Pakistan invites global shipping giants to unlock maritime potential

November 18, 2024 (MLN): Federal Minister for Maritime Affairs, Qaiser Ahmed Sheikh, extended an open invitation to international shipping companies to invest in Pakistan’s maritime sector.

Speaking at the Global Maritime Trade Summit, organized by the International Chamber of Shipping, the minister underscored Pakistan’s strategic location and immense potential for growth in maritime trade.

In his speech, the Federal Minister stated that 90% of global trade depends on the shipping industry. He emphasized that Pakistan's ports have been significantly improved.

Maersk Line, Mediterranean Shipping Company, Hutchison, and Abu Dhabi Ports Company have signed memorandums of understanding and agreements to invest in Pakistan's maritime sector and shipping industry.

The Federal Minister stated that Pakistan's geographical location provides easy access for transporting goods to China, Central Asian countries, and the Middle East.

The Federal Minister further mentioned that 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.

Qaiser Ahmed Sheikh also highlighted the ongoing rapid development at Gwadar Port, with hopes that it will soon be fully operational.

Recently, the federal cabinet directed that 50% of trade will be routed through this port. He emphasized that this port is of immense importance for trade with China, Russia, Hong Kong, and other countries.

During his speech, the Minister for Maritime Affairs further stated that Pakistan is making its maritime sector environmentally friendly in line with the standards set by the International Maritime Organization.

Qaiser Ahmed Sheikh mentioned that 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.

He also noted 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.

Qaiser Ahmed Sheikh reiterated that 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.

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