Maersk to invest $2bn: minister

ISLAMABAD: 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.

Talking to PTV News, the minister stated that this significant investment will contribute to the development of infrastructure and will play a vital role in boosting Pakistan’s economy. He said that the investment comes as a result of the efforts made by the Special Investment Facilitation Council (SIFC).

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