Karachi: Chairman of National Business Group of FPCCI, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Monday said the increasing price of building material has become a threat to the Construction Package.
The increasing price of construction material is disheartening local investors which will also reduce employment while the foreign investors are asking for facilitation to invest in local property market, he said.
Mian Zahid Hussain said that government should check the increase in cost of construction and consider demand of the foreign investors to empower the Board of Investment so that they can get the benefit on one window operation.
Talking to the business community, the veteran business leader said that foreign investors know the environment in different concerned departments and they worry about the red tape, therefore, they are demanding transparent mechanism.
He noted that black sheep in property sector easily deprive locals and expatriates of their lifetime savings due to the absence of effective laws to protect investments.
He said that the government as well as the central bank has tried their best to increase lending to the private sector to stabilise the economy but banks have provided loans amounting to almost Rs118 billion only which matches the advance of the corresponding period.
He said that authorities should take Association of Builders and Developers into confidence to improve the overall situation