Islamabad( WNAM REPORT): President of the Islamabad Chamber of Commerce and Industry (ICCI), Sardar Tahir Mehmood, has urged the Prime Minister of Pakistan, Mian Muhammad Shehbaz Sharif, to convene a National Real Estate Conference/Convention to address structural, regulatory, and investment-related challenges faced by the sector, which he termed a critical driver of economic growth and employment.
Addressing a hugely attended press conference at ICCI on Wednesday, Sardar Tahir Mehmood said the business community fully supports the Prime Minister’s vision for export-led growth and attraction of foreign investment, particularly under the national initiative of “Uraan Pakistan.” However, he stressed that rising costs of doing business, excessive taxation, high interest rates, and expensive energy tariffs were severely undermining Pakistan’s competitiveness and investor confidence.
He said that the Real Estate Sector, despite being a major contributor to economic activity and employment, is facing mounting regulatory pressures due to overlapping jurisdictions of multiple government departments, resulting in delays, uncertainty, and excessive compliance requirements. This situation, he warned, is pushing both local and foreign investors to relocate capital to more business-friendly markets such as Dubai.
Highlighting the sector’s importance, the ICCI President noted that real estate has a strong multiplier effect, supporting 60 to 70 allied industries, including cement, steel, construction materials, transport, financial services, engineering, and skilled labor. He emphasized that international experience shows that a well-regulated and vibrant real estate sector acts as a backbone for sustainable economic growth.
Sardar Tahir Mehmood further pointed out that Pakistan currently faces regionally uncompetitive energy tariffs, high taxation, and elevated interest rates, making it extremely difficult to operate businesses. He said that unless discretionary powers are curtailed and approvals are granted within defined timelines, meaningful investment—both domestic and foreign—will remain elusive.
Speaking about the upcoming Federal Budget 2026–27, he urged the government to avoid any anti-business or revenue-centric taxation measures, emphasizing that Pakistan needs a pro-business, investment-friendly, and growth-oriented fiscal framework. He called for meaningful consultation with Chambers of Commerce and Industry before finalizing economic policies and budgetary decisions.
In conclusion, Sardar Tahir Mehmood reaffirmed ICCI’s commitment to acting as a bridge between the government and the private sector, stating that timely policy support and structural reforms would strengthen investor confidence, enhance exports, create employment, and put Pakistan on a sustainable path of economic growth.
Chairman ICCI Founder Group Sheikh Tariq Sadiq, Senior Vice President Tahir Ayub, Vice President Irfan Chaudhry, Executive Members and business community members belonging to different sectors attended the conference in large number.
