Construction imperative for wealth creation: PM

Says the government aims at fixing the remaining obstacles that face the construction sector


APP September 04, 2021
PHOTO: FACEBOOK/ IMRAN KHAN

ISLAMABAD:

Prime Minister Imran Khan reiterated on Friday his government’s resolve to continue facilitating the construction industry in order to create wealth and boost the country’s exports.

The prime minister, addressing the inaugural ceremony of the three-day ICCI Pakistan Property, Housing and Construction Expo 2021, said the government had removed many impediments, reaffirming that his government aims at fixing the remaining obstacles that face the construction sector.

The expo featured the pavilions of the commercial banks, Board of Investment, State Bank of Pakistan, companies and businesses related to the construction industry, including real estate developers, marketing firms, cement, marble, tiles, electronics, cable and many others.

The prime minister, who also took a round of the expo, urged the business sector to ensure the availability of the raw material of the construction industry in order to reduce the import bill.

Read More: Pakistan’s dilemma is not just wealth creation

He said the introduction of housing finance facilities by the government for the low-income group would enable “the 220 million population of the country would become an asset as the construction of houses would positively impact industries”.

He claimed a "construction boom" was coming to the country owing to increasing demand by the “the 220 million people for low-cost housing”.

He lamented that governments in the past paid no attention to the needs and demands of the common man and never gave the opportunity to the common man to build their own home because of a lack of mortgage-financing options, adding that obstacle was now removed by his government's efforts to pass the foreclosure law.

"Banks will give money to people for mortgage financing and then this population of 220m of ours will become an asset because it will generate demand and then construction and related industries will start running."

The prime minister said the government was striving to uplift the low-income group. Referring to the economic transformations witnessed in China, he said the country had steered around 800 million people out of poverty by uplifting the poor.

He said that Finance Minister Shaukat Tarin, who came from the private sector, was cognizant of the issues facing the construction industry “which provided most of the employment opportunities”.

The premier said the promotion of the construction industry would lead to wealth creation and revenue generation as well as bringing about the export boom.  He said Singapore’s exports were around $300 billion while Pakistan would hardly touch the $30 billion mark this year.

Assuring the business sector of all-out facilitation, he urged them to pay taxes enabling the government to spend improving infrastructures like education and health.

As pointed out by the ICCI president, the prime minister also assured that the issue of lease renewal of industrial units in Islamabad would be resolved after discussion at the National Coordination Committee on Construction. 

 

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