Business community has supported proposal of Water and Power Ministry to give control of some Power Generation Companies to private sector for a specified time in a bid to transform them into profit making entities. The suggestion is very positive which would help transform inefficient public sector organisations into profit making entities.
Vice President, FPCCI, Fazal Elahi on Tuesday said that such a move is imperative, as it will reduce per unit cost of electricity if contractors are allowed to trim organisations. "This proposal should be approved immediately with a mechanism so that mistakes committed in unsuccessful privatisation of KESC are not repeated," said Elahi in a statement.
Chairman FPCCI Capital Office, Hameed Akhtar Chadda said that the elimination of circular debt is the key without which no state-run enterprise can become profitable no matter who manages it. He called for steps that can attract experienced and reputable individuals and companies in such a venture.
Samina Fazil, President, Islamabad Women's Chamber of Commerce and Industry said that matters pertaining to investment, tariff adjustment and profits should be settled in front of the public eye to ensure transparency in any such deal. She said that if proven successful, the private sector can be entrusted to bring other organisations out of losses that can save around Rs 500 billion per annum. Chairman FPCCI Standing Committee on Pharmaceuticals, Tariq Mehmood said that such a move without giving full control to private sector might prove counterproductive.
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