By Sajid Irfan

ISLAMABAD, Aug 16 (INP-WealthPK): The government is pursuing the policy of privatizing loss-making state entities to reduce pressure on national economy.

Pakistan International Airlines (PIA) was a national flag carrier, but due to huge losses, the government sold its shares and now it is a semi-government institution. Pakistan Steel Mills is also a semi-government entity at present, while Pakistan Telecommunication Company Limited (PTCL) is fully privatized.

The government had also planned to turn Jinnah Convention Centre Islamabad into a profit-making entity.

A spokesman for the Ministry of Privatization told WealthPK that Jinnah Convention Centre is a government entity, but due to losses, the government has planned to privatize it. However, the privatization plan has been reversed, and the Privatization Commission and the Capital Development Authority (CDA) have agreed to work together to make this loss-making entity into a profitable asset.

Jinnah Convention Centre, located on Srinagar Highway, Islamabad, was built in 1979. The Convention Centre is located at one end of the Constitution Avenue and used as a venue for exhibitions and summits by private and public sector organisations. The building was handed over to the CDA in 2000 for administration and maintenance. In 2019, the CDA leased out the centre’s land to the Interior Ministry for a period of 99 years.

The spokesman said Jinnah Convention Centre is one of the largest state-owned real estate entities in Islamabad with an area of 7.9 acres, including the built-up area covering 4.13 acres. The CDA had objected to the privatization plan on the ground that the existing footprint area should be kept intact.

The total covered area of the Jinnah Convention Centre is around 202,075 square feet, and it has a seating capacity of 2,200. The space for car parking is above 600. It has five committee rooms and 32 conference rooms.

“The Convention Centre’s property status has been converted from ‘amenity’ to ‘commercial’ through a transaction structure approved by the Cabinet Committee on Privatisation in August 2020,” said the spokesman.

“The Convention Centre would be profitable if the CDA maintains and repairs it properly. The funds allocated for Convention Centre should be fully utilised. Workers and the staff should fulfil their responsibilities properly. Functions and seminars should be live broadcast to gain maximum publicity. Rent and fair for exhibitions and conference should be increased to attract customers,” he added.

Credit: Independent News Pakistan-WealthPk