Islamabad: Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal led the eighth National Economic Mission meeting aimed at invigorating Pakistan’s housing, construction, and real estate sectors. As part of the “Uraan Pakistan” initiative, the focus was on promoting sustainable urban development to accommodate rapid urbanization.

According to Press Information Department, Minister Iqbal underscored the necessity of activating all economic sectors to realize the vision of a $1 trillion economy, highlighting the critical role of export growth. He identified the real estate and construction sectors as pivotal to economic health, with construction supporting 72 allied industries and contributing significantly to national employment.

The Minister noted a severe housing shortage, with demand far outstripping supply. He advocated for vertical development to maximize land use while safeguarding agricultural areas. Data indicated substantial growth in urban built-up areas across major cities from 2005 to 2022.

Additionally, Iqbal called for modernizing construction practices through technology and innovation, leveraging Pakistan’s skilled workforce to compete internationally. He emphasized collaboration between public and private sectors for economic resilience and policy continuity.

A briefing by Member Planning Commission Waqas Anwar detailed reform targets, including the construction of 300,000-400,000 housing units annually and increasing mortgage finance as a percentage of GDP by 2035. The reforms also aim for digitization of land transactions and streamlined construction approvals.