President for attracting Foreign Direct Investment in property and construction sector

ISLAMABAD, :President Dr Arif Alvi Thursday here urged entrepreneurs and property developers to enter into joint ventures with foreign companies to attract foreign direct investment, laying the groundwork for economic development of Pakistan.

Speaking at the concluding ceremony of 3rd Pakistan International Property and Construction Expo, he said all across the world major developments were taking place and great strides were made in spheres of business and construction and Pakistani entrepreneurs should grab the opportunities available abroad.
He said Pakistani businessmen had a lot of potential but there was a need for course correction, unity and harnessing of intellectual and human resources of society to move forward.
Businesses should adopt the values of corporate social responsibility and besides making profits should run their commercial operations in a manner which was good for the environment.
Property developers should follow the building codes and government regulations and deliver the projects to the customers as per commitment as this would make them more trustworthy and reliable, he continued.
Harvesting of rainwater should be ensured in the construction projects, he said adding millions of acres feet of water coming from melting of glaciers and rains were getting wasted.
He advised the property developers to focus on vertical construction as it would ensure better use of land and would not cause any adverse effect to the agriculture sector.
The needs of persons with disabilities should also be taken care of and the buildings should be made resilient against earthquakes and other natural disasters, he commented.
He also underlined the need for improving the business climate in the country and on ease of doing business and one window operations to further boost business activities.
Talking about the tax culture in the country, the President was of the view that wealthy and elite class should pay their fair share of taxes so that the government could spend on poverty alleviation projects and ensure the education for out of school children.
He said holding of exhibitions was an opportunity for the local companies to attract foreign investment, hone business and organizational skills, improve their quality of products and meet potential investors face to face.
The President pointed out that Africa as a market held great potential for Pakistani property developers and they should reach out and explore this vast market.
There was also a need to introduce new environmentally sustainable construction materials which could also help bring down cost of construction for the masses, he added.
Organizers of the event including Khurshid Barlas highlighted different aspects of the property expo and about the keen interest of people in buying residential and commercial units.
Earlier the President gave away shields to the leading property developers who made their mark in niche segments of housing and construction.