Govt to facilitate investors for revival of SOEs: minister

ISLAMABAD: The government has reiterated the resolve to facilitate foreign, as well as local investors in line with the vision of Prime Minister Imran Khan to revive the state-owned enterprises and turn them into profit-oriented enterprises, a senior government official said.

Federal Minister for Privatisation Mohammedmian Soomro said: “We welcome the foreign investment in Pakistan and as per the vision of the PM we will provide all possible facilities and support and necessary information to the investors.”

In this regard, roadshows are most effective way of reaching out to the potential investors in an efficient manner and this strategy has the potential to take the marketing at the next level, he said.

Soomro said that the Ministry of Privatisation has started a series of roadshows with the international and national investors for the revival of Pakistan Steel Mills.

The meetings with renowned investors consortium from Korea and China were held on Friday, as well, he said, adding that so far leading investors consortium from China, Korea and Russia have been interacted with, which have shown keen interest in the investment potential of Pakistan, in general, and Pakistan Steel Mills, in particular.

Soomro, federal privatization secretary, financial and legal advisers and senior officers of the ministry responded to the queries from the potential investors.

The Pakistan Steel Mills is non-functional since 2015, and the government has come up with a unique and most feasible transaction structure for the revival of Pakistan Steel Mills, as 51 per cent to 74 per cent shares of the newly-carved out subsidiary of PSM, Steel Corp, would be divested through a competitive and transparent bidding process.

After the publication of the expression of interests (EoIs) renowned national and international investors consortiums responded; consequently, the ministry has arranged for the roadshows started from September 13 and will continue till September 23.

The revival of Pakistan Steel Mills and its functioning on its full capacity is the prime focus of this whole process. Its revival would augur well for the economy of the country by fulfilling the indigenous demand for iron and steel, which currently is imported from China, Germany and Japan.

The revival of Pakistan Steel Mills would be a unique transaction on account of the fact that after the closure of steel mills and various attempts to revive it, this is the first time after 16 years that the government has come this far due to the unrelenting efforts from the ministry, he said, adding that the transaction is expected to be completed in the second quarter of the next year.