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Growth in construction activities to strengthen the economy: PM

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ISLAMABAD: Prime Minister Imran Khan said that the growth of construction activities will strengthen the national economy and provide employment opportunities for the people.

The prime minister said this while chairing a weekly meeting of the National Coordinating Committee on Housing, Construction and Development on Friday.

He ordered the government of the Punjab to approve construction applications as soon as possible in accordance with existing laws, in addition to asking the Pakistan Telecommunication Authority (PTA) and the National Electric Power Regulatory Authority (NEPRA) to work with the State Bank of Pakistan (SBP) to resolve the issues. linked to the construction sector at the earliest.

The Prime Minister also insisted on raising public awareness regarding Naya Pakistan’s housing program.

SBP Governor Reza Baqir informed the meeting that the banks are ensuring the provision of the population to obtain loans under the housing program of Naya Pakistan. In addition, special counters have been installed in about half of the bank branches in each district of the country, he added.

The Chief Secretary of Punjab informed the meeting that requests for construction work on 44 million square feet have been received from across the province and approval for the construction of 20 million square feet has been given.

He said that the start of construction work on 44 million square feet in Punjab would start economic activities worth around 1 trillion rupees. The chief secretary told the meeting that with the improvement in construction activity, the consumption of all related materials like cement, bricks and steel also increased.

In the meantime, Khyber Pakhtunkhwa’s chief secretary informed the meeting that so far, applications for building six million square feet have been received. This will generate 100 billion rupees economic activity in the province, he added.

A representative of Bank Al Habib informed the meeting that they have so far approved a loan worth Rs 6 billion for the construction sector.

Special assistants to Prime Minister Malik Amin Aslam and Shahbaz Gill, Prime Minister’s Advisor on Institutional Reforms, Dr Ishrat Hussain, Federal and Provincial Secretaries and Senior Officials also attended the meeting.

‘COASTAL TOURISM’

Separately, while chairing a meeting of the Pakistan Islands Development Authority and Ravi Urban Development Authority working groups on Friday, Prime Minister Imran Khan said Pakistan’s coastline is feasible for urban constructions of international level and attracts foreign tourism.

He said that the country’s coastline has the capacity to create huge opportunities for foreign investment. The Ravi city project will not only help reduce demographic pressure on big cities like Lahore, but also introduce new dimensions of town planning, he added.

The premier said the large projects will have a positive impact on the country’s economy and the lives of ordinary people, adding that these projects will help develop local industry and create new employment opportunities.

The Prime Minister was informed that Ravi City and the urban centers of the islands will be built according to the principles of the green city for the first time in the history of Pakistan.

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