Maritime minister to ink MoU with Maersk

KARACHI: Federal Minister for Maritime Affairs Qaiser Ahmed Sheikh has said that he will leave for Denmark this month to sign a memorandum of understanding (MoU) with Maersk, a renowned European shipping giant, which intends to invest $2 billion in Pakistan.

“Once the MoU is signed, Maersk will start investing from October 2024 in numerous areas, including infrastructure, terminals, warehousing, and shipbreaking, which is likely to make Karachi a transshipment hub,” he added while delivering his speech after a press briefing at Karachi Expo Centre by Chairman Businessmen Group (BMG) Zubair Motiwala to mark the closing of the 19th My Karachi Exhibition; the exhibition ran from August 2 to 4.

According to a statement by the Karachi Chamber of Commerce & Industry (KCCI) released on Monday, the maritime minister said, “Karachi is undoubtedly the hub of Pakistan and holds excellent potential for enhancing exports. To attain this objective, the maritime ministry is making all-out efforts for creating an enabling environment, but the business community will also have to come forward to steer the country on a path to economic prosperity.”

He noted that India was exporting 40 times higher than Pakistan’s marine exports, hence, the business community must seriously explore this sector, which holds excellent potential. “To encourage investment in the maritime sector, the government has relinquished sales tax on processing plants, fisheries seeds and feed, etc in this year’s budget. “We are ready to provide all types of facilities, including land where businesses can establish processing plants for marine exports,” he added.

Qaiser Sheikh further stated that PM Shehbaz Sharif is working day and night for the progress and prosperity of Pakistan and its economy by particularly focusing on creating an enabling environment for the business community.

“We are targeting to double our exports in the next five years by focusing on restoring the confidence of local and foreign investors.”Commenting on the 19th My Karachi Exhibition, the minister said that this exhibition has gained a lot of popularity since its inception as it keeps growing and offers something unique to visitors every year.

“I am delighted to see that the people of Karachi are participating in this show in large numbers, which offers a wide range of products at subsidized rates,” he said, adding that the success of My Karachi can only be attributed to teamwork under the supervision of Chairman BMG Zubair Motiwala and Chairman Special Committee for My Karachi Exhibition Muhammad Idrees.

Chairman BMG Zubair Motiwala, during the press briefing, informed that the 20th My Karachi Exhibition will be staged from February 21 to February 23, 2025, which is likely to be attended by more local and foreign exhibitors and is going to offer more features and facilities to visitors.