pakistans Federal Government has raised the minimum wage from Rs. 8,000 per month
(approximately 76 USD.) to Rs. 10,000 (approximately 95 USD)49 for unskilled workers50. It
remains low compared to Pakistan's monthly average wages of 255 USD51.
We are focusing more on expenditures that are related to the grocery industry and the
distribution of household income on commodity groups is shown in table 2.52 As shown in the
table, both the urban and rural areas spend more money on the category of food, beverage, and

Economic Assessment Conclusion

49 8,000 Rs and 10,000 Rs divided by 105.1 Rs/USD).

50 Minimum Wage Raised to Rs 10000 in Pakistan - June 26, 2013 Wage (accessed November 7, 2015).
51 Alexander, Ruth. Where Are You on the Global Pay Scale? BBC News, 2012. (accessed November 7, 2015).
52 Household Integrated Economic Survey (HIES) 2011-12 Pakistan Bureau of Statistic. (accessed November 7,


Pakistan's overall economic output (GDP) has grown every year since a recession in
1951. Pakistan is relatively open to foreign investment, even though it still has a low rank in the
World Banks Doing Business Index. Pakistan holds an overall welcoming attitude to foreign
direct investment from the United States, evidenced by the fact that the United States is the
leader in foreign direct investment in Pakistan53. Even though Pakistan has a good number of
exports, the trade deficit data tells us that there is a large opportunity for foreign investment in
Pakistan. In terms of trading, Wal-Mart, a United States based company, could take advantage of
the United States and Pakistans trade relations. Due to Pakistans low wages and its emphasis on
grocery purchases, the Pakistan economy should be favorable to Wal-Mart's philosophy of
offering its products at everyday low prices.

Geography and Demographics of Pakistan

(All information in this section is taken from the Encyclopedia Britannica website54 on Pakistan
and the Indus River, unless otherwise stated)
The demographics of Pakistan are directly correlated to the geography. The poorly
watered plateau is sparsely populated, while the Indus River Valley is home to around three
fourths of the country's total population. High income residents are found in major commercial
cities, while low income workers live in highly rural areas. In order for Wal-Mart to successfully
begin operations in Pakistan, we must have a basic knowledge of the geography and
demographics of Pakistan.

Major Landmarks

53 U.S. Relations with Pakistan U.S. Department of State. (accessed

November 7, 2015).
"Pakistan" Lawrence Ziring. Encyclopedia Britannica, March 6, 2015. (Accessed October 9, 2015). "Indus River" Deryck O. Lodrick. Encyclopedia Britannica,
February 16, 2015. (Accessed November 23, 2015).


Pakistan, technically considered part of the Middle East, is situated on the edge of the
Indian subcontinent, the Middle East, and the main Asian continent. Its neighbors include Iran
and Afghanistan on the west, China on the north, and India on the east. Pakistan has three major
geographic features: the Himalayas, the Balochistan Plateau, and the Indus River Valley.
The Kashmir region of the Himalayan mountain range in the north is disputed by India
but officially owned by Pakistan; nevertheless, this range along with the Hindu Kush, Ras Koh,
and Central Makran ranges provide runoff water that is used to irrigate a significant portion of
the plateau to the south.
The Balochistan Plateau covers roughly a third of Pakistan's total land area. Although it is
largely arid and unpopulated, some areas have been successfully irrigated and farmed.
The Indus River Valley extends north and south along the length of the country. The
Indus River originates in the Himalayas, merges with four major tributaries in the Punjab, and
opens into the Arabian Sea just south of Karachi. Being a major source of water, early ArabianIndian civilizations grew up along this river. The surrounding areas have continued to be some of
the most densely populated regions.

Regional Segmentation
Pakistan is divided into four administrative regions: Punjab, Sindh, Baluchistan, and
Khyber Pakhtunkhwa. The Punjab, meaning five rivers, is where four tributaries are adjoined to
the Indus River, forming the home to over half of Pakistan's population live in the Punjab. The
Thal desert covers most of the northeastern quarter of Punjab, but has been successfully irrigated
in some areas thanks to the construction of the Jinnah Barrage. About 80% of Pakistan's
agricultural production comes from this region, and the vast majority of agricultural land is


watered via irrigation55. Of the inhabitants, most are concentrated in and around a triangle
formed by the major cities, two being Lahore and Faisalabad. The third city is the capital
Islamabad which lies on the southeastern corner of Khyber Pakhtunkhwa but is more closely tied
to the Punjabi cities.
Sindh is the southernmost province of Pakistan. The capital of this region, Karachi, is Pakistan's
most important port city. Karachi is also the densest and most populated city in the country. Of
the 1.4% of Pakistan's population that practice Hinduism, the majority, over 1.8 million, are
located in Sindh, specifically in the Thar region close to the border with India.
Baluchistan, the largest province in land area, covers the western side of Pakistan. The
Balochistan Plateau covers the majority of this province, surrounded by mountain ranges to the
north that eventually connect to the Himalayas and to the southeast that form an escarpment.
What little population exists in Baluchistan is concentrated in small agricultural villages such as
Khyber Pakhtunkhwa, located in the north, mainly covers the Hindu Kush, part of the
Himalayan mountain range. The southern edge includes part of the Thal desert. Islamabad
dominates the southeastern corner of the province.
Farther north is the region of Kashmir which is disputed with India concerning
administration. Kashmir is mostly mountainous, but contains the valuable city of Gilgit which
connects to China through the Himalayas via highway.
Pakistan's population is approximately 95% Muslim, 1.5% Christian, and 1.4% Hindu.
The Hindus are located in the Thar region in Sindh, while the majority of the Christians are
concentrated in the city of Nawabshah, north of Hyderabad. About half of the population is under
55 "Sector Assessment (Summary): Agriculture, Natural Resources, and Rural Development." Asian Development
Bank, 2013. Accessed November 22, 2015,


the age of 30. Because many of this age group have in recent years defected to radical Islam, the
Pakistani government has taken initiative to educate and employ youth, in an attempt to increase
its labor force. The government tries to team up with businesses that will take on young interns
to train them at respectable jobs. This presents an opportunity to build goodwill in the
community for Wal-Mart. Training and employing young Pakistanis who may otherwise risk
their lives and others for terrorist activities may boost respect and admiration for Wal-Mart.

Major Cities
The city of Karachi, capital of province of Sindh, would be the best location to launch a
Wal-Mart franchise. It is connected by rail and major highway to almost every part of the
country, including the agriculturally abundant Punjab. Having the largest and most important
port in Pakistan, Karachi receives much of the country's imports. It has six districts: North,
South, East, and West Karachi, Cantonments, and Malir. Most of the residents live North, West,
and South Karachi, the North and South being mainly upper class and the West being middle
class as well as the major commercial hub. The biggest industrial region is found in East
Karachi. Malir and the Cantonments are largely consisting of residential suburbs as well as small
industry56. Wal-Mart is likely to succeed by building stores in either West Karachi where much
commercial activity already takes place. A distribution center would be able to service stores in
both Karachi and Hyderabad, a large city about 100 miles north of Karachi en route to Lahore
and an overspill of Karachi's metropolis. The area contains over a quarter of Pakistan's total
In the Thar region southeast of Karachi, almost all of Pakistan's Hindu population live close to
the Indian border. The culture of the Hindu religion is friendlier to American businesses than that
56 "Visitors: Karachi." Karachi Metropolitan Corporation, 2012. Accessed November 23, 2015.


of the Muslim religion. This market provides an opportunity following initial entry; it is a market
that Wal-Mart is already familiar with.
The Punjabi triangle in Northern Pakistan contains a large market of potential consumers
for Wal-Mart, should the company be successful in Karachi. The distance between the three
major citiesLahore, Islamabad, and Faisalabadlet alone the surrounding metropolises and
suburban villages, is less than 200 miles. A single Wal-Mart distribution center strategically
placed in the center of the triangle would be able to supply Wal-Mart stores in each major city,
capturing a large portion of the Punjabi marketassuming the market is open to an American
business. Local agricultural products, whether food or fabric, are plentiful. However, any
imported products would have to be shipped from a port such as Karachi or from India. The city
of Gilgit in disputed region of Jammu and Kashmir is connected to China via the Karakoram
Highway; this opens up another import source.

Financial Assessment
To fully understand whether we at Wal-Mart should enter Pakistan, Wal-Mart must
analyze its financial structure and determine the financial feasibility.
At the end of the fiscal year ending on January 31, 2015, Wal-Mart had a total of 482.2
billion USD in net sales. Of that amount, 136 billion USD came from Wal-Mart Internationals
net sales57. Wal-Mart ranked first on the 2014 Fortune 500 list of the worlds largest companies
by revenue58.

57 Wal-Mart International Wal-Mart,, (accessed November 15, 2015).

58 Corporate & Financial Facts Wal-Mart,, (accessed November 15, 2015).


As evidenced by the large number of international stores that Wal-Mart has built in the
last five years (4,191 stores in 2010 to 6,256 stores in 2015)59, Wal-Mart is fully committed to
expanding its international presence. Wal-Mart is positioning its portfolio in order to take
advantage of the high growth in the international market. David Cheesewright, President and
CEO of Wal-Mart International, has confidently stated that Wal-Mart is seeking to use the
international market as a growth vehicle60. By this confidence, Wal-Mart has announced its
budget of 11.8 to 12.8 billion USD in responding to the global capital expenditure plan in the
2015 fiscal year61. The detail and comparison to the prior fiscal year of Wal-Marts capital

59 Refer to Company Assessment.

60 Wal-Mart 2014 Annual Report Wal-Mart,, (Accessed November
15, 2015).
61 Walmart announces $11.8 to $12.8 billion FY2015 global capital expenditure plan Wal-Mart,, (accessed November 15, 2015).


expenditure on global expansion plan is as follows:

In the case of capital discipline, Charles Holley, Wal-Marts executive vice president and chief
financial officer, outlined the companys commitment in terms of leverage. He said that


operating income will grow at the same rate, or faster, than sales due to Wal-Marts focus on
operating expense discipline62.

Market Assessment
To fully understand whether we at Wal-Mart should enter Pakistan, a study of the market
and applicable policies is necessary.

Product & Price

Concerning entering Pakistans market, Wal-Marts existing product purpose of lowering
the cost of living for everyone63 is applicable to market entry into Pakistan. The need for low
prices in Pakistan is supported by the following factors: Pakistans large population, Pakistans
low average income, and Pakistans high commodity expenditure percentage. In the long-term,
Wal-Mart should be able to offer low prices in Pakistan by lowering its cost. Creating a primarily
locally-sourced supply chain in Pakistan should lower Wal-Marts costs as low as possible. If the
decision of entering Pakistans market is positive, the business plan that will be used for Pakistan
will follow much of the same business structure that is used for the Best Price Wholesale stores
in India. The product line will include consumer packaged goods (foods and non-food), general
merchandise, household electronics, appliances, fresh (fruit, vegetables, poultry, mutton, fish),
and dairy (milk and milk products) that are offered to local resellers, offices and institutions,
hotels, restaurants, and caterers64.

Going back to Wal-Mart's mission of saving people money, the concept of Every Day
Low Prices (EDLP) and Every Day Low Costs (EDLC) will be promoted to Pakistans market, if
62 Walmart announces $11.8 to $12.8 billion FY2015 global capital expenditure plan Wal-Mart,, (accessed November 17, 2015).
63 Refer to Wal-Marts Purpose Statement in Company Assessment.
64 Our Stores. Wal-Mart India,, (accessed November 15, 2015).


Wal-Mart ever decides to enter Pakistan. The store type will be a membership only wholesale
store. This follows the format that Wal-Mart uses for its Best Price stores in India as well as the
format used by METRO-Habib, a potential competitor in Pakistan. In adapting to the local
culture, applicable Wal-Mart products will be prepared and then marketed as being halal (see
Cultural and Social assessment for detail).

To accomplish everyday low price, Wal-Marts market strategy in Pakistan will require an
applicable place policy. Wal-Marts place policy in the United States, which is strategically
positioning 158 distribution centers within a 200-mile radius of approximately 100 stores65, will
be an ideal reference for lowering costs in Pakistan through supply chain management. This
logistics plan would need to be modified to fit Pakistans environment and Wal-Marts expansion
in Pakistan. Considering the growth and development of Pakistans cities, Karachi is where the
first Wal-Mart should be built in Pakistan. Online and self-service retailing methods will not be
Wal-Marts retailing method in Pakistan because of the advantage of low local pay rates.

Financial and Market Assessment Conclusion

Market entry into Pakistan is in line with Wal-Marts aggressive international financial
policy. Pakistan, with a population of 199 million potential customers and a GDP of 270.961
billion USD, is a country with great financial opportunity for Wal-Mart66. The strong competitive
presence that is currently in Pakistan has caused Wal-Mart to lose the first-mover advantage.
Because of this competitive presence and the complicated market strategy modification, the
market assessment for Pakistan is unfavorable. Although the financial assessment is favorable, a


Refer to Wal-Marts Philosophy in assessment.

Pakistan Economy, IMF, International Monetary Fund,, (accessed November 15,


more thorough study of Pakistans market is needed before possible future market entry into


Proposed Timeline
Because of the hostility toward American influence, a Muslim country such as Pakistan
would not be willing to accept Wal-Mart, either by opposition from leadership or rejection from
the target market. Otherwise, Wal-Mart possesses the financial requirements to enter Pakistan.
Because Pakistan is a high-context culture, another hurdle to vault is building relationships with
suppliers, government, and customers. This step could take up to 5 years. Given the required
legal procedures for purchasing land for buildings, Wal-Mart should be able to break ground in
Karachi and have buildings up and operating in 2-3 years. Setting up the infrastructure for a
primarily local distribution system could take approximately 5 to 10 years. This would entail
building a distribution center, finding local suppliers, and creating a logistics system. If the pilot
stores prove successful, Wal-Mart can potentially branch out into Hyderabad and Thar within
five years. Long-term growth should take Wal-Mart into northern Punjab, taking advantage of
the large population and high supply of agricultural products. Taking into account all the above
factors mentioned, initial market entry into Pakistan should take approximately 10 years.


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