LAHORE: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Monday endorsed the privatisation of two major state-run entities – Pakistan International Airlines (PIA) and the Pakistan Steel Mills (PSM) terming it a step towards efficiency gain, which means an increase in the GDP.
FPCCI Regional Chairman and Vice President Chaudhry Arfan Yousaf expressed these views at the oath-taking ceremony of Lahore Economic Journalists Association’s (LEJA) newly elected office-bearers at the FPCCI Regional Office.
Chaudhry Arfan said that privatisation of low performing entities was a burden on the national exchequer, adding that it was an appreciable decision of the government as the losses being faced by the PIA alone were up to Rs150 million and the country’s economy could not afford loss-making institutions.
He added that the PIA and PSM had resulted in the creation of a huge financial liability for the government on an annual basis, citing that privatisation would improve the operational and financial performance of the entities.
The public money saved from these entities could be used for education and other developmental objectives, he said.
He asserted that the China-Pakistan Economic Corridor (CPEC) was a way forward for economic progress.
The FPCCI Regional chairman congratulated the LEJA office-bearers and executive committee members and hoped that they would play their role in highlighting the economic issues.
He appreciated the smooth transition of the LEJA office-bearers.
Chaudhry Arfan also disclosed that the Federation would organise a youth conference soon.
He added that their main focus was to create pathways for economic empowerment and constructive engagement of the youth through informed decision-making, community mobilisation, and skills development.
The regional chairman administered oath to the newly elected LEJA office-bearers including President Nasir Jamal, Vice President Muhammad Ali Asghar, Secretary General Saeed Baloch, Finance Secretary Shahzad Khan Abdali and four EC members – Fakhir Malik, Ahsan Siddique, Abdul Qadir Madni and Asad Iqbal.
FPCCI Vice President Chaudhry Shafique Anjum and other senior members of the business community were also present.