Lahore Chamber of Commerce and Industry (LCCI) has welcomed the government\u2019s decision to prioritize the construction sector and termed it a revolutionary step towards strengthening the economy.
\nLCCI President Mian Abuzar Shad, Senior Vice President Engineer Khalid Usman and Vice President Shahid Nazir Chaudhry hoped that the government\u2019s efforts would help utilize the potential of this sector to stimulate economic activity, create jobs and boost industrial growth.
\nIn a media statement here Tuesday, the LCCI office-bearers welcomed the Prime Minister\u2019s dedication to accelerating low-cost housing projects and involving the private sector in these initiatives. He said that affordable housing was a fundamental necessity and a powerful tool to boost economic growth. The government\u2019s efforts to provide affordable homes would not only improve living standards but also revitalize the real estate and construction sectors.<\/p>\n
They also praised Punjab Chief Minister for launching the three-Marla Housing Scheme calling it a milestone for affordable housing. They added that this initiative was an important step towards addressing the housing needs of lower-income families while simultaneously boosting the construction industry. It would stimulate demand in various sectors connected to real estate, he said.
\nMian Abuzar Shad, Engineer Khalid Usman and Shahid Nazir Chaudhry said the construction sector had direct connection to over 50 industries such as steel, cement, glass, tiles, paint, woodwork and electrical equipment. The growth of construction sector would trigger a chain reaction that benefits various industries, generate new opportunities and fostering overall economic development.
\nThe LCCI office-bearers called for further support and reforms to unlock the sector\u2019s full potential.
\nThey suggested that the cutting of taxes and duties would encourage greater investment in construction. Approval processes for construction projects should be simplified. Attractive incentives should also be offered for both domestic and international investors. They said that government should provide affordable loan options for developers and home buyers.
\nThey said that adoption of modern and sustainable construction practices should also be encouraged.
\nThe LCCI office-bearers also highlighted the challenges hindering growth saying that high taxes, complex regulations and lengthy approval procedures were major obstacles. If these barriers were addressed, the sector would thrive, attract investment and boost economic activities.
\nThe LCCI leadership said the role of construction sector was important in generating employment and stimulating economic growth. They said that the sector was supporting millions of families directly and indirectly. As it grows, it would create opportunities for skilled and unskilled workers alike. They said the construction sector was a cornerstone of economic development. Its growth would have a substantial impact on national GDP, foster industrial growth and create a sustainable economy.\u201d
\nThey said the LCCI would play a supportive and collaborative role to address the
\nchallenges faced by the construction industry.
\nThe LCCI office-bearers stressed the need for integrating public-private partnerships and sustainable practices. By adopting green building technologies and energy-efficient solutions, the sector could reduce costs while adhering to global environmental standards.
\nThey recommended establishment of specialized construction economic zones to enhance production and efficiency. They said the government should promote public-private partnerships
\nfor large-scale infrastructure projects. A platforms should also be created to showcase Pakistan\u2019s construction potential and to attracting international investors. They further suggested that the government should launch training programmes to develop a skilled workforce for the modern construction industry.
\nMian Abuzar Shad, Engineer Khalid Usman and Shahid Nazir Chaudhry said that the construction sector had the ability to transform Pakistan\u2019s economic landscape. They said that with the right support, the construction sector could lead Pakistan toward greater prosperity, provide affordable housing, boost industries and strengthen the national economy.<\/p>\n","protected":false},"excerpt":{"rendered":"
Lahore Chamber of Commerce and Industry (LCCI) has welcomed the government\u2019s decision to prioritize the construction sector and termed it a revolutionary step towards strengthening the economy. LCCI President Mian Abuzar Shad, Senior Vice President Engineer Khalid Usman and Vice President Shahid Nazir Chaudhry hoped that the government\u2019s efforts would help utilize the potential of […]<\/p>\n","protected":false},"author":2,"featured_media":455312,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-455302","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n