The President of Islamabad Chamber of Commerce & Industry (ICCI), Muhammad Ijaz Abbasi, has said that by encouraging local investment and imposing 1 to 2 percent investment tax would help in bringing the irregular economy in the regular sector, according to a statement issued here on Sunday.
Talking to Marvi Memon, Member, National Assembly, he stressed that the government should focus on construction of industries to boost the economy.
He said that more than 40 businesses are associated with the construction industry. He said that with boost in the construction industry, a lot of employment opportunities and economic activities would be generated in the country.
He gave the example of UAE, where there had been massive construction activity in the last few years, which helped in accelerating its economy. He said that UAE also planned to invest 100 billion dollars in Pakistan in the construction sector in the next 4-5 years.
The ICCI president said that according to an estimate overseas Pakistanis had about 45 billion dollars and they must be inclined to invest in Pakistan. He said that confidence of overseas Pakistanis needed to be built so that they could be encouraged to invest in various sectors in the country. He said that there must be political stability and everyone should seriously think for the economic development and progress of Pakistan.
Abbasi stressed that the government must also introduce housing schemes for construction of small houses and give these on lease at reasonably low rates. He said that mortgage scheme should be introduced, and at with a small initial investment, ownership rights should be given to the purchaser of property.
He said that this would also help in increasing the tax base and generation of economic activity, boosting exports, and reducing inflation in the country.
He suggested that the government should launch stores only containing flour, sugar and oil for the poor segment of society and should give them cards for purchase of these commodities at subsidised rates. He said these cards should be directly delivered to the low income people using Nadra identity system.
Ms Marvi said that in the last few years the economy of Pakistan was strengthened and a lot more was desired to be done in this respect. She said that all parties should work together for the economic development of Pakistan and their party would support those government decisions, which would be taken for the betterment of the country.
She said that one of her aims was to co-ordinate with the Chambers in Pakistan to know the problems of the business community, which she would take on the floor for consideration of Parliament. She said that the business community faced a number of problems, which should be brought to the notice of the parliament, which would help the government in making good policies for the economic development of Pakistan.