Asad Umar state-owned entities failed to deliver except the period of 60s. AFP/File
LAHORE: Federal Minister for Planning, Development & Special Initiatives Asad Umar on Saturday reposed confidence in the private sector for Pakistan attaining economic viability in future.
“In the 21st century, I personally believe that only private sector-led development and growth can take Pakistan forward as the state-owned entities (SOEs) have failed to deliver except the period of 60s,” he said.
Speaking at a webinar titled ‘Role of the State in economic development’ organised by the Institute for Policy Reforms (IPR), the minister said that countries other than Pakistan passed through various experiences of development including SOEs. In the world of energy, the SOEs dominated the global energy market, he said.
July 11, 2021
KARACHI: The State may play a pivotal role in owning and operating select companies in select areas of the economy as the private sector has remained shy of taking risk of making huge investments in many areas, Federal Planning, Development and Special Initiatives Minister Asad Umar said Saturday.
âI have been of the view, what I have seen in Pakistan and what I have seen around the world that this monster which has become very, very popular in Pakistan which is the government has no business of being in business is a nice catchy line but isnât necessarily true,â he said at an online discussion on ârole of the State in economic developmentâ.
July 11, 2021
KARACHI: The State may play a pivotal role in owning and operating select companies in select areas of the economy as the private sector has remained shy of taking risk of making huge investments in many areas, Federal Planning, Development and Special Initiatives Minister Asad Umar said Saturday.
“I have been of the view, what I have seen in Pakistan and what I have seen around the world that this monster which has become very, very popular in Pakistan which is the government has no business of being in business is a nice catchy line but isn’t necessarily true,” he said at an online discussion on “role of the State in economic development”.
Private sector avoids taking risks
Asad Umar says state should own and operate selective enterprises to support growth
PHOTO: FILE
KARACHI:
Federal Minister for Planning, Development & Special Initiatives Asad Umar has emphasised that the state should own and operate selective enterprises to support economic growth, as the private sector has time and again failed to make necessary investment in potential sectors and played safe in Pakistan.
Speaking at a webinar on ‘Role of the State in Economic Development’ organised by Institute of Policy Reforms (IPR) on Saturday, he said these were his personal views and not the policy of the government of Pakistan.
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