Construction may fetch Rs 2000bn investment if amnesty extended: ABAD

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Staff Reporter

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 atleast for six months.

Quoting the statement of Information Minister for State Farrukh Habib that Rs. 1000 Billion have been invested in construction industry after announcement of 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 date of Amnesty Scheme upto 30th June, 2021.

However, due to fourth wave of Covid-19 and hurdles in approval of projects, date of Amnesty scheme may be extended upto 31st December 2021 to fetch more investment in construction and real estate business.

He said that despite 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 of allied industries are planning expansion to meet rising demands and some of them have imported billions of rupees machineries to expand their industries, which shows that if the amnesty scheme is extended, the economy of Pakistan will become a vibrant and the dream of making Pakistan Asian Tiger could be realized, he hoped.

 

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