KARACHI: Leaders and members of the United Business Group (UBG) S M Tanveer, Zubair Tufail, Khalid Tawab, Hanif Gohar, Syed Mazher Nasir and Momin Ali Malik have hailed the decision of the Prime Minister of Pakistan to privatize all State-Owned Enterprises (SOEs), regardless of their profitability or financial losses. This move, coupled with the government’s commitment to a transparent process, has been welcomed by the business community.

The UBG leaders have praised the government’s decision to live telecast the bidding and other procedures of the privatization of Pakistan International Airlines and other entities, which will enhance the confidence of the business community and improve Pakistan’s image.

The UBG leaders believe that the government’s role is to facilitate investors, not to run businesses. They have also stated that the privatization of SOEs will save taxpayers’ money, enabling the government to provide quality services to the people, particularly in health, education, and transportation, which is essential for an Islamic State.

The UBG has also welcomed the announcement to include power distribution companies in the 2024-29 privatization programme, prioritize the privatization of loss-making SOEs, and appoint a pre-qualified panel of experts at the Planning Commission for a swift and transparent privatization process.

Furthermore, the decision to make the Gwadar port fully functional and effective, and ensure a proportion of the country’s imports are routed through the port, has been applauded by the UBG leaders. The expedited implementation of the second phase of CPEC has also been welcomed by the business community.

Additionally, the UBG leaders have appreciated the Sindh government’s decision to establish new industrial zones to attract local and foreign investment, generate employment opportunities, and allocate funds in the annual development plan to develop the required infrastructure across the seven industrial zones in Karachi, facilitating the existing industrialists in the province.

Copyright Business Recorder, 2024