Chairman Association of Builders and Developers of Pakistan (ABAD) Fayyaz Ilyas has said that the investment in Construction Industry will double to Rs 2000 Billion if Special Construction Package is extended at least for six months.
Quoting the statement of Information Minister for State Farrukh Habib that Rs. 1000 Billion have been invested in the construction industry after the announcement of the Amnesty Scheme, chairman ABAD said that a number of projects could not be registered under the scheme announced by the Prime Minister due to hurdles in approval, especially in Sindh. If these projects could get chance to register under this scheme, the investment will double from Rs 1000 Billion to Rs 2000 Billion, he said.
Fayyaz Ilyas said that Prime Minister Imran Khan had extended the date of the Amnesty Scheme up to 30th June, 2021. However, due to the fourth wave of Covid-19 and hurdles in approval of projects, the date of the Amnesty scheme may be extended up to 31st December 2021 to fetch more investment in the construction and real estate business.
He said that despite the second and third wave of Corona construction activities, especially production of steel, cement and other construction materials is on the rise due to Amnesty Scheme. Many allied industries are planning expansion to meet rising demands and some of them have imported billions of rupees machinery to expand their industries, which shows that if the amnesty scheme is extended, the economy of Pakistan will become vibrant and the dream of making Pakistan Asian Tiger could be realized, he added.