Islamabad: Chairman of the United International Group Mian Shahid on Sunday said bleeding public sector enterprises are a big drain on the national exchequer therefore these should be sold immediately.
The benefits of privatization cannot be over emphasized as it will help government attract local and foreign investment, save trillions to focus on social sector and infrastructure development which will have a very positive impact, he said.
Mian Shahid said that sale of bleeding assets should not be delayed as privatization conducted by PML-N during 1991-93 was highly successful and transparent.
He said that sale of Muslim Commercial Bank and Allied Bank transformed these institutions into top banks paying taxes in billions and expanding overseas.
Similarly, Millat Tractors and Al Ghazi Tractors were in bad shape before privatization but now they have blocked all imports and bracing for expansion in other countries.
The sale of Kohat Cement, DG Khan Cement and Maple Leaf transformed the sick units into export oriented industries that have tripled capacity since then.
He said that some of the businessmen who purchased units terminated services of many employees in violation of Privatization Ordinance which resulted in opposition to asset sale.
The government owned organizations have all excessive employees due to regular interference. These organizations cannot operate successfully as there is no system of check and balances leaving government with no choice but to dispose these liabilities.