The government is spending billions of rupees to keep afloat some bleeding State Owned Entities (SOEs) such as Pakistan Railways, Pakistan International Airlines, Pakistan Steel Mills and Pepco etc. and private sector should be involved to bring efficiency in the performance of these organizations.

This was the upshot in a meeting of businessmen at Islamabad Chamber of Commerce & Industry (ICCI). They said as per remarks of Finance Minister Shaukat Tarin, these SOEs are costing Rs.250 billion to the national kitty and one better option is to inject good professionals from the private sector to turn around these sick entities prior to their strategic sale.

Chairing the meeting, Zahid Maqbool, President, ICCI said that there is a strong correlation between efficient performance of SOEs and economic growth of the country as their good performance and expansion will enhance tax revenue for the government in addition to creating more jobs.

He said introduction of best business practices and induction of sound professionals are the way forward to improve the working of loss making SOEs before their privatization.

He said smart performance of SOEs will also facilitate the business community greatly as consistent supply of energy at cheap rates and smooth transportation of goods within and outside the country at affordable cost play a crucial role in sustainable growth of business activities.

Therefore, government should consider developing public-private partnership in loss making SOEs to turn them into profit earning organizations so that these entities could contribute positively in promoting trade and industrial activities in the country.