There billion) will be through the Public

There is no such unique construction
regulatory body in Pakistan but the body that regulates the construction
industry is the Pakistan Engineering Council (PEC). The Pakistani Construction
Industry has always been of economic and social significance to the country.

Pakistan now offers a growing market for the construction industry.

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The Government of Pakistan
has responded to this opportunity by planning extensive infrastructure
expansion programs. All of these programs have the potential to lead the local
Industry to establish respect, status and international recognition, when the
appropriate efforts are extended to achieve the same. The Government of
Pakistan has responded to this demand by planning extensive infrastructure
expansion. The Federal Medium Term Development Framework (MTDF) allocates Rs2,162
billion (US$36 billion) to the development of large infrastructure – embarking
on an ambitious program to upgrade roads, railways, air, power, water and
irrigation and other infrastructure. Of this, Rs993 billion (US$16.3 billion)
will be through the Public Sector Development Program (PSDP). The MTDF
envisages a tripling of the infrastructure PSDP from an average of Rs150
billion per year to Rs440 billion per year.

 

The construction industry in
Pakistan witnessed 11.31% y/y growth in the current fiscal year on the back of
increased government spending, while the country’s GDP surpassed projected
estimates, rising by approximately 4.14%.

 

The government of Pakistan
has intervened on various occasions for the betterment of the construction industry.

Until 1975, the entire major projects such as Indus Basin Replacement Works,
Warsak Dam, etc., had been done by foreign contractors. At that time there
weren’t any proper regulations and laws specified for domestic contractors.

However, there was a change in government policy in 1975 to award more
difficult projects to domestic construction industry. Most of the development
resulted from the decision of the Pakistan Steel Mills Corporation to entrust
nearly all the construction work to Pakistan based contractors. The supervision
of Soviet experts in the area of project management helped the Pakistani
contractors complete the job satisfactorily.

 

The government has
acknowledged in the latest Economic Survey that the strengthening of the
country’s infrastructure is a basic imperative for sustaining growth momentum.

Pakistan now offers a growing market for the construction industry. According
to Vision 2025, more dams and other projects have been announced for the
feasibility and construction. That means more growth of construction industry
would lead to new loopholes for which new laws and regulations would be
required.

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