'Shipping giant to invest $2bn in Pakistan'

Ahead of his visit to Denmark, Minister for Maritime Affairs Qaiser Ahmed Sheikh on Saturday said that Danish shipping company Maersk will invest $2 billion in Pakistan’s port and transport infrastructure over the next two years.

“This significant investment will contribute to the development of infrastructure,” said the minister while talking to state broadcaster PTV News, adding that it will play a vital role in boosting Pakistan’s economy.

The minister is scheduled to visit Denmark this month to sign a memorandum of understanding (MoU) between Maersk and Karachi Port Trust, formalising the investment plans.

He said that Karachi has the potential to increase exports and the Ministry of Maritime Affairs is creating an enabling environment for the business community to tap into this potential.

He noted that the government has removed sales tax on processing plants, fishery seeds, and feed within the maritime sector to encourage growth. Additionally, land will be provided for the construction of processing plants to boost maritime exports.

The minister further said that this investment initiative by Maersk reflects progress in Pakistan’s maritime and transport sectors and overall economy.

He said that the investment comes as a result of the efforts made by the Special Investment Facilitation Council (SIFC).

Pakistan had established a high-powered government body — SIFC — in June last year to bolster foreign investments which has both civil and military representation, including the prime minister and the chief of army chief.

Almost a year after its formation, Prime Minister Shehbaz Sharif had established a cabinet committee on the SIFC under his chair in May 2024 which includes a total of 12 members — six regular and six co-opted members.