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Major Breakthrough for Pakistan’s Maritime Sector

Major Breakthrough for Pakistan's Maritime Sector

Following the arrival of the largest cargo ship in Pakistan’s history at Karachi Port, there is growing optimism about significant investment in the country’s maritime sector.

A European shipping company has expressed interest in investing $2 billion in Karachi Port, marking a potential boost for maritime logistics and infrastructure. Federal Minister for Maritime Affairs Qaiser Ahmad Sheikh welcomed this development, highlighting its importance for the maritime sector. He noted that a memorandum of understanding is expected to be signed by October.

Also Read: Government Plans 50% Reduction in Cargo Handling Fees for Exporters at Sea Ports

The investment plan includes a major ship-breaking project in Gadani, aiming to recycle 750 ships in Pakistan. Additionally, the company has committed to providing modern training for the youth. Minister Sheikh emphasized the high potential of Karachi Port, which currently generates $2 billion in revenue. However, the chairman of the Karachi Port Trust (KPT) has set a target to increase revenue to $10 billion this year. Furthermore, a plan for a maritime district has been submitted to the Special Investment Facilitation Council (SIFC).

This development is seen as a significant step towards enhancing Pakistan’s maritime capabilities and infrastructure, potentially leading to substantial economic growth and job creation in the sector.