Government to channel 50pc ofpublic-sector imports through Gwadar Port: maritime minister

KARACHI: Federal Maritime Minister Qaisar Ahmed Sheikh announced on Saturday that the government plans to route 50 per cent of public-sector import cargo through the Gwadar Port.

During his visit to the Karachi Press Club (KPC), Sheikh talked about the government and his ministry’s efforts to attract investment, particularly in the maritime sector, which he believes holds significant opportunities for international investors.

He added that the decision to direct public-sector imports through Gwadar aims to improve the port’s functionality and create employment opportunities for the local community.

He also said that a major investment is expected from the European company Maersk, which is expected to contribute $2 billion to the shipping sector, adding that “a memorandum of understanding (MoU) has been signed for this investment.” However, he noted that the exact amount of investment has not been finalized.

When asked about the development of new seaports in the country, Sheikh said there is no immediate need for new ports, as the existing ones are not yet operating at full capacity.

Regarding the regulatory framework for the shipping sector, he revealed that multiple meetings have been held, and a working paper on the matter will be completed soon.

In a significant update for the maritime sector, Sheikh announced that the secretary general of the International Maritime Organization (IMO) will soon visit Pakistan. He believes that the IMO conference will be crucial for advancing the country’s maritime industry.

The minister also highlighted recent positive developments, noting that the global credit rating agency Moody’s has upgraded Pakistan’s rating and the stock exchange has seen substantial gains in recent months. Sheikh expressed optimism that the government’s ongoing efforts will further advance the nation towards economic stability.