Chairman OGDCL, Zafar Masud, said that strong governance is crucial to unlocking the true potential of State-Owned Enterprises (SOEs) in Pakistan.
Virtually speaking at the ‘Directors Summit 2024,’ organized by the Pakistan Institute of Corporate Governance (PICG) in Karachi, Zafar Masud emphasized the crucial role SOEs play in Pakistan’s economy, operating in key sectors like energy, transport, communication, and finance. He said that SOEs are instrumental in generating employment, building infrastructure, and supporting long-term growth.
However, Zafar Masud acknowledged that despite their strategic importance, many SOEs have become associated with inefficiencies, financial mismanagement, and a reliance on government bailouts. “Inefficiencies, financial mismanagement, and over-reliance on government bailouts have sadly become synonymous with many of these enterprises,” the Chairman OGDCL said.
The Chairman urged for reforms in governance and said that with improved governance, SOEs have the potential to significantly contribute to the national exchequer.
Watch the video for Chairman OGDCL’s insightful talk.