ISLAMABAD: The federal government acknowledged on Friday that Pakistan’s maritime sector incurred losses totaling billions of rupees last year.
During the National Maritime Policy Workshop in Islamabad, Federal Minister for Maritime Affairs, Qaiser Ahmed Shaikh, emphasized the sector’s critical role in the nation’s economic growth and stressed the importance of enhancing maritime trade for sustainable development.
The minister pointed out that highly skilled teams are operating at the Karachi Port Trust (KPT), Port Qasim, and other key ports, aiming to strengthen the maritime economy. Despite last year’s losses, he expressed confidence in the sector’s future, noting that a profit target of Rs. 100 billion has been set for this year.
Shaikh also shared ambitious targets for the country’s exports, with a goal of increasing the current $32 billion to $60 billion within the next four years. He highlighted that Pakistan’s ports are currently operating at just 50% of their capacity, indicating significant growth potential. With the import-export volume projected at $90 billion, the minister believes it could double in the coming years.
The minister further discussed the rising trade opportunities in Central Asia, where countries are increasingly reliant on Pakistan’s ports due to the lack of their own seaports. He mentioned that Prime Minister Shehbaz Sharif is exploring new business prospects during his visit to Central Asian nations.
Shaikh also underscored the need for expanding port capacities, aiming to accommodate ships carrying up to 20,000 containers, compared to the current capacity of just four.
Pakistan is attracting growing interest from global maritime companies and investors. The minister noted that while some countries generate up to 40% of their GDP from the maritime sector, the global average contribution is 7%. He believes Pakistan can reach a 5% contribution to its GDP from maritime industries.
On fisheries exports, Shaikh revealed that Pakistan currently earns $400 million from seafood exports but is far behind its neighbors. However, he noted that international companies are showing significant interest in investing in Pakistan’s fisheries sector, with efforts underway to upgrade the Korangi Fish Harbor and build new auction halls to improve facilities.
Additionally, the minister announced that 60% of all official imports and exports will be routed through Gwadar Port. He emphasized the need to upgrade Gwadar with world-class facilities, positioning it as a modern and fully operational deep-sea port.
In closing, Shaikh expressed confidence that the workshop would contribute to advancing Pakistan’s maritime sector, while government task forces are actively working on maritime policy development. He assured that the maritime industry will play a crucial role in strengthening the country’s economy moving forward.
