KARACHI: Karachi Chamber of Commerce and Industry (KCCI) President Muhammad Haroon Agar has emphasised giving recognition to formal real estate investment in the process of economic development. While exchanging views with a delegation of the Real Estate Business and Investment Club, headed by its president Zahid Iqbal, he stated that the real estate market is crucial for promoting commerce, industry, growth, employment and poverty reduction. Agar stressed upon the need of low cost housing projects to accommodate the work force migrating from rural to urban areas for employment. “In Pakistan about 250 ancillary industries such as cement, steel, brick, timber and building materials are dependent on the real estate industry. These combined make it the second largest employer next only to agriculture,” he said. Agar said that KCCI may consider formation of a real-estate/construction industry sub-committee. The KCCI chief was of the view that real estate forms the backbone of the urban economy. In most countries, real estate accounts for major share of national wealth, he said.
Published in The Express Tribune, October 26th, 2012.
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