Daily Times

The Cabinet Committee on State-Owned Enterprises (CCoSOEs) on Monday after detailed discussion decided that National Insurance Company Limited (NICL), State Life Insurance Company Limited (SLICL) and Pakistan Re-Insurance Company Limited (PRCL) did not meet the criteria of strategic or essential state owned enterprises and would not be categorized as essential for the public sector.

The CCoSOEs met here with Minister for Finance and Revenue Senator Muhammad Aurangzeb in the chair considered the summaries presented by different ministries and divisions for the categorization of their relevant SOEs as strategic or essential or otherwise, said a press release.

The Ministry of Commerce was further directed to explore Public Private Partnership model for the Pak Expo Company, whereas the the committee also considered the summary presented by the Ministry of Science and Technology and approved to rename and restructure STEDEC into Indigenous Research and Development Agency (Pvt) Limited (IRADA).

It was further directed to constitute its board and operationalize the entity by December 2024. The CCoSOEs also approved the proposals of Aviation Division and Ministry of Communications for the appointment of candidates as Independent Directors on the Boards of PIA Holding Company Board, Pakistan Postal Services Management Board (PPSMB) and Postal Life Insurance Company Limited (PLICL).

The committee directed Ministry of Communications to present proposals for categorization of these entities at the earliest.

The meeting was attended by Minister for Housing and Works Mian Riaz Hussain Pirzada, Minister for Maritime Affairs Qaiser Ahmed Sheikh, Minister for Commerce Jam Kamal Khan, Minister for Law and Justice Azam Nazeer Tarar and Minister for Economic Afairs Ahad Khan Cheema.

Deputy Chairman Planning Commission, Governor State Bank of Pakistan, Chairman Securities and Exchange Commission of Pakistan, federal secretaries and other senior officers of the relevant ministries also attended the meeting.