ISLAMABAD, Oct 6: Pakistan offers excellent investment opportunities in housing construction and real estate development sectors in the wake of expanding middle class with growing purchasing power.

This was observed by Senate Chairman Mohammedmian Soomro while talking to an investment delegation of Jumeirah Group of UAE at his residence here on Friday.

Mr Soomro stated that housing was one of the basic requirements and the government was committed to give priority to this sector. “It has demonstrated its commitment by allocating significant resources for accelerated development of the sector which would contribute to the economy in the form of additional employment besides supporting 30-40 allied industries,” he added.

He said the multiple effects of the housing sector had the potential to create more employment opportunities and generate industrial, commercial and trade activities.

He said that housing and construction were experiencing a boom particularly in the post earthquake period as a major effort had been launched to provide shelter to the homeless.

The foreign investors and entrepreneurs could take advantage of the positive environment and invest in areas offering lucrative returns, he added.

He further said that the government had declared housing and construction as a priority industry and simultaneously formulated a pragmatic and workable National Housing Policy in order to revitalise this sector and was providing various incentives for the construction industry and private sector builders.

Mr Soomro pointed out that as a result of proactive policies and an environment conducive to investment, many reputed construction companies and real estate developers were coming to Pakistan.

Terry Redding, head of the Jumeirah Group delegation, lauded the investor-friendly policies of the government and said the country had the potential to emerge as a major hub of investment in the region.