(23 Feb, 2018)
President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister Mian Zahid Hussain on Friday said through privatization of suffering centralized units foreign investment will be increased which will benefit in term of economy boost to the country, where exports and trade activities will be increased further. In 80s 15 thousand units have been privatized including 180 Asian units.
In 1992 privatization is initiated in Pakistan through Privatization commission with objective of restoring suffering units and increasing annual GDP rate of the country. During 1991 to 2011, Privatization Commission completed 167 transactions of worth Rs. 476 billion approx. Mian Muhammad Nawaz Sharif during his Government in 1993 privatized different centralized units through Privatization Commission, He said.
In 2004, Government initiated an intensified privatization programme in order to grow the annual GDP rate. Starting from 2003 until 2007, Government successfully privatized 80% of the banking industry into private-ownership enterprises, while privatizing the numbers of shares of Pakistan International Airlines and other mega-corporations into the public circles, He added.
The veteran business leader said that privatization programme subsequently improved the country’s growth rate from 6.4 percent to 8.6 percent year. Inflation rate dropped to 3.5 percent against 11 percent in the previous years. Performance of the centralized industries privatized in the past has significantly increase and they are now profitable institutions, playing supporting role to the National Economy.
The former minister said that PIA will become profitable and more established after privatization. In addition those centralized units which are costing Rs. 300 billion annual losses should also be privatized where they will become profitable and play supporting role to the national economy.
Mian Zahid Hussain said foreign investment will be increased in the country through privatization resulting in increased foreign exchequer, decreased poverty, increased employment, decreased inflation and increased per capita income thus life standard of people will be improved in the Country. Ambiguities and doubts of general public regarding privatization should also be cleared through awareness programs and Government should focus developing national growth sense.