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Amid incumbent government’s strenuous efforts to tackle multi-prong challenges faced by the country on the economic front, Finance Minister Muhammad Aurangzeb has assured the privatisation of Pakistan International Airlines (PIA) before the end of 2024.

Aurangzeb, while speaking to a private channel, said that the incumbent government will see to the privatisation of the national carrier along with three power distribution companies (Discos) before 2024 culminates.

The statement comes as PIA’s privatisation, previously extended till October 1, was “postponed” until October 31 with sources linking the deferment to low bidder interest, court cases, fleet ageing and civil aviation issues.

Last week, the sources told The News that the government intends to privatise more state-owned enterprises (SOEs) under the rightsizing policy with PM Shehbaz directing the Ministry of Privatisation and Ministry of Industries and Production to implement the plan.

They added that Pakistan Stone Development Company and Pakistan Automobile Corporation were marked for privatisation marked for privatisation.

Also, proposals were finalised for the privatisation of Pakistan Institute of Management, Khadi Crafts Development Company, Agro Food Processing Facilities, Leather Crafts Development Company, Morafco Industries, Southern Punjab Embroidery Industry and Gujranwala Business Centre.

It is to be noted that the finance minister chairs a high-powered Right-Sizing Committee constituted by the prime minister.

Elaborating on the privatisation process, Aurangzeb said that the outsourcing of Islamabad and Karachi airports would be made in phases.

He said that rightsizing and restructuring of some ministries and departments would also be completed before the next fiscal year.

Addressing the issues in the power sector, the minister said discussion was being made with Chinese authorities regarding the re-profiling of debt besides China Pakistan Economic Corridor (CPEC) projects.

Noting that the government was working on privatisation of sick units, power sector reforms, and all necessary have been taken to achieve the objectives.

All out measures are being taken to strengthen the economic sector of the country, he remarked.

For the first time in history, Pakistan and Russia on Tuesday signed a barter trade deal in Moscow.

Sharing a post on social media platform X, the Pakistan embassy in Russia said that on the sidelines of the Pak-Russia Trade & Investment Forum, a memorandum of understanding (MoU) on barter trade was signed between LLC “Astarta Agrotrading” and Pak Meskay and Femtee Trading Company and National Fruit Processing Factory.

It is pertinent to mention here that the first Pakistan-Russia Trade and Investment Forum is taking place in Moscow.

Minister for Privatisation Abdul Aleem Khan, in his remarks, on the occasion expressed the confidence that this forum marks the start of new bilateral relations between the two countries.

He said Pakistan-Russia have longstanding diplomatic and commercial relations. He said Pakistan attaches great importance to its relations with Russia, emphasising that both sides have a great scope of joint ventures in different fields.

The privatisation minister highlighted the attractive business environment offered by Pakistan. He said Pakistan constitutes the fifth largest market in the world and it has the most liberal trade and investment regime in the region, saying the foreign investment in Pakistan is fully protected.

“All our economic sectors are open for investment.”

In his remarks on the occasion, Pakistan’s Ambassador to Russia Muhammad Khalid Jamali expressed satisfaction that bilateral trade between Pakistan and Russia has crossed the one billion dollar threshold, saying this reflects the growing interest of both countries to enhance their economic and trade relations.

The ambassador said Pakistan views Russia as an important and reliable trade partner and looks forward to working with it to enhance economic relations.

Yousuf Hussain, president and CEO of Faysal Bank Limited, has been elected president of the Overseas Investors Chamber of Commerce and Industry (OICCI) for the 2024-2026 term.

In addition to Hussain, Jason Avancena, managing director and CEO of Nestle Pakistan Ltd, has been appointed as senior vice president, while Syed Ali Akbar, managing director and CEO of Pakistan Tobacco Company (Pvt.) Ltd, will serve as vice president.

The newly formed managing committee includes prominent leaders from various sectors, including:

In maiden address, Yousuf Hussain acknowledged the complex economic environment facing Pakistan, noting both challenges and opportunities.

He was of view that the country of 242 million stands at a pivotal moment while inflation is easing and we are seeing slight GDP growth recovery, significant structural challenges remain. These can drive necessary reforms and foster a sustainable business environment.”

Outgoing president Rehan Shaikh emphasized the chamber’s role in collaborating with government entities to address economic challenges. He highlighted OICCI’s efforts in promoting Pakistan’s investment opportunities to foreign delegations, positioning the country as an attractive destination for foreign direct investment (FDI).

Abuzar Shad, Khalid Usman, Shahid Nazir take oath as LCCI president, SVP, VP