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Sunday June 23, 2024

Global shipping companies keen on benefiting from Pak port potential: minister

By Our Correspondent
May 31, 2024
Federal Minister for Maritime Affairs Qaisar Ahmed Sheikh seen in this image. — APP/File
Federal Minister for Maritime Affairs Qaisar Ahmed Sheikh seen in this image. — APP/File

Federal Minister for Maritime Affairs Qaisar Ahmed Sheikh on Thursday announced various global shipping sector companies had showed interest in benefiting from Pakistan’s port potential.

He was speaking at an event hosted by Hutchison Ports Pakistan to commemorate the arrival of MSC ANNA, the largest vessel ever to berth in Pakistan.

The minister said a leading European company has shown interest in investing in Karachi Port Trust and it is expected to sign a memorandum of understanding by October this year.

The European company will invest in logistics, infrastructure in KPT and also bring a big ship-breaking project to Pakistan by dismantling 750 ships in Pakistan. Sheikh pointed out that potential of Karachi port is very high and said maritime district plan has been submitted with the Special Investment Facilitation Council (SIFC).

He termed the arrival of a large ship in Pakistan a welcome development for the maritime sector and a matter of pride for the port, Karachi and the country, reflecting potential of the country by having the capability of handling the world’s largest vessels.

He hoped that the arrival of large ships would increase traffic at the port of Pakistan and noted that port of Karachi had full potential to become the transshipment hub of the region. He said shipping companies were interested in taking advantage of Pakistan’s port location.

He talked about the world’s interest to invest in Pakistan, especially Saudi Arabia’s interest to invest in Pakistan. There are vast investment opportunities at Gwadar port and the government is making efforts to provide facilities for investment in Gwadar, he added.

Also, China is interested in moving industries to Pakistan and Korean companies are also keen to invest in Pakistan, which would also attract the investment from other countries, he said.