Calling attention: Construction industry has potential to increase GDP three-fold: ABAD

Chairman says govt should bring reforms in taxation and other policies

ISLAMABAD: The construction industry is playing a key role in the economic development of the country, but the government has provided no relief to this industry in the new budget, lamented Association of Builders and Developers (ABAD) Chairman Arif Yousaf Jeewa.

Addressing the business community at the Islamabad Chamber of Commerce and Industry (ICCI), he said if the government makes conducive policies for construction industry and addresses its key issues, this industry has the potential to increase the country’s GDP three times.

He was of the view that for sustainable development of the economy, the government should bring reforms in taxation and other policies in consultation with stakeholders of construction industry.

ABAD Patron-in-Chief Mohsin Sheikhani said that due to better policies, small countries like Vietnam were making annual exports of over $246 billion, while the exports of Bangladesh have also reached $33 billion. However, due to inconsistent policies in Pakistan, our exports were on the decline.

He said that Pakistan needs to build 0.8 million housing units every year to bridge the housing shortfall. To achieve this goal, the government should take measures to make growth-oriented policies for the construction industry.

It would also boost allied industries leading to significant improvement in Pakistan’s tax revenue and exports, he added. Sheikhani emphasised that the government should provide loans on soft terms to people for purchasing housing units that would also strengthen the construction industry.

Also speaking on the occasion, ICCI President Sheikh Amir Waheed said that the growth of over 40 allied industries was linked with the construction industry and urged that the government should resolve key issues of this industry on an urgent basis.

Published in The Express Tribune, May 8^th, 2018.

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