The Cabinet Committee on State-Owned Enterprises (CCoSOEs) has decided to retain three federal government entities, the Pakistan National Shipping Corporation (PNSC), the Trading Corporation of Pakistan (TCP), the Small and Medium Enterprises Development Authority (SMEDA) within the public sector and categorized PNSC as strategic and other two as essential State-Owned Enterprises (SOEs)
Minister for Finance and Revenue Senator Muhammad Aurangzeb presided over a meeting of the CCoSOEs that focused on various critical issues related to the management and strategic direction of key SOEs.
The committee discussed a summary of the Ministry of Commerce regarding the plan to reinvigorate the Trading Corporation of Pakistan (TCP). It was decided that given the peculiar nature of the entity, TCP may be categorized as an essential SOE under the SOEs Policy, 2023.
The committee also decided that a detailed financial plan of the entity should be prepared, which should address the question of settlement of its liabilities.
The committee discussed a summary of the Ministry of Industries and Production and categorized SMEDA (Small and Medium Enterprises Development Authority) as Essential SOE in light of Para-11 of SOEs Policy.
The CCoSOEs also approved a proposal of the Ministry of Maritime Affairs to declare the Pakistan National Shipping Corporation (PNSC) as a Strategic SOE under Para-9 (a) of Chapter 3 of the SOEs Ownership and Management Policy, 2023. Moreover, it was decided that the option of increased private shareholding in PNSC may also be explored.
The cabinet committee also deliberated on a summary from the Ministry of Maritime Affairs regarding the appointment of Independent Directors to the Pakistan National Shipping Corporation (PNSC) and recommended the matter to the federal cabinet.
The CCoSOEs also considered and approved a summary of the Finance Division regarding the appointment of two Independent Directors on the Board of the Export-Import (EXIM) Bank of Pakistan.
It endorsed the appointments of Ayesha Aziz and Imran Maqbool as Independent Directors on EXIM Bank’s Board, in accordance with Section 17 of the Export-Import Bank of Pakistan Act, 2022.
The reconstitution of the Board of Trustees of Karachi Port Trust (KPT) for the term 2024-2026 was also discussed based on a summary from the Ministry of Maritime Affairs. The committee approved the proposal of the Ministry and recommended the same for approval of the cabinet.
The meeting was attended among others by Minister for Planning, Development and Special Initiatives Ahsan Iqbal, Minister for Commerce Jam Kamal Khan, Minister for Housing & Works Mian Riaz Hussain Pirzada, Minister for Economic Affairs Ahad Khan Cheema, Minister for Maritime Affairs Qaiser Ahmed Sheikh, SBP Governor, SECP Chairman, TCP Chairman, PQA Chairman, federal secretaries, and other senior officers from the relevant ministries and divisions.
