FPCCI supports PIA, Steel Mills' privatization

LAHORE: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Monday endorsed the privatization 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 increase in GDP.

FPCCI Regional Chairman and Vice President Chaudhry Arfan Yousaf expressed these views at oath taking ceremony of newly elected office-bearers of Lahore Economic Journalists Association (LEJA) here at FPCCI Regional Office.

Chaudhry Arfan Yousaf said that privatization of low performing entities were burden on national exchequer, adding that it was an appreciable decision of the government as only PIA loses were upto Rs 150 million and country's economy could not afford loss-making institutions.

He added that PIA and PSM had resulted in the creation of huge financial liability for the government on annual basis, citing that privatization would improve 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 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.

He hoped that they would play their role in highlighting the economic issues. He appreciated smooth transition of LEJA office-bearer-ship.

Chaudhry Arfan Yousaf also disclosed that the Federation would organize a youth conference soon. He added that their main focus was creating pathways for economic empowerment and constructive engagement of young people through informed decision making, community mobilization, and skills development.

Regional Chairman administered oath to the newly elected LEJA office-bearers: 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.

The FPCCI Vice President Chaudhry Shafique Anjum and others senior leaders of the business community were also present.