LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has expressed support for the government's recent initiative to prioritize the construction sector, describing it as a significant move toward bolstering the national economy. The initiative is expected to stimulate economic activity, generate employment, and promote industrial growth, according to LCCI representatives.
According to a statement by Lahore Chamber of Commerce and Industry, LCCI President Mian Abuzar Shad, along with Senior Vice President Engineer Khalid Usman and Vice President Shahid Nazir Chaudhry, commended the Prime Minister's commitment to advancing low-cost housing projects and engaging the private sector. They highlighted that affordable housing is crucial for economic growth and the improvement of living standards, which will, in turn, revitalize the real estate and construction industries.
The LCCI officials also praised the Punjab Chief Minister's launch of the Three-Marla Housing Scheme, recognizing it as a pivotal step toward meeting the housing needs of lower-income families and energizing the construction industry. They noted that the scheme will stimulate demand in various sectors related to real estate.
Emphasizing the construction sector's interconnectedness with over 50 industries, including steel, cement, and electrical equipment, the LCCI leaders stated that the sector's growth could trigger a positive ripple effect across these industries, generating new opportunities and fostering economic development.
The LCCI called for further reforms to fully harness the sector's potential, suggesting tax cuts and streamlined approval processes to encourage investment. They advocated for attractive incentives for both local and international investors and recommended affordable loan options for developers and homebuyers. The adoption of modern, sustainable construction practices was also encouraged.
The LCCI identified several challenges impeding growth, such as high taxes and complex regulations. Addressing these issues could lead to increased investment and economic activity. The construction sector's role in employment generation is vital, supporting millions of families and creating opportunities for both skilled and unskilled workers.
The LCCI emphasized the importance of public-private partnerships and sustainable practices in the construction sector. By integrating green building technologies and energy-efficient solutions, the sector can reduce costs while meeting global environmental standards.
The chamber proposed the creation of specialized construction economic zones to boost production and efficiency and advocated for public-private partnerships in large-scale infrastructure projects. Platforms to showcase Pakistan's construction potential were also recommended, alongside training programs to develop a skilled workforce for the modern industry.
The LCCI leaders affirmed that with the right support, the construction sector could transform Pakistan's economic landscape, lead to greater prosperity, provide affordable housing, boost industries, and strengthen the national economy.