Govt aims to exit 'business ventures'

Petroleum Minister Dr Musadik Malik said on Saturday that the state encourages the youth of the country to start their own businesses.

Responding to a calling attention notice regarding the proposed privatization of the Pakistan Minerals Development Corporation (PMDC), he explained that the government aimed to exit business ventures and focus on promoting Small and Medium Enterprises (SMEs) in the country.

He emphasized that the government wants educated youth to start their own businesses rather than rely on government employment.

Dr Musadik Malik further said that Pakistan's state-owned companies have cost the country billions of dollars.

Regarding the PMDC, the minister mentioned that around 70 people have lost their lives in various incidents, and currently, PMDC employs about 2,000 people, none of whom are engaged in mining activities.

He added that the privatisation of loss-making state enterprises is a positive step and should be continued in the best interest of the country.