The coronavirus pandemic has put both the national and global economy in a tailspin and millions have lost their livelihoods amid the lockdown. However, the one industry that can emerge stronger in the post-pandemic world is construction and housing.
In April, the federal government announced a construction package aimed not only at uplifting the economy but also at increasing investor confidence. Furthermore, Prime Minister Imran Khan stated that those who invest in the construction sector would not be questioned about their source of income. This without a doubt provides a ray of hope for all those potential investors whose confidence in the real estate sector has dampened in the last two years. Focusing on the construction sector is perhaps the only weapon left in the governments arsenal, as apart from boosting the ailing economy, it can play a huge role in employing labourers in the post-pandemic world. The construction industry in Pakistan is already the largest employer of skilled, semi-skilled and unskilled workers after agriculture.
Incentives for real estate sector will encourage foreign investors to invest in the country. High standard projects will create competition in the industry and produce more affordable and high-quality construction. It may also help in facilitating development throughout the country and generate income in both the formal and the informal sector which is a win-win solution.
Syed Zohaib Ahmed
Islamabad
Published in The Express Tribune, July 16th, 2020.
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