Promoting Construction Sector To Boost Pakistan's Economy: Mian Kashif

Chairman Faisalabad Industrial Estate Development and Management Company (FIEDMC) Mian Kashif Ashfaq Saturday 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 said promoting Pakistan's construction industry will provide a boost to the country's economy and can create new job opportunities

ISLAMABAD, (UrduPoint / Pakistan Point News - 4th Apr, 2020 ) :Chairman Faisalabad Industrial Estate Development and Management Company (FIEDMC) Mian Kashif Ashfaq Saturday 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 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 billions and now after the announcement, this would help the sector to fill the housing gap and create jobs.

He said 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.

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.

He said FIEDMC will provide all facilities to foreign investors and businessmen if they want to invest in real estate of the country and interested in setting up their own units inside the premises of Allama Iqabl Industrial City.

Mian Kashif said Prime Minister Imran Khan emerged as a great leader especially at that time when Coronavirus is hitting hard all the spheres of life including business sector of the country and 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 helping the poor strata of the society.