Asad Umar, the Federal Minister for Planning, Development, and Special Initiatives, expressed faith in the private sector to help Pakistan achieve economic viability in the future.
“I personally feel that only private sector-led development and progress can drive Pakistan forward in the twenty-first century, as state-owned companies (SOEs) have failed to deliver except during the 1960s,” he remarked.
The minister added that countries other than Pakistan had gone through several stages of growth, including SOEs, during a webinar titled “Role of the State in Economic Development” hosted by the Institute for Policy Reforms (IPR). He claimed that in the realm of energy, SOEs dominated the global energy market.
“Take a look at Dubai. Its real estate sector has grown to become the country’s most important source of revenue. Airlines in the United Arab Emirates are still regulated by the government. Consider China, where the government controls seven of the top ten corporations,” he said.
