AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, The United Business Group (UBG) has expressed strong support for the Pakistani government’s recent announcement to privatize all state-owned enterprises (SOEs), emphasizing the decision to conduct these processes transparently and publicly. The business group, represented by leaders such as S M Tanveer, Zubair Tufail, and others, applauded the initiative as a significant move towards enhancing economic efficiency and bolstering investor confidence in Pakistan.
According to United Business Group, the leaders praised the Prime Minister’s directive to live telecast the bidding and other privatization procedures of major entities, including Pakistan International Airlines. This transparency is expected to foster greater trust within the business community and enhance Pakistan’s international reputation. The group believes that the government should focus on facilitating investment rather than managing businesses, noting that privatizing SOEs will not only save taxpayer money but also enable the allocation of resources to vital public services in health, education, and transportation—key areas for development in an Islamic state.
The UBG also responded positively to additional government measures, such as including power distribution companies in the 2024-2029 privatization program and prioritizing the privatization of loss-making SOEs. A new panel of prequalified experts appointed at the Planning Commission aims to ensure that the privatization process is executed swiftly and transparently.
Moreover, the UBG lauded the government’s plans to enhance the functionality of Gwadar port and the expedited implementation of the second phase of the China-Pakistan Economic Corridor (CPEC), which are anticipated to significantly boost economic activity. The leaders also welcomed the Sindh government’s initiative to establish new industrial zones in Karachi, aiming to attract both local and foreign investments, create jobs, and provide necessary infrastructure through the annual development plan, thus supporting industrial growth in the region.
The post UBG Endorses Government’s Privatization Plans and Transparency Efforts appeared first on Pakistan Business News.