Promoting construction sector to boost Pakistan’s economy: FIEDMC
ISLAMABAD: Chairman Faisalabad Industrial Estate Development and Management Company (FIEDMC) Mian Kashif Ashfaq terming Prime Minister Imran Khan’s massive package for the construction industry a ray of hope at the time when the country’s industry is in lockdown due to Coronavirus outbreak, has said promoting Pakistan’s construction industry will provide a boost to the country’s economy and can create new job opportunities.
Hailing the prime minister's unprecedented package of incentives here, Mian Kashif said the construction sector has a great potential to boost economic activities but due to some restrictive measures of the government, the sector had contracted by 7.6 percent during 2019 as per last quarterly report of SBP, which caused great loss to the economy.
Throwing light on the package, he said all salient features announced in this colossal incentive package would help boosting the economic activities besides giving confidence to investors and business community.
He said another important point in this package was that the government will not ask anyone about the source of the income which will be pumped into construction sector of the country. He said this will entice people to bring their black money by participating in economic activities.
Mian Kashif further said Prime Minister Imran Khan deserves appreciation for announcing a subsidy of Rs30 billion to be given for the Naya Pakistan Housing Scheme which would boost the construction industry.
“There is a shortage of over two million homes in Pakistan right now, whereas the size of construction industry is over Rs250 billion and now after the announcement, this would help the sector to fill the housing gap and create jobs.
He said the good thing is that the government also accorded the construction sector with the status of industry which would increase the facilities available to it.
Mian Kashif further said the growth of many allied industries is linked with the growth of construction sector and all these conducive policies would help flourishing all allied industries and would contribute significantly towards strengthening the economy. - APP
He said the raw material for construction industry should be manufactured within the country and the government should discourage import of raw material for construction and housing sector.