Construction boom has started in Pakistan: PM

Prime Minister Imran Khan said on Friday that the construction boom has started in Pakistan, adding that everyone should take advantage of the opportunities the government is offering.

Addressing the Property, Housing, and Construction Expo 2021 at the Pakistan-China Friendship Center in Islamabad, the premier said growing demand in the construction sector will help related industries.

Last year, Khan announced an incentive package for the construction industry. The package included a subsidy of Rs30 billion for the Naya Pakistan Hou­sing Project (NPHP).

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PM Imran had said the mark-up on bank loans for houses up to five and 10 marlas would be five and seven percent, respectively, and urged investors, builders, and people to avail the opportunity.

Reiterating his government's intent to facilitate all industries by ending bureaucratic hurdles, the premier said that we are trying to "improve the ease of business" in Pakistan.

"We have made many improvements and will bring more changes," he said.

In July, Minister of State for Information and Broadcasting Farrukh Habib had said that there had been a massive increase in economic activity in the country due to the revival of the construction sector, which has fetched investment of Rs1 trillion.

The premier noted that the dream of building a home in Pakistan is becoming accessible for everyone as the banks are now giving loans.

Last month, Khan termed the State Bank of Pakistan's (SBP) Roshan Apna Ghar initiative a game-changer, saying that the scheme can help the country attract substantial investment.

The premier emphasised that the government's aim is to uplift the poor segments of the society.

Giving the example of China and India, the two most populated countries, he said China has become a superpower because it was able to uplift millions of people out of poverty, while India has failed to do so.

"We have never made a policy for the poor segments of society," he said, adding that "the challenge is that the government should have policies to uplift these [poor] sections."

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The premier also shared that his government gained "concessions for the construction sector" from the International Monetary Fund (IMF) last year during the Covid-19 crisis.

He noted that we are trying to change the system in Pakistan to ensure that industries feel encouraged and supported.

However, he noted that "to change a system takes time."

"We have given incentives for the construction sector and will increase them further in the future."

The premier noted that the government and people should support each other as it's a "two-way street."

The government should help people to ensure that they do not face difficulties when it comes to doing business, but people, on the other hand, should help the government by giving taxes, he said.