Business Community shows concerns over non-implementation of PM's construction industry package - Press Release issued by Islamabad Chamber of Commerce and Industry.

Islamabad -- June 22, 2020 (PPI-OT)

Following is the text of press release issued by Islamabad Chamber of Commerce and Industry (ICCI)

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Muhammad Ahmed Waheed, President, Islamabad Chamber of Commerce and Industry has said that Prime Minister Imran Khan had announced an attractive incentive package for the construction industry which has been included in the budget but despite the passage of two months, this package could not be implemented as no department has yet issued any notification for implementation of its incentives. He demanded that the Prime Minister should take notice of this situation and issue immediate orders to all the concerned departments to implement the package in letter and spirit.

Muhammad Ahmed Waheed said that the growth of construction industry will move the wheel of the economy faster as more than 50 allied industries were associated with this industry that will also grow fast. He said that with the acceleration of construction activities, businesses in the markets will flourish, new investment will get boost, thousands of people will be employed which will benefit reduce poverty in the society while construction of houses under Pakistan Housing Program will benefit the low-income people. He, therefore, urged that the Prime Minister should take steps for immediate implementation of his announced package.

He said that the devastating impact of Covid-19 pandemic was still continuing leading to 40 percent reduction in the industrial production. He said smart lockdown in some markets and complete lockdown in others for the last 3 months have severely affected the supplies of industrial sector and if this trend continued, there was a danger that many companies in the corporate sector will default. In such a situation, for how long the industry would pay its factory workers and if this trend continued, unemployment would rise alarmingly in the next year.

ICCI President said that despite the significant reduction in the prices of petroleum products, its benefits have not yet reached the grassroots level. He said that the high cost of production due to high power tariffs was affecting our exports. He said...