Chairman Businessmen Group (BMG) Zubair Motiwala and President Karachi Chamber of Commerce & Industry (KCCI) Muhammad Rehan Hanif, while congratulating renowned businessman Arif Habib and his consortium on the successful acquisition of Pakistan International Airlines (PIA), termed it a historic milestone not only for Pakistan’s aviation sector but also for the country’s broader economic reform agenda.

In a joint statement, Zubair Motiwala and Rehan Hanif also extended their congratulations to Field Marshal Syed Asim Munir, Prime Minister Muhammad Shehbaz Sharif, Deputy Prime Minister and Foreign Minister Senator Muhammad Ishaq Dar, and Advisor to the Prime Minister on Privatization Muhammad Ali for their collective leadership, resolve, and strategic direction in bringing this long-pending privatization to a successful conclusion.

Chairman BMG and President KCCI described the takeover of PIA by a highly credible and experienced local consortium as a “decisive and visionary step” that will finally place the national flag carrier on a sustainable path of revival, profitability, and global competitiveness. The entry of seasoned Pakistani business leadership into the airline represents a rare win-win situation where national interest, investor confidence, and economic reform converge.

They noted that PIA, once regarded as one of Asia’s finest airlines and a symbol of national pride, suffered for decades under state ownership, enduring financial losses, operational inefficiencies, and governance challenges. The successful privatization, carried out through a transparent and competitive process, marks a turning point that offers a realistic opportunity to reverse this long decline and restore PIA’s lost stature both regionally and internationally, they added.

Chairman of BMG, Zubair Motiwala, stated that Arif Habib’s proven track record in corporate governance, financial restructuring, and institution-building provides strong confidence that PIA can be transformed into a commercially viable, customer-centric, and professionally managed airline. He added that the consortium’s deep understanding of Pakistan’s economic landscape, coupled with international best practices, will enable decisive reforms in fleet modernization, route rationalization, service quality, and cost efficiency.

Zubair Motiwala further stated that the privatization of PIA is not merely a standalone transaction but a critical step forward in rebuilding confidence among both local and foreign business communities. He said that the successful acquisition of a major state-owned enterprise by a Pakistani consortium sends a powerful message that domestic entrepreneurs are willing to invest in, reform, and revive strategic national assets.

He opined that if more state-owned enterprises are privatized and taken over by capable Pakistani business groups, it will help restore Pakistan’s economic strength and credibility. Such developments, he noted, would clearly signal to the international community that Pakistan is an investable destination where local investors have strong confidence in the country’s future, thereby creating a ripple effect that encourages foreign investors to step forward.

Zubair Motiwala further emphasized that the privatization process for other state-owned enterprises must be expedited, as the government currently spends nearly Rs800 billion annually merely to keep these loss-making entities afloat. He pointed out that with the privatization of PIA alone, the government is expected to save approximately Rs100 billion per year that was previously being used to cover the airline’s losses, funds that can now be redirected towards development, social services, and economic growth.

Terming the takeover of PIA by a private consortium as a long-awaited and highly positive development, Motiwala described it as a major leap forward for Pakistan’s economy. “This is a wise and timely decision, and I hope that many more such bold and reform-oriented steps would follow in the near future”, he added.

President KCCI Muhammad Rehan Hanif emphasized that this landmark development sends a powerful positive signal to domestic and international investors about Pakistan’s seriousness in pursuing difficult but necessary economic reforms. He said that the successful privatization of such a complex and legacy-burdened entity demonstrates that Pakistan’s private sector has both the capacity and the confidence to revive strategic national assets when provided with a transparent policy framework and a level playing field.

He highlighted that a revitalized PIA will have far-reaching multiplier effects for the national economy by strengthening tourism, trade, and connectivity, while also generating employment, enhancing foreign exchange earnings, and improving Pakistan’s global image.

President KCCI expressed optimism that PIA, under professional private management, can once again emerge as one of the most profitable and respected carriers not only in Pakistan but across the entire region.