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Ex-FCCI chief favours sale of utilities to locals

RECORDER REPORT

FAISALABAD: Mian Javed Iqbal, former President of Faisalabad Chamber of Commerce and Industry (FCCI) has said the government should be careful while privatizing the utilities like Wapda and preferably sell it to local investors, instead of foreign firms, with strong financial background.

Talking to newsmen, here Friday, he criticised of the government policy of sale of power plants. "No doubt there was corruption and mismanagement in Wapda, but it was restricted to the distribution system," he said. However, ignoring the ground realities, the previous government sold out the profitable power units instead of improving the distribution system," he added. Appreciating the government's decision to privatise distribution companies, he said it is a positive step in the right direction.

About the privatization of Fesco, Mian Javed said that it will not only improve its efficiency but also help in reducing overall line losses. However, he said, it is a big company and Pakistani investors alone cannot purchase it. Hence the government should sell out only 25 percent of its shares with transfer of management preferably to local investors.

He called for holding seminars prior to the privatisation of Fesco to apprise investors about the salient features of the company. He opposed the handing over of these companies to foreigners.

About huge mineral resources, the former FCCI President said that 70% mineral are present in Bulochistan but due to the law and order situation investors are shying away.

Pakistan is the most lucrative country for foreign investment provided the Afghanistan issue is resolved, Javed Iqbal said.

Infrastructure and cheap electricity is prerequisite for the national uplift. Pakistan has an efficient infrastructure and can get continuous and uninterrupted electricity supply from Kyrgyzistan for its future requirements. However, it is possible in case of normalcy in Afghanistan.

About the country's export potential, he said the government should ban setting up of new textile and flour mills and said that only such hi-tech industries should be allowed which could contribute towards national uplift. He also mentioned chemical industries and said with better management, we can expedite the process of industrial development.

Javed Iqbal criticised wastage of education cess and social security levies collected by the government departments and said the government should exempt industrial units of these duties and instead bound them to set up and run at least one school and a hospital in accordance with the size of the factory. It will not only eliminate corruption and tax evasion but also ensure better education and health facilities to workers and their families," he added.