ISLAMABAD – Prime Minister Shehbaz Sharif on Wednesday directed the relevant authorities to adopt an effective and comprehensive strategy aimed at ensuring the participation of world-class investors in the privatization of power distribution companies (DISCOs).
Chairing a review meeting on the privatization of DISCOs and institutional restructuring of the Privatization Commission, the prime minister instructed to complete the ongoing institutional reforms and restructuring of the Privatization Commission within one month. He expressed satisfaction over the successful roadshows held both domestically and internationally to attract investor participation in the privatization process.
He also directed to complete all stages of the privatization of DISCOs within the stipulated timeframe, in accordance with established rules and international best practices, while ensuring maximum value.
The prime minister instructed that the Privatization Commission’s workforce be strengthened by recruiting internationally qualified experts in finance, law, and information technology.
He highlighted that a world-class workforce and expert professionals would enhance the Commission’s institutional capacity and facilitate in greater investment in state-owned enterprises. The prime minister directed that recommendations from consultants with the highest level of professional expertise be incorporated throughout the privatization process.
He instructed to complete all necessary legal arrangements and the required financial regulatory framework in a timely manner to facilitate the privatization process.
He emphasized that consumer interests must remain the foremost priority during the privatization process.
The prime minister further directed that a comprehensive and effective mechanism for addressing consumer complaints be ensured in the privatized entities.
During the meeting, the Privatization Commission briefed participants on the measures taken so far to complete the first phase of the privatization of the distribution companies.
The meeting was also briefed on progress regarding the recruitment of highly qualified professionals as part of the Commission’s institutional restructuring.
According to the briefing, roadshows aimed at attracting investors for the first phase of the privatization of power distribution companies, GEPCO, FESCO, and IESCO, have been completed both within Pakistan and abroad.
The briefing further stated that roadshows and investor outreach activities conducted in Turkiye, Saudi Arabia, and China have yielded encouraging results in support of the privatization initiative.
The meeting was attended by Federal Minister for Energy Sardar Awais Ahmad Khan Leghari, Federal Minister for Economic Affairs Ahad Khan Cheema, Federal Minister for Information Technology Shaza Fatima Khawaja, Prime Minister’s Adviser on Privatization Muhammad Ali, and senior officials from the relevant government institutions.
Also, PM Shehbaz Sharif on Wednesday welcomed the technical cooperation by Japan International Cooperation Agency (JICA) in Pakistan’s minerals sector, underscoring that the development of the sector was one of the government’s key priorities.
He was talking to a 9-member delegation led by President of JICA, Dr. Tanaka Akihiko that called on him at the PM House.
The prime minister said Pakistan highly valued its longstanding partnership with Japan and the Japan International Cooperation Agency (JICA), spanning more than seven decades.
He expressed confidence that the JICA President’s visit to Pakistan would further strengthen bilateral relations between the two countries.
PM Shehbaz Sharif said that Pakistan had overcome difficult economic challenges through teamwork and was now rapidly advancing reforms aimed at achieving sustainable economic growth.
He noted that, as a result of the government’s reform agenda, public revenues had doubled within just three years.
He emphasised that providing young people with skills, technical training, and dignified employment opportunities, as well as empowering women, remained among the government’s highest priorities.
The prime minister said that reforms had been undertaken in the Small and Medium Enterprises Development Authority (SMEDA), transforming it into an active and effective institution to promote the growth of small and medium-sized enterprises (SMEs).
He added that JICA’s cooperation with SMEDA would be instrumental in promoting SMEs and increasing Pakistan’s exports.
The prime minister also expressed his condolences to the JICA President over the loss of precious lives in the recent earthquake in Japan.
Dr. Tanaka Akihiko thanked the prime minister for his message of condolence regarding the tragic loss of life caused by the earthquake in Japan.
Dr. Tanaka said that JICA and Pakistan shared a long history of partnership and cooperation.
He affirmed that JICA was ready to further expand its cooperation with Pakistan in a range of sectors, including health, education, urban and rural development, vocational and technical training, and industrial development.
Dr. Tanaka stated that cooperation would be further strengthened in line with the development priorities of Pakistan’s federal and provincial governments.
He remarked that Japan, along with the broader international community, appreciates Pakistan and its leadership’s efforts to promote peace in the Middle East.
The meeting was attended by Federal Ministers Ahsan Iqbal, Ahad Khan Cheema, Dr. Musadik Masood Malik, Hanif Abbasi, Sardar Awais Ahmed Khan Leghari, Shaza Fatima Khawaja, Special Assistants to the Prime Minister Syed Tariq Fatemi and Haroon Akhtar, as well as senior officials from relevant government institutions.
