FINANCIAL experts are trying to pull the country out of economic mess by working on different options to bring back Pakistani investments from abroad. It is offering foreign currency bonds and constructing five million units to overcome housing shortage for low income people.

The government should plan state-of-the-art sectors in major cities to fetch foreign exchange. There is more than $12 billion in the UAE, while there is more than $200bn in Swiss banks. If the government plans new sectors in all major cities, it can be beneficial in brining back more than $10bn in a short time, even more if planned correctly.

The government may offer a short-term incentive-cum-amnesty to expatriates on condition of investment in new ventures only.

According to a rough estimate, government can plan 2,000 to 4,000 acres of land to be developed as per international standards in each major city. It can attract expatriates and even foreigners to invest in these mega real estate projects.

A pilot project can be started in CDA sectors such as C-14, C-15, C-16, E-13, D-13, besides planning new sectors adjacent to already developed areas of the capital city like F-12, F-13, F-14, G-12, and DHA Karachi, Lahore, Peshawar, Quetta, Gujranwala, etc. Each sector of Islamabad can easily bag one billion dollars if developed meeting international standards.

Modern commercial projects, shopping malls, five-star hotels and brand new resorts at hill stations can also be offered for investment. There is already a huge shortage of recreational spots in our country.

According to a rough market price survey, a 500 square yard plot price varies from $400,000 to $600,000 in different sectors of Islamabad depending on location, while commercial plot price is from $3,000,000 to $6,000,000.

If development is done as per international standards, these lands can attract more investments than the current market prices.

Besides, there is vast land available adjacent to President’s house and elsewhere. The CDA can launch a new VIP sector near F-6 and diplomatic enclave where prices of properties are double the above evaluated prices. Lahore, Karachi, Peshawar, Quetta can also be included in this project.

Murree, Swat, Kaghan, Naran and other such tourist destinations can be developed by offering investment in latest style resorts, hotels, motels and restaurant plots and even properties can be offered to investors.

If Bahria Town, Karachi, can generate more than $10bn by launching a single scheme on 9,000 acres, why can’t government?

Aamir Shah
Islamabad

Published in Dawn, October 16th, 2018