ISLAMABAD: Muhammad Naveed, Senior Vice President, Islamabad Chamber of Commerce and Industry has said that facilitating the growth of real estate sector was crucial for promoting commerce, industry, growth, employment and poverty reduction and called upon the government to reduce heavy taxes imposed on this sector in the coming budget in order to trigger the economic growth of the country.

He said this while addressing a meeting of Gulberg Association, Islamabad.

Muhammad Naveed said that the growth of about 250 ancillary industries in Pakistan including cement, steel, brick, timber and building material was dependent on real estate sector, but the increase in taxes on this sector has slumped the business of all these allied industries. He said due to this situation, many investors were leaving the real estate sector and emphasized that government should pay urgent attention to resolve issues of this sector to facilitate its better growth as its growth would yield multiple benefits for the economy including more jobs creation, increase in tax revenue, growth of trade & industrial activities and the overall economy.