Mandviwalla for exploring new investment avenues

Deputy Chairman Senate Saleem Mandviwalla has said there is a dire need to search new investment avenues to manage unemployment issue as soon as possible. Addressing the launch of 'Job Fair Seminar' organised here on Saturday by Association of Builders and Developers (ABAD), Mandviwalla said employment should be the manifesto of every political party as requested to every party leader to support ABAD job fair portal, which will help both the job seekers and the employer.
The portal will be managed by ABAD as a social service, which will also help the allied industries of construction sector. ABAD is currently organising an exhibition in the federal capital, showcasing stalls not only by the real estate sector and the builders but a large number of manufacturers and distributors of allied products used the platform to further their products. State-owned construction firms like the FWO too had a stall highlighting its achievements and the displayed marbles and granites produced in the country.
ABAD patron-in-chief Mohsin Shekhani highlighted his negotiations with the State Bank and the officials of IFC- World Bank for financing of low-cost housing schemes at reduced mark-up. "The issue relates to credibility, as both the builders and buyers have become untrustworthy in the country, therefore we will become the guarantor at our projects, which will eventually benefit the banks as well as those obtaining the loans for house," Shekhani said.
He added that there is a shortage of around 12 million houses in the country, and the issue is lack of initiatives by both the government as well as private sector to build houses, while the other problem is limited purchase power of those who want to own a house.
"We will provide a house built at 150 square meters at around Rs 2 million," he said adding that new low-cost housing scheme in the offing will be a guideline for future development in this regard in the public-private mode. Meanwhile, ABAD president Arif Jeeva said all the sectors including real estate, construction and related industry should gear up for modernization to meet the future demands from CPEC. "We all have to prepare ourselves for the future but there is lack of coordination from the government functionaries in this regard," Jeeva added.
He lambasted the increase in taxation on cement and steel, saying that it would eventually hurt the whole of construction sector, which is not limited to housing only. "Even before the budget is approved cement prices have increased by Rs 20 per bag and that of steel is up by Rs 4,000 per tonne - this will even hurt the infrastructure development projects," he added.
NAVTTC chairman Zulfqar Cheema said presently 11 million youth were unemployed in Pakistan and it was a challenge to create jobs for them. He highlighted the need for imparting skill development to mitigate increasing unemployment. He said NAVTTC is providing skills to 100,000 youth and is providing Rs 3,000 to every student during their training program. It was decided during the seminar that ABAD with the help of NAVTTC will establish a training facilities centre for skill development.