The slowdown in housing and construction industry has created chain reaction in steel re-rolling industry, which, though at present working at 60 percent capacity, is still paying Rs 2 billion to Rs 2.5 billion annually in taxes to the government. The issue was discussed in a meeting between a delegation of steel re-rolling mills and members of Association of Builders and Developers of Pakistan (ABAD) held here on Wednesday at ABAD House.
Participants of the meeting expressed surprise as to why the government claiming short of revenue is not providing enabling atmosphere to the housing industry to flourish and increase its revenues' reach to more than 100 allied industries. They cited various cases where just a little push to housing had set the whole economic wheel running at a faster speed.
The delegation which was headed by Shahnawaz Ishtiaq, Vice-Chairman of Steel Re-rolling Mills Association, discussed threadbare their problems with the members of ABAD. It was unanimously resolved that ABAD and steel re-rolling mills association would cooperate with each other to ventilate their common problems.
Saleem Kassim Patel, Chairman, South Zone, ABAD, said that the Association is planning a seminar of allied industries in order to streamline policy initiatives and implementation strategy. He appreciated the co-operation extended by steel re-rolling mills association to ABAD and said that ABAD is working on a proposal of low-cost or 'affordable' housing scheme under the guidance of ABAD Chairman Mohsin Sheikhani.
Thousands of houses will be built which would create direct or indirect earning opportunities--50 percent through direct association, and 50 percent through indirect association. Saleem said that if the housing industry is provided enabling environment, the allied industries could increase their share in the national exchequer manifold. Ahmed Owais, co-convenor, Mahmood Sheikhani, Engr Zaheer Qadri, Aslam Aleem and Islam Siddiqui also attended the meeting.
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