Pakistan builds hopes for future prosperity

Pakistan’s finance minister is looking to accelerate the development of the country’s construction industry with a number of incentive programmes and new regulations.

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By  Eudore Chand Published  December 30, 2003

Pakistan’s finance minister is looking to accelerate the development of the country’s construction industry with a number of incentive programmes and new regulations. Shaukat Aziz believes the house building industry can lead the country out of its economic doldrums because of the vast amount of manpower and materials it employs. In a meeting with builders, bankers and regulators last week, Aziz said he was committed to removing obstacles to the growth of the housing industry. He told the gathering that the government had already reduced excise duty on cement and cables. It had also provided tax incentives, reduced interest rates and worked to assure an adequate supply of steel in order to make housing an attractive sector for foreign and local investment. A successful housing market, argued Aziz, creates jobs in up to 40 satellite business sectors and can drive economic growth throughout society.

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