PCJCCI Keen To Boost Construction Sector

LAHORE, (UrduPoint / Pakistan Point News - 21st Feb, 2023 ) :Introduction of cost effective, space efficient and environment friendly Chinese building and construction material can bring a revolution to the construction sector of Pakistan.

President Pakistan-China Joint Chamber of Commerceand Industry (PCJCCI) President Moazzam Ghurki stated this in the joint chambers' executive committee meeting held at its secretariat on Tuesday.

Ghurki said that experts from Patents and Companies Registration Agency (PACRA) had reviewed the local construction and a growth of six per cent had been reported this year. They said that the sector would grow by a whopping 92 per cent in the next seven years as the average annual growth could spike up to 11.8 per cent. However, what they saw in 2021 which was an accelerated growth in the construction sector and its resulting contribution to the GDP was achieved through increased government concessions and aggressive private sector investment under the previous government. That environment was needed to drive growth within the industry to achieve this forecasted growth in next seven years. He added that there was a dire need to stabilise the construction sector through introducing contemporary techniques and budget friendly infrastructure of China. He also added that with more mega-projects coming in along with a series of works under CPEC (China-Pakistan Economic Corridor), it is expected that the rating would improve in the coming years.