The privatization of Pakistan International Airlines (PIA) marks a historic milestone for Pakistan's aviation sector. After years of financial challenges, the transfer of management to the Arif Habib-led consortium represents an opportunity to rebuild one of the country's most iconic institutions.

For decades, PIA has faced mounting financial losses, a shrinking international network, an aging fleet and operational inefficiencies. These issues have placed a significant burden on the national exchequer and reduced the airline's competitiveness in the global aviation market.

The new management now has a unique opportunity to completely overhaul the airline. This includes modernizing the PIA brand, expanding and renewing the fleet, improving customer service, strengthening operational efficiency and adopting international best practices in safety, governance, and corporate management.

PIA has strong revenue potential if managed professionally. Pakistan's growing demand for Hajj and Umrah travel, tourism, business travel, and the large Pakistani diaspora in the Middle East, Europe, North America, and the Far East provide significant commercial opportunities. As additional aircraft are inducted into the fleet, commercially viable routes to destinations in Europe, North America, Japan, the Middle East, and Asia should be evaluated and expanded where market demand justifies them.

However, operational improvements alone will not be sufficient. A comprehensive organizational audit should be carried out across all departments. Employee records and academic credentials should be verified, while promotions made over the past decade should be reviewed to ensure they complied with company policies and merit-based principles. Any irregularities should be addressed transparently and through due process.

The new management should also introduce international HR standards, strengthen accountability, digitize key operational processes, and ensure that the right person is appointed to the right position based on competence, experience, and performance.

Corporate governance will be critical to PIA's long-term success.Transparent procurement, financial discipline, effective internal controls and strong compliance mechanisms will help restore investor confidence and improve operational performance.

PIA was once recognized as one of Asia's leading airlines and played a pioneering role in global aviation. With professional leadership, strategic planning, sound governance and a commitment to merit, the airline has the opportunity to restore its reputation and once again become a competitive and profitable international carrier.

The success of PIA's privatization will ultimately be measured not by the change in ownership alone, but by its ability to deliver sustained profitability, operational excellence, world-class customer service and long-term value for Pakistan's aviation industry.

The write is senior correspondent at Suno TV News.