PIA unveils IATA-prepared five-year business plan

PIA at heathrow airport - PIA unveils IATA-prepared five-year business plan

KARACHI: The Pakistan International Airlines (PIA) on Tuesday unveiled its five-year business plan prepared by International Air Transport Association (IATA) and presented it to the Ministry of Finance for approval.

Federal Minister for Finance and Revenue Shaukat Tarin, chairing a meeting on PIA’s Corporate Business Plan 2022-26, on Tuesday said that the government believes in reviving and regaining the past glory of PIA and making it a profitable organisation.

He stressed to focus on the Pakistani diaspora, better customer services and consider the possibility of direct flights in the business plan to make PIA a flourishing organisation that may contribute for economic development of Pakistan and service our communities at home and abroad.

While appreciating hard work done by the consultant, the chair emphasised that PIA is a national flag carrier and needs to be a world class airline.

The business plan is aimed at eliminating the deficit and restoring the lost glory of the national carrier. The IATA had prepared the business plan at the request of the government and the finance ministry and as per the plan, the PIA would fly into profits by 2024.

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The number of PIA planes will be increased from 29 to 49 gradually and the fleet will consist of 16 big and 27 small aircraft and six modern turbo propellers. Resultantly, the number of PIA passengers will also go up from 5.2 million to nine million. As per the five-year plan, PIA’s assets will be increased from $1.196 billion to $2.183 billion in 2026.

The national airline will expand its network, adding more flights to lucrative routes such as the UK, UAE, Saudi Arabia and the Gulf.

“PIA will launch new routes to destinations of Baku, Hong Kong, Istanbul, Kuwait, Tehran, Urumqi and Singapore,” the five-year plan document reads. The IATA plan stated that the PIA will focus on the cargo and the charter business as well along with passengers’ revenue model.

However, the implementation of the business plan has been linked with few things like the federal government will have to complete PIA’s financial restructuring.

It has also been stated in the plan that the government has to implement the 2019 National Aviation Policy in true letter and spirit that asks the government to protect the national airline’s interests. To establish the PIA on a commercial basis external influence and interference must be eliminated.

Federal Minister for Aviation Ghulam Sarwar Khan, Secretary Aviation, Secretary Finance, Secretary EAD, PIA board of directors and members, CEO PIA and senior officers attended the meeting.

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