WHILE chairing a meeting to review the privatization of state-owned enterprises, Prime Minister Shehbaz Sharif directed the authorities concerned on Monday to complete all stages of privatization programme within the prescribed timelines. In recent months, some progress has been witnessed in the privatization process, which has remained a key component of economic reform agenda. The completion of the financial closure of PIA and First Women Bank indeed are important milestones and indicates that long-pending reforms can move forward with effective planning and commitment. Progress has also been made on the planned privatization of other entities, including IESCO, FESCO and GEPCO. The issuance of expressions of interest for these power distribution companies reflects movement towards opening state-owned enterprises to greater private-sector participation.
The objective of privatization, however, should go beyond simply changing ownership. The real purpose must be to introduce efficiency, improve governance, ensure transparency and enable these institutions to become financially viable. The private sector can bring investment, professional management and modern practices that are essential for transforming loss-making enterprises into profitable and sustainable organizations. At the same time, attention must be given to reviving national assets that have been allowed to deteriorate over the years. Pakistan Steel Mills is a prominent example of an institution that once represented the country’s industrial potential but was gradually reduced to a state of inactivity due to prolonged neglect, poor management and delayed decision-making. Its decline resulted in the loss of a valuable industrial asset that could have contributed significantly to economic growth. The revival of Pakistan Steel Mills requires a realistic strategy, professional oversight and fresh investment. The government’s commitment to economic reforms should also extend to restoring such strategic assets. Needful should be done to revive the furnaces and chimneys of this once-important industrial giant, bringing it back into productive use. A successful privatization drive, alongside the revival of neglected enterprises, can help strengthen economy, attract investment and build confidence in the country’s industrial future.
