KARACHI: Finance Minister Shaukat Tarin has shown his consentient to review the Special Construction Package (SCP) extension request submitted by the ABAD only for the projects in the pipeline to attract more investments in the construction industry.
The SCP was ended on June 30, 2021. However, the chairman ABAD is of the view that if the same was extended for at least six months, it could attract Rs1000 billion more in the construction industry.
According to the industry sources, the finance minister Shaukat Tarin during weekly zoom meeting presided by the Prime Minister Imran Khan on last Thursday, has agreed to review the extension of SCP only for the projects, which were in pipeline.
Meanwhile, chairman ABAD said that Information Minister for State Farrukh Habib confirmed that around Rs1000 billion investment poured in the construction industry after the amnesty scheme.
He said that many projects could not be registered under the scheme due to hurdles in approval, especially in Sindh. If these projects could get a chance to get registered under this scheme, some Rs1000 billion more investment could be attracted, he said.
He said that Prime Minister Imran Khan had extended date of amnesty scheme up to June 30, 2021, however, due to fourth wave of Covid-19 and hurdles in approval of projects, many projects could not be registered under the scheme.
He said that if the date of the amnesty scheme was extended up to 31st December 2021, it would fetch more investment in construction and real estate business.
“Despite the second and third wave of Covid-19, the business activities especially in steel, cement and other sectors are on the rise just because of amnesty scheme, and several allied industries are now chalking out expansion plans to meet the growing demands.
Some of them have already imported billions of rupees machinery to expand their industries, which show that if the amnesty scheme is extended, the economy of Pakistan will get boosted,” ABAD chairman said.
Copyright Business Recorder, 2021