ISLAMABAD: Iftikhar Ali Shallwani, federal secretary for the ministry of housing and works, stated on Thursday that the housing and construction sector’s boom could revive the economy, add to job growth, and draw in investment.
The Secretary used the UAE as an example, noting that during the 2008–2009 financial crisis, only one megaproject, Burj Khalifa, helped Dubai’s economy recover.
He claimed that by concentrating on the housing and building sector, which demonstrates its crucial role in the economy, several nations, including Malaysia, Indonesia, China, and Japan, achieved higher growth.
Shallwani made these remarks while speaking at the pre-launch ceremony of the first International Housing Expo, which is scheduled to be held at the Convention Center in Islamabad from December 8–11, 2022, under the umbrella of the Ministry of Housing & Works.
According to Iftikhar Ali Shallwani, the 1st International Housing Expo is planned to boost commercial and economic activity and give people access to affordable housing.
Furthermore, he argued that in order to meet the housing demands of the masses, the government intended to encourage the housing sector through public-private partnerships.
Housing is a fundamental entitlement of every person and the government wishes to uphold this commitment in partnership with the private sector, he added.
He also added that the Expo would draw domestic and foreign investors and was a step toward ensuring that everyone had access to shelter.
Besides, Ahsan Zafar Bakhtawari, President of ICCI, noted that the country was experiencing a shortage of millions of homes due to the growing population, urging the government to promote the housing and building sector.
Bakhtawari went on to say that the housing and building industries stimulate commercial activity in other related industries and contribute to the recovery of the economy.
