Karachi: Former Chairman Association of Builders and Developers of Pakistan (ABAD) Hasan Bakshi recently revealed that in the wake of Prime Minister (PM) Imran Khan’s announcement of the construction sector relief package, the builders and developers in the country are expected to initiate nearly 1,000 projects worth more than PKR 1 trillion over the course of this year — according to a news report.
Bakshi stated that Pakistan would attract both local and
foreign investment under this historic package. He added that while it was
difficult to gauge the level of foreign investment at this point due to the coronavirus
pandemic, it was nevertheless expected to be huge. He further said that the
inflow of investment had the potential to rid the country of its dependence on
the IMF loan programme over the next two years.
The former ABAD chairman felt that construction was the only sector which could help revive the economy after the COVID-19 situation had been handled — with the sector especially important for over 70 allied industries. He added that the housing sector was one of the few safe avenues of investment remaining, after the stock market lost ground recently.
Additionally, Bakshi also expected to see more than 500 news
construction projects to be initiated in Karachi this year, after the Supreme
Court’s recent decision to lift the moratorium on high-rise buildings in the
city.
