A tale of transforming Punjab’s markets and future prospects

Punjab Model Bazaar Management Company (PMBMC) CEO Naveed Rafaqat Ahmed has shared his vision as how to transform the Punjab’s markets and set the future prospects.

Having over 15 years of experience in corporate restructuring, strategic planning, and business development, Naveed Rafaqat Ahmed is a chartered accountant from England and Wales and as well as a certified Business Analyst from the UK.

He also spearheaded transformative projects both in Pakistan and internationally while turning struggling ventures into financially sustainable successes.

Before becoming CEO this year, he joined Punjab Model Bazaar Management Company (PMBMC) in 2016 and proved himself as an instrumental in its revival.

He played key role in transformation of Model Bazaars into thriving centres of economic activity and public welfare. His key innovations include public-private partnerships, enhanced vendor services, and sustainable revenue models, making PMBMC a self-sustaining entity.

Naveed’s work has earned widespread recognition from the government, with multiple awards for his excellence in financial restructuring and governance.

Responding to a question how did he turn Punjab Model Bazaar Management Company into the success story it is today, he said when he joined PMBMC in 2016 as CFO, the Model Bazaars were struggling financially and operationally.

“My initial focus was on financial restructuring and governance improvements. We streamlined costs, introduced better vendor services, and restructured the revenue model. Over time, I expanded public-private partnerships, which provided much-needed investment and created long-term sustainability. Since taking over as CEO, we’ve built upon these initiatives to make the bazaars self-sustaining while enhancing public welfare,” said Mr. Naveed while sharing his experience.

To another question that how did he see IMF bailout package’ impact on consumers and businesses in Punjab, he said the IMF bailout package is a positive step toward stabilising Pakistan’s economy. For consumers, especially in Punjab, it will help control inflation, making essential goods more affordable. The package will also stabilise the trade deficit, which will keep the prices of imported goods steady. Businesses will benefit from greater confidence in the market, access to financing, and improved economic conditions. This will foster job creation and market growth, which will have a direct benefit on consumers.

While responding to another question that how did the technology change their operations,
Naveed Rafaqat Ahmad said that Technology has been a major game-changer.

“We’ve introduced a digital payment system, allowing for seamless transactions between vendors and customers. The Model Bazaars app, which provides price updates, stall locations, and home delivery services, has improved customer convenience significantly. Data analytics has also helped us better understand consumer behaviour, allowing us to manage inventory more effectively and tailor services to meet the public’s needs. All of this has enhanced the overall customer experience,”.

When asked what are the future expansion plans for Model Bazaars, and how would these benefit local communities, he said, “we are planning to expand Model Bazaars to additional districts across Punjab, especially in underserved areas where people have limited access to affordable markets,”

He said that this is expansion will not only provide low-cost goods to more consumers but also stimulate local economies by creating jobs and supporting small businesses. The growth of Model Bazaars will help drive economic activity and create a more equitable distribution of resources across the province.

Talking about SCO Summit in Pakistan, he also talked about the impact it would have on markets, particularly in Punjab.  He said the SCO Summit presents an important opportunity for Pakistan to strengthen trade ties with key partners like China, Russia, and Central Asian nations. Punjab, as a centre of agriculture and industry, stands to benefit significantly. Improved trade relations will increase exports, particularly of agricultural products and textiles, which will create more jobs and provide new avenues for small businesses to grow. The resulting inflow of foreign investments will also boost infrastructure and technology sectors, which will benefit consumers and businesses alike.

Sharing his views about the foreign investments and their potential impact on Punjab’s economic development, he said foreign investments are crucial for infrastructure development, technology, and overall economic growth. With increased foreign participation, particularly from SCO countries, we can expect significant improvements in our supply chains, roads, and communication networks. These developments will make it easier for businesses to expand and for consumers to access a broader range of products at more competitive prices. In the long term, foreign investments will help create a more robust economy.

When asked about free home delivery service by Model Bazaars that how did it impact consumers, particularly in the rural areas.

Mr. Naveed said free home delivery service has been extremely beneficial, especially for consumers in rural areas who have limited access to markets. By providing essential goods at affordable prices and delivering them directly to people’s homes, we have made shopping easier and more convenient for those in remote areas. The service has gained significant popularity, and we’ve processed thousands of orders in just a few months, offering substantial savings to households.

Answering another question that how did he plan to keep Model Bazaars competitive in the long run, he said the key to staying competitive lies in continuous innovation.

“We plan to keep expanding our vendor base, introduce more diverse products, and maintain competitive pricing. We will also explore more opportunities for public-private partnerships to bring in investment for further development. By integrating more advanced technology, improving logistics, and ensuring that the bazaars remain accessible to all, we can ensure their long-term success and positive impact on the community, he explained.

While asked how these Model Bazaars contributed to Punjab’s economy, he said his long-term vision for Model Bazaars is to make them a cornerstone of economic development in Punjab. He said they serve as vital platforms for small businesses, creating jobs and providing consumers with affordable goods. By expanding their reach and integrating modern business practices, Model Bazaars can contribute significantly to the local economy, providing economic relief and driving growth in both urban and rural areas.

“My goal is to see them flourish as self-sustaining hubs of economic activity across the province,” said Mr. Naveed.

He advised that a clear vision, coupled with a solid understanding of financial sustainability is a key. Public sector leaders should focus on fostering partnerships, integrating technology, and continuously innovating to meet public needs. By ensuring that their initiatives are both financially viable and aligned with the needs of the communities they serve, they can create models of long-term success that drive economic growth and public welfare, he added.