Realtors call for reducing construction cost to boost construction activities

Business News English

Islamabad, October 14, 2021 (PPI-OT):Muhammad Shakeel Munir, President, Islamabad Chamber of Commerce and Industry (ICCI), said that the construction industry was playing a key role in the economic development of the country besides providing jobs to plenty of people, which was commendable. However, he said that the rising oil, electricity and gas prices and falling value of rupee have pushed up the prices of cement, steel and other construction materials that would affect the construction activities and stall the growth of the construction industry. In this scenario, the dream of the common man to build his own house would never materialize.

Therefore, he stressed that the government should take urgent measures to bring down the construction cost to facilitate the smooth growth of construction activities. He said this while addressing a delegation of the Islamabad Estate Agents Association (IEAA) that visited ICCI led by its President Sardar Tahir Mahmood. Musarat Ijaz Khan Chairman Federation of Realtors Pakistan, Chaudhry Zahid Rafique Secretary General IEAA, Tahir Abbasi Patron in Chief, Nawaz Basra, Rana Qaiser, Rana Sarwar, Yasin Anjum, Abdul Basit, Zulqarnain Abbasi and others were in the delegation۔ Mian Akram Farid Chairman Founder Group, Jamshaid Akhtar Sheikh Senior Vice President and Muhammad Faheem Khan Vice President ICCI were also present on the occasion.

ICCI President emphasized that the government should focus on reducing the energy cost to save the construction and other industries from further problems. He assured that ICCI would extend cooperation to the Association in its efforts to address the problems of the construction sector’s business community.

Speaking at the occasion, Sardar Tahir Mahmood, President, Islamabad Estate Agents Association (IEAA), said that due to the PM’s construction package, the construction activities have witnessed significant boost improving the business of all allied industries. However, he said that with the rise in electricity, gas and oil prices and depreciation of rupee, the prices of construction materials were on the rise, which would affect this sector badly. He stressed that the government should pay urgent attention to solve this problem. He vowed that the construction industry would extend all possible cooperation in making the PM’s housing program successful.

Founder Group Chairman Mian Akram Farid thanked the IEAA delegation for visiting ICCI. He said that the best way for Pakistan to get rid of debts and solve the problems of the economy was to focus on promoting industrial activities and exports. He stressed that the government should provide incentives to other industries on the pattern of construction package that would help in promoting industrialization and exports paving the way for the economy to achieve sustainable growth.

ICCI Senior Vice President Jamshaid Akhtar Sheikh, Vice President Faheem Khan, Tahir Abbasi, Musarrat Ejaz Khan, Chaudhry Zahid Rafique, Muhammad Naveed Malik, Khalid Chaudhry and others also spoke at the occasion and called upon the government to take strong measures for reducing the cost of doing business for private sector.

For more information, contact:
Islamabad Chamber of Commerce and Industry (ICCI)
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1, Islamabad, Pakistan
Tel: +92-51-2250526, 2253145, 8432676
Fax: +92-51-2252950
Email: icci@brain.net.pk, info@icci.com.pk
Website: www.icci.com.pk