The Maritime Affairs Minister, Faisal Sabzwari, has announced that Pakistan is on the brink of securing a groundbreaking investment of $500 million from Gulf countries. This significant boost to the economy is part of a comprehensive agreement that is currently in the final stages of preparation. To pave the way for this momentous investment, an intergovernmental agreement policy will be presented to the law ministry imminently.
Government Collaboration and Key Projects to Drive Maritime Development
Under a government-to-government (G2G) agreement between Pakistan and the United Arab Emirates (UAE), Minister Sabzwari revealed the collaborative efforts being undertaken to propel the maritime sector forward. The focus is on three pivotal projects, with particular emphasis on the establishment of bulk terminals. These terminals will play a vital role in enhancing trade and boosting economic growth.
Expanding Industrial Parks and Attracting Foreign Investors
In an official statement by the Korangi Association of Trade and Industry (KATI), Minister Sabzwari unveiled plans to develop expansive industrial parks spanning 1,250 acres within Port Qasim. These well-equipped parks are specifically designed to attract foreign investors, offering a wide range of facilities. This move will further stimulate economic activity and create employment opportunities in the region.
Digitalization and Streamlined Processes
While digitalization implementation is still pending, Minister Sabzwari assured stakeholders that there have been no tariff increases at the port. However, there have been some limitations on leases. To facilitate smoother operations, consultations were held with container operators to address demurrage charges and penalties. Consequently, Karachi Port has successfully eradicated all penalties associated with these charges, ensuring greater efficiency and cost-effectiveness.
Expanding Fleet and Boosting Tourism
Minister Sabzwari made several announcements to bolster Pakistan’s maritime capabilities. The acquisition of a maritime vessel dedicated to transporting edible oil will expand the fleet at Karachi port, supporting increased trade and facilitating efficient supply chains. Additionally, approval has been granted for the construction of a beach wall at Karachi Fish Harbour, aiming to promote tourism and recreational activities. Plans are also underway to establish a specialized laboratory dedicated to marine fisheries, which will enhance research and conservation efforts.
Harnessing Coastal Resources for Economic Prosperity
During the address, President of KATI, Faraz-ur-Rehman, emphasized the importance of regulating shipping companies and proposed a transparent online system for demurrage charges and penalties. This system, similar to the shipping booking system WeBoC, would provide greater accessibility and transparency for stakeholders. Furthermore, Zubair Chayya, Deputy Patron-in-Chief of KATI, highlighted the immense potential of Pakistan’s coastal region for tourism and economic growth. By capitalizing on its extensive coastline and rich marine resources, Pakistan can unlock substantial
economic benefits.