Karachi, May 30, 2012 (PPI-OT): Chairman ABAD Mohsin Sheikhani, Vice Chairman Arif Siddik and Chairman South Region Saleem Kassim Patel have impressed upon the Government the important role of the construction industry in revival of the national economy in the scenario of presentation of the Federal Budget for the year 2012-2013 which will shortly be presented. The office bearers of ABAD while giving their views in a joint statement, added that ABAD had sent its proposals to the relevant offices of the Federal Government.
Mohsin Sheikhani, Arif Siddik and Saleem Kassim said the most important thing for the survival of the construction sector, which resultantly consolidates the national economy is availability of housing finance. The finance should be made available on easy terms to the housing sector. The non availability of gas and electric connections are a big hindrance this problem should immediately be resolved.
Chairman ABAD said the increased activities in construction has multi pronged effect as it is instrumental in affordable housing to the lower and middle class, it improves employment opportunities and more the 100 allied industries which are linked to housing sector find a vast market, as a result the revenue generation capacity of the Government from direct and indirect taxes increases many fold. This in turn creates a very conducive environment for investment not only in construction sector but also in the relevant industries.
Vice Chairman ABAD added it is obvious that the housing industry is the best short term solution to give a boost to the national economy. The shortage of over 8.8 million housing units can be turned into an opportunity. The construction industry, if provided the required facilities, has the capability to absorb a very large unemployed workforce both skilled and unskilled.
Mr. Saleem Kassim Patel said the Housing Finance to GDP ratio in Pakistan is a meager 1% which is possibly the lowest in the world as compared to the neighbouring countries. In order that our economy flourishes, it is pertinent that our Mortgage to GDP is brought to respectable percentage.
The office bearers of ABAD expressed hope if the proposals presented by ABAD are made part of the Federal Budget 2012-2013, it will be good omen for the overall development of Pakistan.
For more information, contact:
Association of Builders and Developers of Pakistan
ABAD House, ST-1/D, Block-16,
UAN: 111-11-ABAD (2223)