Construction sector attracts Rs1tr investment: Farrukh

ISLAMABAD: Minister of State for Information and Broadcasting Farrukh Habib Thursday said there had been a massive increase in economic activity in the country due to the revival of construction sector, which had so far fetched investment of Rs1 trillion.

“Prime Minister Imran Khan had introduced a special package for the construction sector, including FBR exemption regime and reduction in fixed taxes to offset the negative impacts of the lockdown imposed to curb the coronavirus pandemic in April last year,” he told a news conference.

The package, he said, received an overwhelming response from across the country with scores of projects of Rs1,000 billion in the construction sector given approval by both the federal and provincial governments.

The projects of Rs491 billion registered with the Federal Board of Revenue (FBR) under its exemption scheme were also among them, the minister added. Farrukh said the construction sector’s boom would have a multiplier effect on more than 120 allied industries, which would eventually generate Rs100 billion economic activity and 700,000 jobs across the country.

Giving a general breakup, he said some 24,404 investment projects worth Rs373 billion were approved in Punjab, which would not only ensure Rs1,900 billion economic activity, but also create 325,000 employments in the province.

Similarly, multiple projects worth Rs74 billion were approved in Khyber Pakhtunkhwa, which would also generate economic activity of Rs371 billion along with 64,000 jobs, he added. Likewise, he said, projects worth Rs175 billion had been approved for the Federal Capital, which would likely to create 104,000 employment opportunities.