US keen to invest in housing, power sectors

ISLAMABAD - A two-member delegation from United States of America here on Saturday visited Ministry of Investment and called on Executive Director, Riaz Ul Haq to look into the possibilities of investment in various sectors of the economy. The delegation comprised following Jack Wilkins, Chief Executive Officer M/s Visionary Industries Inc. Hamid S. Khan, Country Manager, M/s Ultimate Building Systems Inc. The delegation showed keen interest in the filed of housing and electricity. Currently, Pakistan is facing lot of financial crises and it needs huge investment in different sector. At present country is facing shortage of six million houses and need one million houses every year similarly electricity shortfall is 5000 MW It is expected that electricity demand will increase at the rate of 10% per annum with the size of economy. The US member expressed keen interest to invest in the housing sector and In this regard, they have already signed Memorandum of Understanding (MoU) with the Ministry of Works for the construction of number of housing units under the Prime Minister's initiative for building 1 million houses. They will construct these using units in different cities of Pakistan for which funds will be invested from America and they will not raise any loan from the banking industry of Pakistan. The delegation also expressed interest in Hydel and Thermal Power Units to cope up with the electricity shortages. The member of delegation stated that they have expertise and huge funds available, which can be utilized by Pakistan for the purpose of generating electricity. It is expected with the help of such foreign investors we can fill these gaps in demand & supply in both power & housing sector. Ministry of Investment is working aggressively to facilitate such investors.

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