ISLAMABAD: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Saturday lauded the government decision to initiate privatization of loss making state-owned entities to reduce deficit by Rs 500 billion annually.
The process should be transparent and responsible and preference be given to the corporations that top the list of loss-making entities, said FPCCI President Zubair Ahmed Malik while addressing the business community here.
He suggested that the government should not sell any thing to those, who had already bought national assets, but defaulted.
White elephants should not be sold to those people who are only interested in selling machinery, land and other assets, rather than running them successfully, he added.
The FPCCI chief said that mistakes committed by the Musharraf regime in selling Pakistan Steel Mills should not be repeated to keep controversies away during the biggest sale process of the country’s history.
The human and strategic costs should also be considered as some enterprises are vital for national security while others are providing employment to millions, he said.
Zubair Malik said that privatization would only help the country if a policy of supporting tax evaders, assisting looters of public wealth and wastage of precious resources discontinued.
He claimed that the Federal Board of Revenue could collect around Rs 8 trillion in taxes to eliminate all deficits and change the entire economic scene.
He said that Pakistan did not need any internal or external borrowings. All that the country needs is a proper management, he added.