Leveraging Chinese Expertise to Boost Pakistan’s Real Estate Growth
Published on: February 9, 2024.
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Pakistan’s collaboration with Chinese construction companies presents a unique opportunity for the country to accelerate its infrastructure and real estate development. By leveraging Chinese expertise, Pakistan can adopt efficient construction techniques and ensure high-quality standards while promoting sustainable practices.
Dr. Liaqat Ali Shah, Head of Policy CPEC in the Centre of Excellence for CPEC, highlighted the focus of Chinese investment under the China-Pakistan Economic Corridor (CPEC) on infrastructure development. The majority of the investment has been directed towards power generation plants, railway tracks, and highway infrastructure. Additionally, new infrastructure projects along the western alignment of CPEC have connected underdeveloped regions with Gwadar and major urban centers.
Chinese construction companies have gained extensive experience in efficient construction techniques due to China’s rapid urbanization over the past two decades. Collaborating with these firms provides an opportunity for Pakistan to benefit from their expertise and contribute to the construction of durable and resilient infrastructure. This is especially important in regions prone to natural disasters, as Chinese practices can help in designing and constructing buildings that can withstand environmental challenges.
The partnership between Pakistan and China aligns with the global goals of sustainable development. Both countries recognize the significance of environment-friendly construction practices and the adoption of green building materials. Joint research initiatives and knowledge-sharing will play a crucial role in achieving targets related to climate action and responsible consumption and production.
To cultivate a skilled and competitive construction workforce in Pakistan, focused training programs and knowledge-sharing initiatives are essential. Currently, over 5,000 trained and experienced Chinese engineers and workers, along with more than 2,000 Pakistani engineers and workers, are involved in various projects under the CPEC.
According to the State Bank of Pakistan’s Annual Report 2023, the construction industry experienced a contraction of 5.5 percent in FY23. This decline can be attributed to factors such as increased input prices and wages, higher borrowing costs, and slower growth in development spending.
Source: [The Nation](https://www.nation.com.pk)
