SCCI chief for reviving construction industry
SIALKOT – President of Sialkot Chamber of Commerce and Industry Ikram Ul Haq has emphasised the critical need to revive Pakistan’s construction industry, a sector directly linked to 72 other industries that collectively form the backbone of the national economy. Highlighting its potential to unlock $100 billion in investments and generate millions of jobs, he stressed that the construction sector must be prioritized to ensure sustainable economic recovery and growth.
The president outlined key reforms necessary for revitalizing the industry, including reducing withholding tax on property transactions to 1% and making the first property purchase tax-free to encourage homeownership. He also called for the elimination of the 3% Federal Excise Duty (FED), which imposes an unnecessary burden on the sector, and the repeal of Section 7E of the Income Tax Ordinance, which has severely hindered growth by introducing the concept of “deemed income.” Additionally, he recommended introducing fixed-rate mortgage products tied to the 10-year PIB bond yield to make housing more affordable and urged banks to classify construction financing as a priority sector to stimulate broader economic development.
Ikram Ul Haq emphasized the interdependence of the construction sector with other industries, ranging from cement, steel, and ceramics to advanced areas like smart technologies, HVAC systems, and real estate services. This interconnectedness, he explained, underscores the sector’s vital role in fostering industrial growth, attracting investment, and creating widespread employment opportunities. He further reaffirmed the Sialkot Chamber’s commitment to working closely with the government and policymakers to implement these much-needed reforms. He concluded by expressing optimism that reviving the construction sector would not only boost economic activities but also contribute significantly to national development and prosperity.