The Ravi City Project is the PTI government’s first developmental project. It is meant to revive the River Ravi and develop a whole city on both banks of the river. This project will be revolutionary in terms of job opportunities, attracting overseas investors, improving technological aspects of Pakistan’s construction industry, and the economy of Pakistan, specifically Punjab.
Overseas Pakistanis have always been considered as one of the most influential variables to play a role in Pakistan’s economy. Prime Minister Imran Khan has made sure to include this variable in every strategy and project of the government. In The Ravi City Project too, Imran Khan did not forget to make sure that the role of Overseas Pakistanis is brought into consideration while estimating the money this project will bring into the economic circle of the country.
Imran Khan announced The Ravi City project and clarified that the government will only provide the basic infrastructural framework of the city while the rest of the city is meant to be raised through private investments. In this 5 trillion PKR project, BTN’s research team suspects that a chunk of the files will be reserved for Overseas Pakistanis only, as the PM did announce that it is a great investment opportunity for them.
Furthermore, investments made by Overseas Pakistanis have a chance at improving Pakistan’s deteriorating Balance of Trade (BOT) deficit as the selling of these files in exchange for foreign cash will be counted as exports. When we talk about 2nd and 3rd generation Pakistani expatriates in the UK, their sentimental connection to the country, compared to their parents, is lesser. Sending laborers to foreign countries is an export and in order to keep getting benefit from it, one must keep pulling the second and third generations back by providing them with investment opportunities. Therefore, PM Imran Khan is doing a great job of pulling back these expatriates by giving them immense importance in all government projects.
The Ravi City is a huge developmental project and its financial effects will circulate in the market for the next 2 decades almost. PTI government has also announced more developmental projects to come by the end of this year. Therefore, not just for Overseas Pakistanis but even for local investors, this is the best time to invest in the construction sector of Pakistan. Furthermore, the construction sector has also been granted 8 billion PKR worth of tax concessions by the government in July. All of these effective initiatives are taken by this government to promote the construction sector of Pakistan and take a step towards better-developed cities.