January 02, 2025 (MLN): Hutchison Ports has committed $1 billion, while Abu Dhabi’s AD Ports Group will invest $330 million in Karachi Port over the next three years.
The aforementioned information was shared by the Federal Minister for Maritime Affairs during a press conference at the National Press Club in Islamabad, where key achievements of the Ministry were outlined.
He emphasized the vital role of the maritime sector in Pakistan’s economy, pointing out that while the global average maritime contribution to GDP is 7%, Pakistan remains below 1%.
The Ministry oversees all maritime trade and fisheries exports, which amount to 400mn tons annually.
Central Asian countries and Russia are planning to route trade through Karachi port, making Pakistan a strategic gateway.
Additionally, 60% of Pakistan’s import and export activities will be routed through Gwadar port.
The Ministry has proposed to China the relocation of industries to the Gwadar free zone to mitigate U.S. tariffs, benefiting both Pakistan and China.
Efforts to optimize port operations include dredging Gwadar port to a depth of 14.5 meters, enhancing security measures, and mandating 60% of public sector imports through Gwadar.
Measures to facilitate Afghan transit trade, such as replacing bank guarantees with insurance guarantees, are underway.
International collaborations include a $2bn Memorandum of Understanding (MoU) with Denmark and enlistment in the EU and U.S. for fish and fisheries exports.
Pakistan has also acceded to the Hong Kong Convention on Ship Recycling, enhancing shipbreaking standards.
Reforms have been initiated in the Karachi Dock Labour Board, while profitability at Karachi Port Trust (KPT) and Port Qasim Authority (PQA) has significantly increased.
The international ranking of KPT improved from 84 to 61, and the KPT oil pier is being rebuilt.
Institutional advancements include the establishment of Pakistan’s first-ever classification society, the integration of maritime operations with Pakistan single window, and the formulation of national maritime and shipping policies.
The Pakistan National Shipping Corporation (PNSC) is in the process of purchasing four additional ships to reduce freight costs.
The minister concluded by reaffirming Pakistan’s sovereignty and highlighting the strategic importance of its maritime sector for economic growth.
Copyright Mettis Link News
Posted on: 2025-01-02T09:52:47+05:00
