Launching of ABAD International Expo 2018
The Federal Minister of State for Capital Administration and Development, Dr. Tariq Fazal Chaudhary has appreciated the role of Association of Builders and Developers of Pakistan (ABAD) for country’s economic development by attracting investments and creating employment opportunities.
While addressing the grand launching ceremony of ABAD International Expo 2018 here, Minister further welcomed the organization of ABAD International Expo 2018 here in the federal capital and said that it was a good sign because the event would attract mass investments in housing and construction industry.
He was also of the stance that event would also lure the well established international construction firms to make investments in housing sector in Pakistan. ABAD International Expo-2018 will be held in here from May 4-6.
The State Minister said that the apex body of builders and developers ABAD was playing a leading role for uplifting national economy and progress of the country. It was very heartening that ABAD was organizing another expo in Islamabad; adding that such events were boosting economic activities.
He said that ABAD has planned construction of Social Housing Schemes all over Pakistan and that it is more pleasant for him as ABAD will kick-start this scheme from Islamabad. The minister assured that his government would fully support ABAD Social Housing Scheme as this scheme if in line with government’s manifesto of providing shelter to homeless people. He assured to resolve all issues of builders and developers in the larger interest of the industry.
Addressing the ceremony, Chairman ABAD Arif Yousaf Jeewa said that there was huge nvestment potential in real estate and housing sector of the country. The emerging middle class of the society is facing housing problems due to acute shortage of around 12 million houses in the country.
He further said that land had been allocated for a housing society in Fateh Jang and development work on this housing society would start in next few months. He said that a large number of housing societies had taken membership of ABAD and it showed that huge investments were being made in housing sector. He pointed out that there is shortage of over two million homes in Pakistan. He said that the size of construction industry is over Rs250 billion and asked the government to incentivize the construction sector to fill the huge shortage of homes and create employment opportunities.
Jeewa said the ABAD has announced a housing project for low income group of society during last year’s ABAD expo under which ABAD promised to provide a reasonable home in just Rs2 million.
He revealed that the ABAD has finalized a land near new Islamabad Airport for the project and the development work would start on the land shortly. He said that such low cost housing projects will also be announced for other metropolitans. He said that a number of new companies are being registered in ABAD and making investments in the construction sector. Arif Jeewa said that ABAD’s international expo are source of inspiration of overseas Pakistanis to bring back their investments in Pakistan and invest in Pakistan’s real estate sector. The government should announce tax reforms and incentives to make for real estate sector attractive for overseas Pakistanis.
The President Federation of Pakistan Commerce and Industry (FPCCI) Ghanzfar Baloor appreciated the ABAD’s efforts the regularly organizing expo that are creating awareness among general public and also attracting investments from overseas.
President Islamabad Chamber of Commerce and Industry (ICCI), Amir Waheed Sheikh, while speaking on the occasion, stressed on the manufacturing of raw building material in the country along with discouraging the import of building material.
Amir Waheed, the President, Islamabad Chamber of Commerce and Industry (ICCI) said that the raw material for construction industry should be manufacture with in country and the ABAD should discourage import of raw material for construction and housing sector.
Earlier, Faiz Ilyas, Senior Vice Chairman ABAD gave a comprehensive briefing on upcoming Expo and announced that beside of hundreds of local companies, over thirty two foreign companies from the real estate and construction sector will exhibit their products and services in the exhibition to be held at Pak-China Friendship Center Islamabad. He hoped that likewise previous years, this year again the expo will attract huge number of visitors and cause health impact of real estate sector.
The MQM member of National Assembly Rashid Godial, former MNA PPP Zumard Khan, RCCI President Zahid Latif and other businessmen addressed the occasion. The ABAD’s members thanked the participants and the chief guest Tariq Fazal Chaudhry for gracing the ceremony. Patron-In-Chief ABAD Mohsin Sheikhani, Senior Vice Chairman Fayyaz Ilyas, Vice Chairman Sohail Warind, Chairman Sothern Region Altaf Tai, President FPCCI Gazanfar Billour, Former President FPCCI Rauf Alam, MNA Rashid Godil, Zmarrud Khan, former Chairman Northern Region Sahir Rashid and a number of people from all walks of life were present on this occasion.