PAPMA seeks govt support to revive construction sector growth
ISLAMABAD – Pakistan Aluminium Profiles Manufacturers Association (PAPMA) has asked the government for policy review to revive construction sector growth in Pakistan. In a letter to the Prime Minister Shehbaz Sharif and Minister for Finance Muhammad Aurangzeb, the Association asked for immediate action to support the revival of the construction industry in Pakistan, which serves as the backbone of our economy. “The construction sector not only influences 72 industries directly and indirectly but also plays a vital role in generating employment opportunities, driving economic growth, and attracting investments,” said Chairman Pakistan Aluminium Profile Manufacturer Association.
He further said that the current tax burden imposed on the real estate sector is proving to be a significant hindrance to its growth. “This burden is exacerbating the decline in production experienced by small-scale manufacturers over the past two quarters. To ensure sustainable growth and align with the vision of the “URRAN Pakistan” initiative, it is imperative that the government revisits its policies concerning tax regulations within the construction industry,” the chairman added.
According to key highlights, the construction sector’s growth has a cascading effect on 72 interconnected industries. The revival of the construction industry has the potential to unlock $100 billion in investments and create millions of jobs. Supportive policies, such as tax reduction, affordable mortgage promotion, and addressing sectoral barriers, are crucial for realizing the industry’s full growth potential.
It is essential that immediate steps are taken to alleviate the tax burden on the real estate sector. This action will not only support small-scale manufacturers but also contribute to the overall growth and sustainability of the construction industry in Pakistan.
The association urged the government to prioritize the review of existing policies affecting the construction sector and consider implementing measures that foster growth, investment, and employment opportunities.