ABAD seeks amnesty scheme extension for six months

ABAD seeks amnesty scheme extension for six months

KARACHI: Association of Builders and Developers (ABAD) has urged the government to extend the amnesty scheme for six months to document another Rs1 trillion.

Fayyaz Ilyas, Chairman, ABAD, in a statement said that the investment in Construction Industry will double to Rs2 trillion if special construction package is extended at least for six months.

Quoting the statement of Information Minister for State Farrukh Habib that an amount Rs1 trillion had been invested in construction industry after announcement of Amnesty Scheme, chairman ABAD said that a number of projects could not be registered under the scheme announced by the Prime Minister due to hurdles in approval, especially in Sindh.

“If these projects could get chance to register under this scheme, the investment will double from Rs1 trillion to Rs2 trillion,” he said.

Fayyaz Ilyas said that Prime Minister Imran Khan had extended date of Amnesty Scheme upto June 30, 2021. However, due to fourth wave of Covid-19 and hurdles in approval of projects, date of Amnesty scheme may be extended up to December 31, 2021 to fetch more investment in construction and real estate business.

He said that despite second and third wave of Corona construction activities, especially production of steel, cement and other construction materials is on the rise due to Amnesty Scheme.

Many of allied industries are planning expansion to meet rising demands and some of them have imported billions of rupees machineries to expand their industries, which shows that if the amnesty scheme is extended, the economy of Pakistan will become a vibrant and the dream of making Pakistan Asian Tiger could be realized, he hoped.

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