KARACHI: The government had to provide incentives for the building industry, according to Faraz-ur-Rehman, president of the Korangi Association of Trade and Industry (KATI).
The KATI chief made these remarks during an event while adding that there was a severe lack of residential projects in Karachi, a heavily crowded metropolis, and new projects were required.
He said that the government had to support cottage industries to generate new job possibilities and end unemployment in the country.
Rehman added that Karachi lacked high-quality housing developments, which was why people were compelled to live in slums, contributing to traffic and encroachment issues in the city.
According to Faraz, the Bahria Town Phase 2 (BT2) project would offer citizens contemporary housing that meets international standards.
President KATI said that the lack of traffic and residential developments, as well as the eradication of encroachment, may be addressed if the government monitors the real estate industry with adequate planning.
The cottage industry, according to the KATI chief, is the foundation of the economy and the government needs to do something to encourage the cottage sector.
Besides, builders and developers, as well as figures from a variety of industries, and industrialists, attended the event.
