Islamabad (TDI): Federal Minister Qaiser Ahmed Sheikh has invited international shipping companies to invest in Pakistan.
Federal Minister for Maritime Affairs, Qaiser Ahmed Sheikh, has said that Pakistan’s ports have been significantly improved, and many companies have signed Memorandums of Understanding (MoUs) to invest in Pakistan’s industry.
In his speech the minister, who participated in the Global Maritime Trade Summit organized by the International Chamber of Shipping, said that Pakistan’s ports have been significantly improved, and many companies have signed Memorandums of Understanding (MoUs) to invest in Pakistan’s industry.
He stated that Pakistan’s geographical location is of great strategic importance, as it provides easy access for transporting goods to China, Central Asian countries, and the Middle East.
The Federal Minister further said, “our deep ports at Port Qasim and Gwadar have significant handling capacity, but the current transportation is less than half of their potential.”
This is in contrast to nearby ports like Dubai, Jebel Ali, and Salalah, which are quite busy, he said.
The Minister stated that due to these improvements, Maersk Line, Mediterranean Shipping Company, Hutchison, and Abu Dhabi Ports Company have signed memoranda of understanding and agreements to invest in Pakistan’s maritime sector and shipping industry.
Sheikh also invited other international shipping companies to invest in Pakistan.
He highlighted, the ongoing rapid development at Gwadar Port, with hopes that it will soon be fully operational.
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Recently, the federal cabinet directed that 50% of trade will be routed through this port.
“This port is of immense importance for trade with China, Russia, Hong Kong, and other countries,” he emphasized.
He said that Pakistan is making its maritime sector environmentally friendly in line with the standards set by the International Maritime Organization.
Pakistan is among the countries with less than 1% carbon emissions globally, yet it is one of the top ten countries most affected by climate change.
Despite this, Pakistan is striving to transition to carbon-free ships and is actively implementing a decarbonization policy,” Sheikh noted.
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He said that Pakistan has recently signed the Hong Kong Convention and will make every effort to transition the shipping industry to green energy under this agreement to minimize pollution.
A new maritime policy will be introduced either later this year or at the beginning of next year.
Under this policy, foreign investors will be provided with tax incentives and other facilities, Sheikh reiterated.
He thanked the Chairman of the International Chamber of Shipping, Emmanuel Grimaldi, and the Hong Kong Transport and Shipping Department.
