Construction sector’s has the ability to transform Pakistan’s economic landscape: Office-bearers
By Our Correspondent
LAHORE – The Lahore Chamber of Commerce & Industry has welcomed the government’s decision to prioritize the construction sector and termed it a revolutionary step towards strengthening the economy.
LCCI President Mian Abuzar Shad, Senior Vice President Engineer Khalid Usman and Vice President Shahid Nazir Chaudhry hoped that the government’s efforts would help utilize the potential of this sector to stimulate economic activity, create jobs and boost industrial growth.
The LCCI office-bearers welcomed the Prime Minister’s dedication to accelerating low-cost housing projects and involving the private sector in these initiatives. He said that affordable housing is a fundamental necessity and a powerful tool to boost economic growth. The government’s efforts to provide affordable homes will not only improve living standards but also revitalize the real estate and construction sectors.
They also praised the Chief Minister of Punjab for launching the Three-Marla Housing Scheme calling it a milestone for affordable housing. They added that this initiative is an important step towards addressing the housing needs of lower-income families while simultaneously boosting the construction industry. It will stimulate demand in various sectors connected to real estate.
Mian Abuzar Shad, Engineer Khalid Usman and Shahid Nazir Chaudhry said that the construction sector has direct connection to over 50 industries such as steel, cement, glass, tiles, paint, woodwork and electrical equipment. The growth of the construction sector would trigger a chain reaction that benefits various industries, generate new opportunities and fostering overall economic development.
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The LCCI office-bearers called for further support and reforms to unlock the sector’s full potential. They suggested that the cutting of taxes and duties would encourage greater investment in construction. Simplifying approval processes for construction projects should be simplified. Attractive incentives should also be offered for both domestic and international investors. They said that the government should provide affordable loan options for developers and homebuyers. They said that adoption of modern and sustainable construction practices should also be encouraged.
The LCCI office-bearers also shed light on the challenges hindering growth saying that high taxes, complex regulations and lengthy approval procedures are major obstacles. If these barriers are addressed, the sector will thrive, attract investment and boost economic activities.
The LCCI leadership said that the role of construction sector’s is important in generating employment and stimulating economic growth. They said that this sector is supporting millions of families directly and indirectly. As it grows, it will create opportunities for skilled and unskilled workers alike. They said that the construction sector is a cornerstone of economic development. Its growth will have a substantial impact on national GDP, foster industrial growth and create a sustainable economy.”
They said that the Lahore Chamber of Commerce and Industry would play a supportive and collaborative role to address the challenges faced by the construction industry.
The LCCI office-bearers stressed the need of integrating public-private partnerships and sustainable practices. By adopting green building technologies and energy-efficient solutions, the sector can reduce costs while adhering to global environmental standards.
They recommended establishment of specialized construction economic zones to enhance production and efficiency. They said that the government should promote public-private partnerships for large-scale infrastructure projects. A platforms should also be created to showcase Pakistan’s construction potential and to attracting international investors. They further suggested that the government should launch training programs to develop a skilled workforce for the modern construction industry.
Mian Abuzar Shad, Engineer Khalid Usman and Shahid Nazir Chaudhry said that the construction sector’s has the ability to transform Pakistan’s economic landscape. They said that with the right support, the construction sector can lead Pakistan toward greater prosperity, provide affordable housing, boost industries and strengthen the national economy.
