PM Package For Construction Industry To Boost Economy: Iftikhar Malik

LAHORE, (UrduPoint / Pakistan Point News - 13th Jul, 2020 ) :Prime Minister Imran Khan's massive package for the construction industry is a ray of hope at the time when the industry is bearing impact of coronavirus, and will boost country's economy in addition to creating profound job opportunities,said president SAARC Chamber of Commerce and Industry.

President SAARC CCI, Iftikhar Ali Malik, in a media statement here Monday, said that construction sector has great potential to boost economic activities but due to some restrictive measures, the sector had contracted by 7.6 percent during 2019 as per last quarterly report of SBP, which caused loss to the economy.

He, however, added that all the salient features announced in the incentive package would help boost economic activities, besides giving confidence to investors and business community.

Malik said that Prime Minister Imran Khan must be appreciated for announcing a subsidy of Rs 30 billion for Naya Pakistan Housing Scheme which would boost the construction industry. "There is a shortage of over two million homes in Pakistan, whereas the size of construction industry is over Rs 250 billion and now after the announcement, this will help this sector fill the housing gap and create jobs. Another good thing is that the government also accorded the construction sector the status of industry which will help increase the facilities available to it.

" The growth of many allied industries was linked with the growth of construction sector and all the conducive policies would help flourish all allied industries and contribute significantly towards strengthening of the economy, he opined.

SAARC-CCI president suggested that raw material for construction industry should be manufactured in the country and the government should discourage import of raw material for construction and housing sector.

He urged the government to provide all facilities to foreign investors and businessmen if they want to invest in Pakistan's construction sector.

Iftikhar Ali Malik said Prime Minister Imran Khan emerged as a great leader, especially at a time when coronavirus has been hitting hard all the spheres of life, including business sector. He said the incentive packages for business community and relief package for the masses showed that he is a visionary leader who wants to make Pakistan economically independent, besides facilitating poor strata.

He urged people to take advantage of this package and build their own house with all time low interest rate and subsidies.