31 July 2004	Saturday	13 Jamadi-us-Saani 1425

KARACHI, July 30: Bidding date for privatization of Karachi Electric Supply Corporation (KESC) is expected to be announced in October this year, said Federal Minister for Privatization and Investment Dr Abdul Hafiz Sheikh on Friday.

Talking to newsmen after inaugurating "My Karachi-Oasis of Harmony" exhibition at Expo Centre, the privatization minister said that three foreign firms have shown their interest in the bidding for the privatization of the KESC.

To a question regarding privatization of Pakistan Telecommunication Co Ltd, the minister said the government was considering restructuring of the PTCL to improve its departmental working. On privatization of Oil and Gas Development Company Ltd (OGDCL) the minister said that GDR for privatization of OGDCL would be presented soon in the cabinet for approval.

He said that privatization process has produced enormous results and very encouraging response has been received so far as about 650,000 applications had been received by the Privatization Commission for shares of Pakistan Petroleum Ltd.

Speaking at the inaugural session of the exhibition, Federal Minister for Privatization and Investment Dr Abdul Hafeez Sheikh said that government had involved 4,00,000 middle class people in privatization of public sector entities through sale of shares and disclosed that middle class had reaped Rs15 billion benefit in this process.

The three-day "My Karachi-Oasis of Harmony" exhibition was organised by Karachi Chamber of Commerce & Industry (KCCI). Dr Hafeez said that government wants to return back the assets of people through privatisation of public sector organizations.

"People should come forward and own these departments, once held by them," he said adding that one million people had so far participated in the privatization of different public sector entities.

He said that government had earned Rs36 billion in last three years by selling government-owned departments to private sector by the present government. "Government is expected to touch target of Rs50 billion through privatization process in coming days," he added.

Dr Sheikh said that government was also following the policy of revival of sick and dead units. Faletti's Hotel, Thatta Cement, Rohri Cement, Kohinoor Mills, Lahore had been non-functional for quite long time. These would be made functional by selling these units.

Besides, privatization of KESC is also in pipeline, he mentioned and urged the business community to come forward and own this public sector entity. Highlighting the government's achievements in economic sector he said that all economic indicators are pointing out an improvement in overall financial health of country.

Exports exceeded $12 billion target, foreign exchange reserves well over $12 billion, ever highest foreign investment, largest manufacturing sector, best performing Karachi Stock Exchange depict economic gains of government.

However, there still remains major problems like poverty, red tapism, poor infrastructure, etc., which would be resolved with firm commitment and determination, he maintained.

"This situation could be reversed as interest and commitment from top level is encouraging. President Pervez Musharraf is himself keen to resolve the problems confronting the country," he added.

Commenting on KCCI's exhibition, the minister said that holding of such events would definitely help improve the image of the country. Karachi is hub of economic and commercial activities, which remained disturbed due to recent terrorist acts.

He maintained that foundation for a new Pakistan has been laid down. People will hear a story about new Pakistan, prosperous and developed one. Sindh Minister for Labour, Commerce & Transport Adil Siddique hoped that investment would have a boost by holding of exhibition in city. The participation of 100 firms in My Karachi exhibition would help in changing of city image abroad.

Siraj Kasim Teli, President KCCI said that basic objective of this exhibition is to restore image of the Karachi, which is one of the world's fastest growing city and gateway to Central Asia. -PPI