The construction industry in Pakistan is on the brink of a new era, marked by rapid technological advancements and shifting regulatory landscapes. At the forefront of this transformation, Mr. Abdul Kareem Adhia, former Vice Chairman of ABAD & COO of Olympic Group, shared his insights at the Proptech & Smartech Convention 23, organized by Landtrack.pk. His speech highlighted the pivotal changes and challenges facing the sector, from tax reforms to the integration of cutting-edge technologies.
In his address, Mr. Adhia emphasized the evolving dynamics within the construction sector, particularly the significant shifts in tax regimes. The introduction of “one window operations” was initially seen as a beacon of hope for simplifying bureaucratic hurdles. However, post-2018 tax modifications have presented new complexities, underscoring the need for a more streamlined and supportive tax framework.
The former Vice Chairman of ABAD advocated for the Final Tax Regime (FTR), arguing that a simplified tax system is crucial for the industry’s growth. His reflections on the tax regime changes highlight the industry’s demand for a system that not only fosters business development but also treats tax-paying businesses with the respect they deserve.
Moreover, Mr. Adhia’s speech shed light on the significant role of Proptech and Smartech in reshaping the construction industry. These technologies promise to revolutionize business operations, from procurement and financial management to project oversight, driving the sector towards greater efficiency, transparency, and accountability.
The construction industry in Pakistan finds itself at a crossroads, navigating between the challenges of a complex tax system and the opportunities afforded by technological innovation. The path forward will require a delicate balance, streamlining regulatory processes to encourage growth while leveraging new technologies to enhance competitiveness.
As Mr. Abdul Kareem Adhia’s insights reveal, the future of Pakistan’s construction industry lies in embracing change—both in regulatory practices and technological adoption. By addressing these challenges head-on, the sector can pave the way for sustainable growth and development, setting a new standard for innovation and efficiency.
For a deeper dive into Mr. Adhia’s comprehensive analysis and forward-looking vision, watch the full video of his speech at the Proptech & Smartech Convention 23.