Construction sector critical for growth
The revival of the construction industry, often referred to as the backbone of Pakistan's economy, is essential for boosting employment, driving economic growth and attracting investment, stated Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI) President Nazir Hussain.
Speaking at a think tank session held at the PCJCCI Secretariat on Tuesday, Hussain said "this critical sector influences 72 interconnected industries, which play a central role in boosting economic expansion and providing employment opportunities."
With the potential to unlock $100 billion in investment and create millions of jobs, the revival of the construction industry is termed vital for Pakistan's economic recovery.
The PCJCCI president stressed that supportive government policies would help unlock full potential of the construction industry. In this regard, tax reduction, affordable mortgage schemes and streamlined regulatory processes are essential for creating an environment conducive to growth.
By addressing sector-specific barriers, he mentioned, the government could pave the way for increased investment and industrial development. These measures, coupled with CPEC's infrastructure projects, will lay the groundwork for sustainable progress.
PCJCCI Senior Vice President Brigadier (Retired) Mansoor Saeed Sheikh shared that the China-Pakistan Economic Corridor (CPEC) provided an unparalleled opportunity to rejuvenate the construction industry and boost the overall economy.
As a flagship project of the Belt and Road Initiative (BRI), CPEC has been a driving force behind infrastructure development in Pakistan. From roads and bridges to industrial zones and housing projects, the partnership between CPEC and the construction industry promises to accelerate growth, attract foreign direct investment and introduce advanced technologies, said Sheikh.
"Additionally, CPEC's focus on enhancing regional connectivity will boost trade, creating a ripple effect across multiple sectors." PCJCCI VP Zafar Iqbal said that the construction sector's resurgence would have a far-reaching impact, which would invigorate industries such as cement, steel, ceramics, real estate and IT solutions.