Lahore, February 21, 2023 (PPI-OT):Introduction of cost effective, space efficient and environment friendly Chinese building and construction material can bring a revolution to the construction sector of Pakistan stated by Moazzam Ghurki, President Pakistan China Joint Chamber of Commerce and Industry (PCJCCI) during an executive body meeting held at PCJCCI Secretariat yesterday.
Moazzam Ghurki, President PCJCCI said that experts from PACRA have reviewed the local construction industry and a growth of 6% has been reported this year. They believe that the sector to grow by a whopping 92 percent in the next seven years as the average annual growth could spike up to 11.8 percent. However, what we saw in 2021 which was an accelerated growth in the construction sector and its resulting contribution to the GDP was achieved through increased government concessions and aggressive private sector investment under the previous government.
This is an environment that is needed to drive growth within the industry. What is needed to achieve this forecasted growth in the 7 years that has now been impacted by the floods is more of the subsidies promised and provided in the last year. He added that there is a dire need to stabilize the construction sector through introducing contemporary techniques and budget friendly infrastructure of China. He also added that with more mega-projects coming in along with a series of works under CPEC (China Pakistan Economic Corridor), it is expected that the rating will improve in the coming years.
Fang Yulong, Senior Vice President PCJCCI said that the Chinese entrepreneurs are encouraged to find out tremendous possibilities of investment and joint ventures in Pakistan in the field of construction industry. This is the time to transform the good historic ties into thriving trade and economic relations between the two countries. He further added that in order to nurture the industry, China had planned to inculcate modern trends of construction and housing among the common masses. With the involvement of general public, he added, the trends and standards of modern construction would start to reflect in other segments of society.
Hamza Khalid, Vice President PCJCCI said that, we welcome Chinese investors to review joint venture opportunities in the construction industry that would further supplement other related industries such as such as cement, iron, steel, timber, wood, marbles, tiles and stones, plastics, fibers, furniture and electrical appliances. Salahuddin Hanif, Secretary General PCJCCI said that without appropriate measures to do with laws and standards in place within the construction industry, the desired growth within high-rise building construction will not be possible. With the current adverse effects felt by the construction industry as a result of the inflation and unstable economy, it is crucial that the architectural industry moves towards sustainable building and planning practices.
For more information, contact:
Pakistan China Joint Chamber of Commerce and Industry (PCJCCI)
Mega Tower, 309 – 6th Floor, Main Boulevard, Gulberg II,
Lahore, Punjab – Pakistan
Tel: +92-42-35777460-02, +92-42-37032203, +92-42-35874353