Executive Committee Member Federation of Pakistan Chambers of Commerce and Industry has said that privatization of deficit-earning State-Owned Entities would help government save Rs600 billion annually

Lahore, October 07, 2013 (PPI-OT): Co-chairman of Pakistan Muslim League – N Traders Wing, Executive Committee Member of FPCCI and former E.C. member of Lahore Chamber of Commerce and Industry Nasir Saeed has said that privatization of deficit-earning State-Owned Entities would help government save Rs.600 billion annually and would enable it to utilize the money for progress and prosperity of the masses.

In a press statement issued here on Monday, Nasir Saeed said that Prime Minister Mian Nawaz Sharif is taking all possible steps to overcome economic challenges. He said that privatization of these PSEs like Pakistan Railways, PIA and Pakistan Steel Mills was need of the hour and must to turn them into profitable entities.

He urged the government to ensure transparent privatization of Public Sector Entities and sell these white elephants to those genuine businessmen who are interested in running these PSEs instead of selling machinery and land etc.

Moreover, he said, sale to the business groups with vested interests and the mistakes committed by the Musharraf regime in selling Pakistan Steel Mills shouldn’t be repeated to keep away controversies during the biggest sale process of the country’s history. The human and strategic costs should also be considered as some enterprises were vital for national security while others were providing employment to millions, he stressed.

He said the current situation should also be considered as it was far from ideal for selling assets as local investors were weary of law-and-order situation, uncertainty and fall of the rupee while foreign investors were hit by the global recession. It is a common notion that lenders lured developing countries into non-repayable debt traps to ensure the sale of national assets at throwaway prices which only benefited selected Western tycoons. No step should be taken to strengthen the impression.

For more information, contact:
Ahsan Iqbal
Deputy Secretary Genral PML(N)
Pakistan Muslim League Nawaz
Cell#: +92300 501 2345
Email: betterpakistan@gmail.com