Youth can become a headache if remained unemployed: Mian Zahid Hussain - Press Release issued by Pakistan Businessmen and Intellectuals Forum.

Karachi -- January 09, 2023 (PPI-OT)

Following is the text of press release issued by Pakistan Businessmen and Intellectuals Forum (PBIF)

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Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Monday said failed government institutions should not be considered as assets but liabilities. The state-run companies are burdens on scarce resources and act as landmines for the economy therefore the government should get rid of them immediately, he said.

Mian Zahid Hussain said that 63% of the population in Pakistan is young and the economy must create at least one million new jobs annually to keep them busy otherwise they can become a problem. Talking to the business community, the veteran business leader said that the closure of industries and the loss of jobs should be a major concern as employment can help youth become responsible citizens.

He said that the failed state-owned companies could not become profitable and their management could not be improved despite decades of efforts because the governments lacked the will and skills required to run these companies so it is better to sell them. Selling these white elephants will provide some capital to the government in these difficult times and save hundreds of billions of rupees annually which are currently being spent as bailouts to keep them alive artificially.

Mian Zahid Hussain said that selling these companies will not endanger the jobs of qualified employees because the new owners will also need qualified employees, but the efficiency...