Encouraging local investment to boost economy
By Asad Cheema

ISLAMABAD—President of Islamabad Chamber of Commerce & Industry Muhammad Ijaz Abbasi said that by encouraging local investment and imposing 1 to 2 percent investment tax would help in bringing irregular economy in the regular sector, according to the statement issued here on Sunday.
He was talking to Marvi Memon, Member National Assembly also stressed that government should focus on construction of industries to boost the economy. President said that more than 40 businesses were associated with the construction industry. He said that with the boost in the construction industry, a lot of employment opportunities and economic activities would generate 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 further said that UAE also planed to invest 100 billion dollars in Pakistan in the construction sector in the next 4-5 years.
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 every one should seriously think for the economic development and progress of Pakistan.
Muhammad Ijaz Abbasi stressed that government must also introduce housing schemes for the construction of small houses and give these on leasing 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, boost of exports, and reducing inflation in the country etc.
Mr.Muhammad Ijaz Abbasi suggested that 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 subsidized rates. He said these cards should be directly delivered to the low income people using NADRA identity system.
Ms.Marvi Memon said that in the last few years economy of Pakistan was strengthen and 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 aim was to coordinate with the Chambers in Pakistan to know the problems of the business community, which she would take on the floor for the consideration of the parliament. She said that the business community faced a number of problems which should be brought into the notice of the parliament, which would help the government in making good policies for the economic development of Pakistan.