The Islamabad Chamber of Commerce & Industry has welcomed the in-principle approval by the Prime Minister Imran Khan to declare the construction sector as an industry and termed it a very positive decision as it would help in resolving the key issues of construction sector, giving boost to business activities and reviving the overall economy.
Ahmed Hassan Moughal, President, Islamabad Chamber of Commerce & Industry said that construction sector has great potential to boost economic activities but due to some restrictive measures of the government, the sector had contracted by 7.6 percent during 2019 as per last quarterly report of SBP, which caused great loss to the economy. He said there was a dire need to make conducive policies for revival of construction sector and hoped that the decision of the Prime Minister to declare it as an industry would go a long way in enabling it to play more effective role in the economic development of the country.
ICCI President said that the growth of many allied industries was linked with the growth of construction sector and urged that government should formulate more conducive policies for this sector so that it could flourish and contribute significantly towards strengthening the economy. He was of the view that better growth of construction industry would help the government in achieving the goal of constructing 5 million houses during its tenure.
Rafat Farid Senior Vice President and Iftikhar Anwar Sethi Vice President, Islamabad Chamber of Commerce & Industry said that construction industry and construction activities were considered as one of the major sources for economic growth and development. They said that promoting construction industry would yield multiple benefits for the economy as it would generate employment and offer plenty of job opportunities to millions of unskilled, semiskilled and skilled workers. They said that the economy of Pakistan was passing through a period of slow growth and urged that government should take tangible measures for ease of doing business in construction sector would boost business activities and help the economy to achieve quick revival.