January 18, 2024 (MLN): Pakistan and Dubai on Wednesday inked more than $3 billion investment pact on cooperation in railways, economic zones, and infrastructure at the World Economic Forum in Davos, according to a press release issued today.
The cooperation covers the development of a dedicated freight corridor, multi-modal logistics park, and freight terminals.
DP World will carry out infrastructure Improvement at Qasim International Container Terminal, Pakistan’s leading trade gateway, and plans to develop an economic zone near the terminal.
The governments of the Islamic Republic of Pakistan and Dubai have signed two Inter-Governmental Framework Agreements to strengthen their relations in the marine and logistics sectors, including the potential establishment of a Dedicated Freight Corridor and Economic Zone near Karachi.
According to the agreement, DP World will act on behalf of the Dubai government, while Pakistan Railways and Port Qasim Authority will act on behalf of the Pakistan government, for the development of the projects.
Dedicated Freight Corridor The rail-based Dedicated Freight Corridor is planned to run from Karachi Port on the Arabian Sea, passing through Karachi, Pakistan’s most populous city, to the Pipri Marshalling Yard, approximately 50 km away.
This will decongest Karachi besides improving road safety and will significantly improve efficiency, and transport times and reduce the overall cost of logistics.
Headquartered in Lahore, Pakistan Railways is Pakistan’s national, state-owned railway company, owning and operating nearly 8,000 route km of railway across the country, from Peshawar in the northwest to Karachi in the south.
Qasim International Container Terminal A second framework agreement was signed with Pakistan’s Ministry of Maritime Affairs to dredge the navigation channel.
DP World will carry out the capital dredging on behalf of the government of Dubai.
This framework agreement will also see the development of an economic zone at Port Qasim, which aims to attract more than US $3 billion of foreign direct investment.
DP World will carry out the development of the economic zone, to maximize economic activity in Pakistan.
Speaking at the signing ceremony, Shahid Ashraf Tarar, Federal Minister of Communication, Railways and Maritime Affairs, said: “DP World has a long-standing proud presence in Pakistan witnessed by mutually rewarding engagement. Building on the unwavering trust and partnership, the two brotherly countries have decided to further consolidate their economic cooperation through landmark projects."
"The signing of Investment Framework Agreements highlights the importance of Pakistan as a gateway to Asia and commercial dividends associated with its strategic location,” he added.
Sultan Ahmed bin Sulayem, Chairman of PCFC and Group Chairman and CEO of DP World, said: “Pakistan is a growing market and an important trade corridor to Central Asia. We are proud to have contributed to its trading ability through our operations at Qasim International Container Terminal and are honored to work with various.”
He further stated that this will help serve Pakistan’s growing population, forecast to approach 300 million in the coming decade and integrate it further into the wider region.
Copyright Mettis Link News
Posted on: 2024-01-18T11:44:42+05:00
