In a significant move to bolster the efficiency and management of state owned enterprises (SOEs), the government has officially designated the Trading Corporation of Pakistan (TCP), the Small and Medium Enterprises Development Authority (SMEDA), and the Pakistan National Shipping Corporation (PNSC) as essential state-owned enterprises. This decision was made during a Cabinet Committee on State-Owned Enterprises (CCoSOEs) meeting, chaired by Federal Minister for Finance and Revenue Muhammad Aurangzeb at the Finance Division.
The meeting addressed critical management and strategic direction issues concerning key state-owned enterprises. Among the topics discussed was a comprehensive summary from the Ministry of Commerce aimed at revitalizing the Trading Corporation of Pakistan (TCP). Due to its unique operational characteristics, TCP has been classified as an essential state-owned enterprise under the SOEs Policy, 2023. A detailed financial plan will be developed to effectively manage TCP’s liabilities.
The committee also considered and approved a summary from the Finance Division regarding the appointment of two independent directors to the Board of the Export-Import (EXIM) Bank of Pakistan. Ms. Ayesha Aziz and Mr. Imran Maqbool have been endorsed as Independent Directors in accordance with Section 17 of the Export-Import Bank of Pakistan Act, 2022.
Additionally, the committee deliberated on a summary from the Ministry of Industries and Production, leading to SMEDA’s classification as an essential state-owned enterprise (SOE). This categorization underscores SMEDA’s vital role in facilitating small and medium-sized enterprises within the framework of state-owned enterprises.
In further discussions, the Ministry of Maritime Affairs presented a summary regarding independent directors for the Pakistan National Shipping Corporation (PNSC). The committee recommended the appointment of these directors to the cabinet, while also designating PNSC as a strategic state-owned enterprise under Paragraph 9(a) of Chapter 3 of the SOEs Ownership and Management Policy, 2023. The option to increase private shareholding in this state-owned enterprise will also be explored.
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Finally, the reconstitution of the Board of Trustees of the Karachi Port Trust (KPT) for the term 2024-2026 was discussed, leading to a recommendation for cabinet approval.
