Although the government has put the construction sector on the path to development, it needs foreign investment to meet the growing demand for construction in the country.
Although investment in the construction sector has improved, foreign investors are reluctant to invest in the construction industry, while the demand for residential units in the country has reached 10 million.
Talking to Express Tribune, Mian Anjum Nisar, former president of Federation of Pakistan Chambers of Commerce and Industry (FPCCI), said that Pakistan needs to do groundwork to attract foreign investment on medium and long term basis. Is.
He said that the government should make the local conditions attractive for foreign investors. Given the issue of balance of payments, he said the country needs more and more foreign investment, as nominal growth in exports and remittances are a short-term phenomenon.
Mian Anjum Nisar said that foreign investment in Pakistan has been declining for many years. In the July-February period of the current financial year, foreign investment stood at 1. 1.3 billion. Investment was 1. 1.85 billion in the same period last fiscal year.
The former FPCCI president said the Corona epidemic had eroded investor confidence, which was having a negative impact on foreign investment.
Mian Anjum Nisar said that the annual demand for residential units in Pakistan is 700,000 while it has the capacity to build 4.5 million units.