KARACHI: Federal Minister for Maritime Affairs Qaiser Ahmed Sheikh said on Saturday that significant foreign investment is being directed to Pakistan’s ports and shipping sector, establishing the country as a hub for regional trade.
Sheikh said, “Maersk Line, Dubai Port, and Abu Dhabi Ports have shown interest in investing in Pakistan’s ports, while Hutchison Ports is planning additional investments in South Asia Ports Terminal.” He noted that Maersk Line has also offered to upgrade infrastructure around Karachi’s ports and introduce green technology in the ship-breaking industry with Denmark’s assistance.
Speaking on Gwadar Port, he stated, “Ninety percent of the investment and management of the port is with China. The government has decided to route 60 percent of public sector foreign trade through Gwadar.”
He said Pakistan’s ports are an attractive option for landlocked Central Asian states due to their deep-sea capabilities. “Russia and Malaysia have also expressed interest in using Pakistan’s ports for transshipment because of their strategic location,” Sheikh added.
The minister acknowledged that the maritime sector contributes only one percent to Pakistan’s GDP, compared to a global average of seven percent. He said public sector entities in the maritime sector, including Karachi Port Trust, Port Qasim, and Pakistan National Shipping Corporation (PNSC), recorded Rs.90 billion in profit last fiscal year, despite challenges faced by state-owned enterprises. “State-owned enterprises have incurred Rs.6,000 billion in losses over the last ten years,” he noted.
Sultan Chawla, Chairman of PNSC, said, “The PNSC currently has 12 vessels, and we are working to expand this fleet. We have placed an order with Karachi Shipyard and Engineering Works for a container vessel with a capacity of 1,100 containers, which will be delivered in two years.” He added, “Efforts are underway to divert the foreign trade of public sector entities to the PNSC to save foreign exchange.”
Sheikh attributed internal disputes to blocking Pakistan’s development over the last three decades. “During this period, India progressed remarkably,” he said.
