Business community supports handing over Gencos to private sector: Mian Shahid
FPCCI's Fazal Elahi, Chadda, and IWCCI's Samina back move
Islamabad: [August 30]
Business community has supported the proposal of Water and Power Ministry to give control of some power generation companies to private sector for a specified time in a bid to transform them into profit making entities.
The suggestion is very positive and according to the wishes of private sector which has repeatedly claimed ability to transform inefficient public sector organisations into profit making entities, said Mian Shahid which speaking at a forum held at The Pakistan Economy Watch (PEW).
Giving operational and maintenance control of four power generation companies (Gencos) to private sector for a period of 10 years may prove a turning point, he said adding that it will be a test of the skills of private sector.
Mian Shahid said that private sector's focus is on profit maximisation is what is needed today as the stress of public sector entities on other aspects of business has resulted in losses to the tune of billions.
This decision, if implemented, can rationalise tariff, improve efficiency, reduce complaints, bring political meddling and overstaffing to an end which is a major reason of losses, said said Shahid who is also Executive of Saudi Pak Insurance Company.
At the occasion VP FPCCI Fazal Elahi said that such a move is imperative as it will reduce per unit cost of electricity if contractors are allowed to trim organisations.
"This proposal should be approved immediately with a mechanism so that mistakes committed in unsuccessful privatization of KESC are not repeated," said Elahi.
Chairman FPCCI Capital Office Hameed Akhtar Chadda said that the elimination of circular debt is the key without which no state-run enterprise can become profitable no matter who manages it.
He called for steps that can attract experienced and reputable individuals and companies in such a venture.
Samina Fazil, President, Islamabad Women's Chamber of Commerce and Industry said that matters pertaining to investment, tariff adjustment and profits should be settled in front of the public eye to ensure transparency in any such deal.
She said that if proven successful, the private sector can be entrusted to bring other organisations out of losses that can save around 500 billion rupees per annum.
Chairman FPCCI Standing Committee on Pharmaceuticals Tariq Mehmood said that such a move without giving full control to private sector may prove counterproductive.
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