Pakistan’s real estate sector is poised for a potential transformation, as the nation sets its sights on leveraging the expertise of Chinese construction giants. This strategic partnership aims to not only expedite infrastructure development but also inject quality and sustainability into the equation.
Dr. Liaqat Ali Shah, head of policy at the Centre of Excellence for CPEC, paints a promising picture. He envisions Chinese firms, seasoned veterans of China’s rapid urbanization boom, sharing their efficient construction techniques with Pakistan. This, he believes, will pave the way for building robust and resilient infrastructure, especially in areas vulnerable to natural disasters.
The collaboration, aligned with the global push for sustainability, emphasizes eco-friendly construction practices and the use of green building materials. Think joint research initiatives and knowledge-sharing, all geared towards achieving climate goals and responsible resource consumption.
“Imagine this,” Dr. Shah enthuses, “over 5,000 skilled Chinese engineers and workers collaborating with their Pakistani counterparts on CPEC projects. That’s a powerful blend of experience and local knowledge!”
However, the road ahead isn’t without its bumps. The construction industry recently grappled with a 5.5% contraction, thanks to a cocktail of rising input costs, expensive borrowing, and sluggish development spending, as highlighted in the SBP Annual Report 2023.
But this partnership with China presents a unique opportunity to overcome these challenges and propel the real estate sector towards sustainable growth. By embracing Chinese expertise and best practices.
