Privatization must be subservient to national interests: FPCCI
Sale of profitable units before disposing bleeding enterprises unacceptable
KARACHI: The Federation of Pakistan Chamber of Commerce and Industry (FPCCI) on Thursday said privatization policy should be in line with the national interests with no place for malpractices and manipulations involving politicians and well connected businessmen. The policy must be altered to make it attractive for investors as well as subordinate to the national interests, it said.
Selling viable institutions before the bleeding enterprises cannot be supported under any circumstances as it is against the national interests and it has paved way for suspicions of favouritism, said Vice President of FPCCI Fahmeeda Kausar Jamali.
In a joint statement with Tabassum Anwar, Chairperson QCCI committee on Trade and Commerce, she said that international financial institutions continue to force poor nations to sell their strategic assets at dirt cheap prices to enslave them forever. The privatization process is stalled despite all the tall claims which necessitates vital changes to make it attractive, she added.
The pace of privatization which is irking investors while keeping much-needed local and foreign investment away as the reforms in the bleeding enterprises and appointment of professional management remained an unfulfilled promise.
Fahmida Jamali said that only a transparent asset sale process can help the country achieve results without repeating history of Steel Mills.
The wastage of national resources must be plugged otherwise the country will lose many companies while remaining dependent on foreign loans and grants, she warned. Pakistan will never need to sell assets or carry begging bowl if rural elite start paying taxes which is their obligation.