|
|
|
| June 6, 2005 | Monday | Rabi-us-Sani 28, 1426 |
Soomro woos foreign investment: Construction sector
RAWALPINDI, June 5: Acting president and Senate Chairman Mohammadmian Soomro has urged foreign investors to take advantage of the investment-friendly environment in Pakistan, especially in construction sector.
He was speaking as chief guest at the launching of Goldcrest, a Defence Housing Authority housing project.
Mr Soomro said there was shortage of 2.4 million housing units in the country despite the fact that the housing sector was witnessing a steady growth. He said the government was making efforts to provide housing facilities to people at affordable rates and was committed to improving their living standards.
He said the construction industry was the nucleus around which 40 other industries grew and contributed to the economic growth.
He appreciated the joint venture construction project, hoping that it would prove a landmark in Pakistan’s economic development.
It will set an example for investment in other sectors too, he added.
Speaking on the occasion, the vice-president of the Dubai- based Al-Ghurair Group of Companies, Esa Al-Ghurair, said an amount of $450 million was being invested in the project and hoped that it would be completed in four years. He said his company would also invest in other sectors.
Mr Ghurair said talks were also going on with the government for initiating projects in the oil and gas sector.
Such joint venture schemes will greatly help in further strengthening friendly relations between United Arab Emirates and Pakistan, he added.
He said the present scheme targeted the middle class, however, “we plan to start housing projects for people of the low-income group”.
He said Al-Ghurair was one of the largest companies in the United Arab Emirates which worked in 30 different sectors.
|
|
|
|
