ICCI President Calls for Urgent Privatization of Loss-Making SOEs
ISLAMABAD ( WEB NEWS )
Nasir Mansoor Qureshi, President of the Islamabad Chamber of Commerce and Industry (ICCI), has expressed frustration over the government’s failure to privatize loss-making state-owned entities, such as Pakistan International Airlines (PIA), Pakistan Steel Mills (PSM), and Pakistan Railways (PR). He said that despite the government’s repeated claims about the massive burden of these entities on the national exchequer, not a single public entity has been privatized, despite Finance Minister Muhammad Aurangzeb’s statement acknowledging the Rs. 6 trillion cost over the past decade.
Qureshi emphasized that privatization is crucial for reducing losses from these entities, yet the government still needs to take action. He also mentioned that plans to privatize Pakistan Steel Mills were abandoned. Qureshi argues that privatization, liberalization, and deregulation are essential for economic stability and the country’s progress.
Additionally, Qureshi highlighted bureaucratic hurdles hindering the ease of business in the country despite the business community’s determination to drive economic growth. He also highlighted the ICCI’s efforts to foster closer ties between the business community and government through its uninterrupted measures and initiatives to promote entrepreneurship and empower women entrepreneurs for financial self-sufficiency.
Notably, the government has a privatization program in place, which includes 24 state-owned enterprises to be privatized by 2029. However, progress on this front could be made faster.