Six years ago, Pakistan’s largest industrial unit, Pakistan Steel Mills (PSM), was sealed as it had become a huge liability for the public. Now it’s on its way to get privatized due to continuous losses and management oversight.
A year ago, the government had decided to sell the unit to the local private players in the game rather than an outsider. This decision was made on the advice of the then Finance Minister, Abdul Hafeez Khan.
However, in the 9th Joint Cooperation Committee (JCC) of CPEC, the Pakistani representatives expressed their wish for the industrial unit to be included in the CPEC projects. Although Metallurgical Corporation of China Limited is interested in the project, PM Imran Khan made it clear that he wants China’s However, in the 9th Joint Cooperation Committee (JCC) of CPEC, the Pakistani representatives expressed their wish for the industrial unit to be included in the CPEC projects. Although Metallurgical Corporation of China Limited is interested in the project, PM Imran Khan made it clear that he wants China’s companies to get the contract by participating in the competitive bidding of PSM.
The Prime Minister needs the firm to be privatized as soon as possible, but the process has been extremely slow since day one. However, the Ministry of Privatization has taken notice of the situation and has issued a notification to resolve all the matters that have been causing a delay.
So far, the CPEC projects all over the country have been getting developed quite quickly. But selling the country’s once biggest industrial unit to China under CPEC might be problematic as the CPEC projects are strictly off-limits to most international investors and only Chinese bidders can participate in the process.
The meeting also shed light on projects like Karachi Circular Railways. Mr. Shah expects this Malir expressway mass transit project to resolve the city’s worsening transportation conditions and help commuters in their day-to-day hustle. Additionally, the Chief Secretary Sindh discussed the Islamkot airport build solely to facilitate the investors. The Dhabeji special economic zone was also discussed in meeting. It is an economic zone planned to cover 1500 acres of land, which will boost the economic activities in the region greatly.
In the end, the Chief Secretary Sindh encouraged all the member to visit Thar Power Plant and witness the progress of the project.