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Wednesday, April 17, 2024

FIEDMC supports PM Khan’s initiative: Says construction sector will boost Pakistan’s economy

In light of the Prime Minister's decision to continue the construction industry's operations, FIEDMC Chairman, Mian Kashif hopes in it will boost Pakistan's economy amid such tumultuous times.

Chairman Faisalabad Industrial Estate Development and Management Company (FIEDMC), Mian Kashif Ashfaq expressed appreciation for Prime Minister Imran Khan’s vision for country. Mian Kashif believes that his massive package for the construction industry is a ray of hope during the nationwide crisis. In fact, he said that promoting Pakistan’s construction industry during the COVID-19 lockdown will provide a boost to the country’s economy; and eventually create new job opportunities for the affected population.

The FIEDMC Chairman expressed these views on the 4th of April, during the Prime Minister’s visit to Governor House Punjab. He then explained, “the construction sector has a great potential to boost economic activities. However, due to restrictive measures of the government, it contracted by 7.6% during 2019 as per last quarterly report of SBP. This caused a great loss to the economy”.

Shedding light on the package, he said, “all salient features announced in this colossal incentive package would help boost the economic activities. Moreover, it will give confidence to the investors and the business community”.

Read more: Chairman FIEDMC, Mian Kashif donates Rs. 10 million for COVID-19 relief fund

The FIEDMC Chairman congratulated the Prime Minister Imran Khan for emerging as a great leader; especially when a global pandemic is affecting all the spheres of life – including the business sector. He then praised the Prime Minister for enabling Pakistan’s economic independence; all the while helping the poor strata of the society.

According to the FIEDMC Chairman, “another important point in this package was that the government will not ask anyone about the source of the income which will be pumped into construction sector of the country. He said that this will entice people to bring their black money by participating in economic activities”.

Mian Kashif’s in-depth analysis of the package

Mian Kashif further said that the Prime Minister Imran Khan deserves appreciation for announcing a subsidy of Rs 30 billion for the Naya Pakistan Housing Scheme. He believes that it would further boost the construction industry.

“There is a shortage of over two million homes in Pakistan right now, whereas the size of construction industry is over Rs 250 billion. And now after the announcement, this would help the sector to fill the housing gap and create jobs”. He then clarified, “it’s a good thing that the government accorded the construction sector with the status of an industry. This will increase the facilities available to it”.

There is a shortage of over two million homes in Pakistan right now, whereas the size of construction industry is over Rs 250 billion

The FIEDMC Chairman further explained that the growth of many allied industries is linked with the growth of construction sector. Therefore, all these conducive policies would help flourish the allied industries; in fact, contribute significantly towards strengthening the economy.

He then stressed upon local production of raw material. “The raw material for the construction industry should be manufactured within the country; therefore, the government should discourage import of raw material for construction and housing sector”.

Mian Kashif also announced that FIEDMC will provide all the required facilities to foreign investors and businessmen. This will help them invest in the real estate of the country and set up their own units inside the premises of Allama Iqbal Industrial City.

FIEDMC and its Industrial Cities

Faisalabad Industrial & Economic Development Company (FIEDMC) is a Public-Private Partnership (PPP) entity between the Punjab government and the Faisalabad business community. The Government of Punjab set up this entity in 2004 as a public listed company, established by the Government of Punjab. This whole operation was undertaken during Jahangir Khan Tareen’s tenure as ‘Adviser to CM Punjab on Special Initiatives”.

Read more: FIEDMC is taking strict measures against coronavirus

Since FIEDMC’s inception, it has successfully constructed three industrial estates along Faisalabad motorway; namely: M-3 Industrial City, Value Addition City and the latest, Allama Iqbal Industrial City (AIIC).

Allama Iqbal Industrial City saw its groundbreaking at the hands of Prime Minister Imran Khan, on Friday 3rd January 2020. It expands over an area of 3200 acres and is the first prioritized CPEC special economic zone. The economic zone is strategically located opposite M-3 Industrial City and interconnected through flyover at Sahianwala Interchange, Motorway M-4, Faisalabad.