Islamabad: The Federal Minister for Finance and Revenue, Muhammad Aurangzeb, chaired a significant meeting of the Cabinet Committee on State-Owned Enterprises (CCoSOEs) to deliberate on the restructuring and future strategy of various State-Owned Enterprises (SOEs). The session, which was held at the Finance Division, saw key decisions on the categorization of several SOEs, affecting sectors ranging from insurance to research and development.
According to Press Information Department, the meeting was attended by several high-profile ministers including the Minister for Housing and Works, Mian Riaz Hussain Pirzada; the Minister for Maritime Affairs, Mr. Qaiser Ahmed Sheikh; the Minister for Commerce, Mr. Jam Kamal Khan; the Minister for Law and Justice, Mr. Azam Nazeer Tarar; and the Minister for Economic Affairs, Mr. Ahad Khan Cheema, among others.
They discussed the categorization of SOEs presented by various ministries, aiming to streamline and optimize government assets. Key outcomes included the decision not to classify the National Insurance Company Limited (NICL), State Life Insurance Company Limited (SLICL), and Pakistan Re-Insurance Company Limited (PRCL) as strategic or essential SOEs. Moreover, the Ministry of Commerce was directed to examine a Public Private Partnership model for the Pak Expo Company.
Significant reforms were approved for the Ministry of Science and Technology’s initiatives, specifically the renaming and restructuring of STEDEC into the Indigenous Research and Development Agency (Pvt) Limited (IRADA). The agency is expected to be operational by December 2024 with its newly constituted board. Additionally, the CCoSOEs sanctioned the appointments proposed by the Aviation Division and the Ministry of Communications for Independent Directors on the boards of PIA Holding Company Board, Pakistan Postal Services Management Board (PPSMB), and Postal Life Insurance Company Limited (PLICL). Further proposals for categorizing these entities are anticipated from the Ministry of Communications.