Promoting Construction Sector To Boost Pakistan's Economy:Iftikhar Ali Malik

(@FahadShabbir)

Promoting construction sector to boost Pakistan's economy:Iftikhar Ali Malik

ISLAMABAD, (UrduPoint / Pakistan Point News - 13th Jul, 2020 ) :President SAARC Chamber of Commerce and Industry Iftikhar Ali Malik Monday said Prime Minister Imran Khan's massive package for the construction industry is a ray of hope at the time when the country' s industry bearing the brunt of coronavirus impact.

The incentive package would provide a boost to the country's economy in addition to creation of ample new job opportunities, Iftikhar said.

Hailing Prime Minister unprecedented package of incentives he said that construction sector has great potential to boost economic activities, a press release received here said.

He said that due to some restrictive measures, 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 entice people to bring their black money by participating in economic activities. Iftikhar Malik 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.

He said that the growth of many allied industries was 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 urged the government to discourage import of raw material for construction and housing sector.

He said government must also provide all facilities to foreign investors and businessmen if they want to invest in Pak construction sector.

Iftikhar Ali Malik 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.He urged the shelter less people to take advantage of this package and build their own homes with all the time low interest rate and subsidies otherwise will repent throughput life.