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October 16, 2019

Hutchison Port plans $240mln investment

Business

October 16, 2019

ISLAMABAD: Hutchison Port Holdings, a world’s leading port operator, committed on Tuesday to invest $240 million in expanding container terminal capacity at Karachi port.

A delegation of Hong Kong-headquartered Hutchison Port Holdings, led by Group Managing Director Eric Ip, announced the investment commitment during a meeting with Prime Minister Imran Khan.

Eric Ip said the fresh investment into Pakistan approximating $240 million would make available a significant amount of new container terminal capacity at the Karachi Port, and increase Hutchison Ports’ total investment in the country to one billion dollar.

The Prime Minister was informed that this investment would grow Hutchison employees to 3,000 people. Hutchison Port has more than 30,000 employees, operating 52 ports and terminals in 27 countries spanning Asia, the Middle East, Africa, Europe, the Americas and Australia.

The Prime Minister was also briefed about the development of Hutchison Port Holdings, its parent company CK Hutchison Holdings, and the group’s commitment to play a pivotal role in facilitating the economic growth of Pakistan, as well as supporting the development of Karachi Port into a major hub for trade in Asia.

Khan welcomed the new investment from Hutchison Port and their commitment to the Pakistan’s economic prosperity. “The Prime Minister reiterated the commitment and focus of the government to facilitate investment and ease-of-doing-business that would ultimately result in economic growth and employment generation,” an official statement quoted him as saying.

Ambassador at Large for Foreign Investment Ali Jehangir Siddiqui said unit volumes of exports are increasing as a result of a fairly-priced currency. There is a great need for additional container terminal capacity. “This investment would support our export competitiveness and also result in greater revenue for both the federal exchequer and the Karachi Port Trust.”

Meanwhile, International Islamic Bank Chief Executive and Pak-Qatar Takaful Insurance Chairman Ali bin Abdullah Thani Al Thani told Prime Minister Khan that he intended to invest in hospitality industry and the planning was in an advanced stage. His group Pak-Qatar Takaful has over 70 branches in Pakistan and is now interested in investing in real estate, housing and hospitality sectors.

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