Islamabad: The Cabinet Committee on State-Owned Enterprises (CCoSOEs) has officially designated the Trading Corporation of Pakistan (TCP) as an essential State-Owned Enterprise (SOE), highlighting its significant role in the national economy. The decision came during a meeting chaired by Finance Minister Muhammad Aurangzeb, focusing on critical management and strategic issues of key SOEs. The committee also approved key appointments and discussed categorizations of other entities.
According to Ministry of Information and Broadcasting, the session, held today, emphasized the necessity for a detailed financial plan for TCP, aiming to address and settle its liabilities comprehensively. This move underscores the government’s effort to enhance the operational efficiencies of crucial state-run enterprises.
The meeting also led to the approval of a Finance Division summary regarding the appointment of Ayesha Aziz and Imran Maqbool as Independent Directors on the Board of the Export-Import Bank of Pakistan (EXIM Bank). The committee endorsed their appointments, expanding the board’s expertise.
Further discussions included a summary from the Ministry of Industries and Production on the categorization of the Small and Medium Enterprises Development Authority (SMEDA). Acknowledging SMEDA’s pivotal role in facilitating SMEs, the CCoSOEs categorized it as an essential SOE, aimed at bolstering its support framework for small and medium enterprises.
Moreover, the Committee deliberated on a summary from the Ministry of Maritime Affairs concerning the appointment of Independent Directors to the Pakistan National Shipping Corporation (PNSC). The committee recommended the proposed appointments to the cabinet and approved the Ministry of Maritime Affairs’ proposal to declare PNSC as a Strategic SOE, setting the stage for enhanced governance and operational capabilities.
These decisions reflect the government’s strategic direction towards strengthening the management and enhancing the accountability and performance of state-owned enterprises critical to Pakistan’s economic landscape.