Govt pledges steps for construction sector growth

ISLAMABAD: The construction sector was a building block of the country’s economic development and the government was resolved to cement the industry's future growth by taking concrete measures to help mobilise more local and foreign investment in real estate, a minister said on Saturday.

“The Association of Builders and Developers of Pakistan is playing a key role in Pakistan’s progress by attracting investments and creating employment opportunities,” Dr Tariq Fazal Chaudhary, federal minister of state for capital administration and development, said addressing the launching ceremony of ABAD International Expo-2018 to be held in Islamabad from May 4 to 6, 2018.

The minister said apart from addressing other issues, the government would also fully support the association’s social housing scheme as it was in line with its manifesto of providing shelter to homeless people.

Arif Jeva, chairman ABAD, said there was a vast potential in the country’s construction sector for investment and creating employment. “There is a shortage of over two million homes in Pakistan, whereas the size of construction industry is over Rs250 billion, thus the government should incentivise the sector to fill the housing gap and create jobs,” Jeva said. The chairman said the ABAD’s international expos were a source of inspiration for overseas Pakistanis to invest in Pakistan’s real estate sector. “The government should announce tax reforms and incentives to make real estate sector attractive for overseas Pakistanis,” he said.

Ghanzfar Baloor, Ppresident Federation of Pakistan Commerce and Industry appreciated the ABAD’s efforts the regularly organizing expo that are creating awareness among general public and also attracting investments from overseas.

Amir Waheed, president Islamabad Chamber of Commerce and Industry, said the raw material for construction industry should be manufacture within the country and the ABAD should discourage import of raw material for construction and housing sector.

Earlier, Faiz Ilyas, senior vice chairman ABAD, gave a comprehensive briefing on upcoming expo. “Beside hundreds of local companies, over thirty two foreign companies from the real estate and construction sector will exhibit their products and services in the exhibition to be held at Pak-China Friendship Center Islamabad,” Ilyas said.