KARACHI: Federal Minister for Maritime Affairs Qaiser Ahmed Sheikh has announced plans to travel to Denmark later this month to finalize a memorandum of understanding with Maersk, the prominent European shipping giant, which is set to invest $2 billion.
In his speech at the closing ceremony of the 19th My Karachi exhibition at the Karachi Expo Centre, Sheikh detailed that Maersk's investment will begin in October 2024. The investment will span various sectors including infrastructure, terminals, warehousing, and shipbreaking, aiming to position Karachi as a major transshipment hub.
Sheikh highlighted Karachi's crucial role in Pakistan's economy, noting its significant potential to boost exports. He urged the business community to collaborate with the maritime affairs ministry, which is working diligently to create a favorable investment environment.
To further stimulate investment in the maritime sector, the government has eliminated the sales tax on processing plants, fishery seeds, and feed in this year's budget. Sheikh also announced that the government is prepared to offer land for the development of processing plants focused on marine exports.
