Karachi: According to media reports, Chairman of the Association of Builders and Developers of Pakistan (ABAD) Fayyaz Ilyas remarked on Friday (July 31) that if the amnesty policy is prolonged for another six months, investment in the construction sector might reach PKR 2,000 billion.
According to Farrukh Habib, Minister of State for Information, the construction sector gained PKR 1,000 billion in investment as a result of the amnesty plan. Several Sindh projects were not approved under the special construction package, according to the chairman, due to approval issues. According to Mr. Ilyas, if the projects had been approved, the investment could have been doubled.
He went on to say that the package’s expiration date had already been extended to June 30 by the Prime Minister. The deadline should be extended to December 31, 2021, due to the fourth wave of COVID-19 and delays in the approval process.
Furthermore, the chairman added that during the second and third waves of COVID-19, building activity rose, particularly steel, construction materials, and cement production.
ABAD Chairman Fayyaz Ilyas also mentioned that the related industries want to expand their activities in order to meet the rising demand. To expand, some of the companies have imported machinery and invested billions of rupees. He claimed that keeping the amnesty policy in place will surely help Pakistan’s economy.