KARACHI, March 18: Adviser to the prime minister on Finance Dr Salman Shah, on Saturday said that a Real Estate Trust would be formed and announced in a month which would further help the economy to grow at a higher pace.

Talking to the reporters after opening the Consumer Investment Expo-2006 and 2nd Pakistan stock markets and mutual fund conference here, he said the trust would be formed for Islamabad and there on, the provinces would take the lead.

Under the prevailing law, the corporate sector is restricted from investing in real estate but the formation of the trust would enable them to make investment in real estate and construction. This would also pave the way for the launching of new products like real estate funds by the mutual fund industry.

Responding to a question, Dr Salman said the petrol, gas and daily use items prices were lowest in Pakistan as compared to those in the region. About the sugar prices, he said there was a crisis in the world over and the price of the commodity had gone up in the country. However, he said the government had ensured that the lower income group gets it for Rs27.50 per kg from the government owned Utility Stores.

Earlier speaking, as chief guest at the inaugural ceremony of the Expo, Dr Shah said the per capita income in Pakistan was expected to cross $800 this year, showing that the economy is doing well.

He also revealed that after successful floating of Euro Bond in 2004 and Sukuk in 2005, the government was considering floating a global fund and its tenure was expected to be extended to 30 years.—APP