We retain a positive outlook for the Pakistani consumer electronics market as we are of the view that significant organicgrowth potential remains untapped over the medium-term horizon. A series of factors including rising incomes, low devicepenetration rates and a steadily growing demand will underpin the bullish growth outlook. Furthermore, the long-term commercialand enterprise demand prospects will be bolstered by infrastructure investments and enterprise demand related to the ChinaPakistan Economic Corridor initiative and the ambitious Chinese Belt & Road effort. That said, the price-sensitive Pakistani marketfaces a number of risks and challenges including a steady depreciation of the rupee that will make imports more costlier, externalgeopolitical shocks and the spending cuts as part of the IMF structural reform agenda.
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