LAHORE - Introduction of cost effective, space efficient and environment friendly Chinese building and construction material can bring a revolution to the construction sector of Pakistan, stated Moazzam Ghurki, President Pakistan China Joint Chamber of Commerce and Industry (PCJCCI), during an executive body meeting held at PCJCCI Secretariat. Moazzam Ghurki, President PCJCCI, said that experts from PACRA have reviewed the local construction industry and a growth of 6% has been reported this year. They believe that the sector will grow by a whopping 92 percent in the next seven years as the average annual growth could spike up to 11.8 percent. However, what we 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 govt. This is an environment that is needed to drive growth within the industry. What is needed to achieve this forecasted growth in the 7 years that has now been impacted by the floods is more of the subsidies promised and provided in the last year. He added that there is a dire need to stabilize 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 will improve in the coming years.
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