April 28, 2008	Monday	Rabi-us-Sani 21, 1429

ISLAMABAD, April 27: The Islamabad Chamber of Commerce and Industry (ICCI) has proposed setting up of stores to provide essential food items to the poor segments of the society on subsidised rates.

“The proposed stores should provide flour, sugar and oil to the poor people possessing special cards issued to them for purchase of these commodities,” ICCI President Mohammad Ijaz Abbasi said while talking to a member of the National Assembly, Marvi Memon, here on Sunday.

He said these cards should be directly delivered to the low income people using the National Database and Registration Authority (Nadra) identity system.

He stressed that the government should focus on promotion of construction industry to boost the economy.

The ICCI chief pointed out that more than 40 businesses were associated with the construction industry. He said with the boost in this sector, a lot of employment opportunities and economic activities would generate in the country.

He gave the example of the United Arab Emirates (UAE), where there had been massive construction activity in the last few years, which helped in accelerating its economy.

He further said that UAE had plans to invest $100 billion in Pakistan in the construction sector in the next 4-5 years.

The ICCI president was of the view that encouraging local investment and imposing 1-2 percent investment tax would help bring irregular economy in the regular sector.

He said according to an estimate, overseas Pakistanis had about $45 billion and they must be encouraged to invest the sum in Pakistan.

Mr Abbasi said confidence of overseas Pakistanis needed to be built, so that they could be encouraged to invest in various sectors in the country.

“There must be political stability and every one should seriously think for the economic development and progress of Pakistan,” he added.

He stressed that the government must also introduce schemes for the construction of small houses and giving these on lease at reasonably low rates.

He suggested that mortgage scheme should be introduced, and with a small initial investment, ownership rights should be given to the purchaser of property.

The ICCI chief said this would also help in increasing the tax base and generating economic activity, boosting exports, and reducing inflation in the country. On the occasion, Marvi Memon said in the last few years, economy of the country had strengthened and lot more was desired to be done in this respect.

She said all parties should work together for the economic development, adding that her party would support all the decisions taken by the government for the betterment of the country.

Ms Memon said one of her aims was to coordinate with the chambers in Pakistan to know the problems of the business community, and to raise them on the floor of the National Assembly.

She said the business community faced a number of problems which should be brought into the notice of the parliament, adding that this would help the government in making sound policies for the economic development of the country.