Construction industry: Better policy can attract $10bn a year, says Sheikhani

KARACHI: At least US$10 billion foreign investment could be poured into the construction industry every year, if the policy is improved and friendly, said Mohsin Sheikhani, Chairman ABAD.

Speaking at a meeting with the representatives of Re/Max, the world’s leading real estate company having a presence in 120 countries, at ABAD House here, he said that the government to overcome the shortfall of US$ 15-18 billion could improve its policy for the construction industry, which has a potential to attract foreign investment in billion.

He said that ABAD had been serving the country for the last 50 years and added that the association has always welcomed every investment opportunity. Furthermore, he said that it was a proud moment for ABAD that the top real estate company was willing to work with ABAD in Pakistan.

Meanwhile, Imran Mehdi Gondal, vice president Re/Max said that they were the oldest real estate company in the world, serving in 200 countries with 9000 franchise offices and over 140k professionals for the last 50 years. The company, which is listed in New York stocks, generates 10 million business leads and two million property transactions every year, he added.

He said that the company had planned to target 80-85 percent overseas population, which was around 9.5 million, and added that if the company succeeded to tap 1 % of overseas Pakistani, it could generate at least US$10 billion every year.

Moreover, he said that the company would develop a certification and insurance mechanism in collaboration with ABAD to reduce the trust deficit between overseas Pakistanis and the developers.

“We also have a plan to impart training and education in the real estate sector and transform it into an organized and career-oriented sector for educated youth,” he said and added that the impact of Re/Max presence in Pakistan would help the authorities to gain the confidence of other foreign investors.

Copyright Business Recorder, 2022