PM Shehbaz orders comprehensive plan to boost investment in shipping sector

ISLAMABAD: Prime Minister (PM) Shehbaz Sharif has directed relevant authorities to develop a detailed strategy to boost private sector investment in Pakistan’s shipping industry.

The prime minister gave these instructions while chairing a meeting focused on implementing reforms in Pakistan’s shipping sector and the Pakistan National Shipping Corporation.

PM Shehbaz also directed efforts to restructure the National Shipping Corporation along corporate lines. He said that a new phase of regional trade is set to begin with the Pakistan-Afghanistan-Uzbekistan railway project.

The prime minister said it will also pave the way for shipment of trade goods from Central Asia to rest of the world through Pakistani ports.

He said the improvement of railway and shipping sector bears a key importance in transit trade. He added that it is a rare opportunity for the country to earn valuable foreign exchange by transporting goods for Pakistani shipping lines.

PM Shehbaz instructed to take steps for increasing the number of ships in the fleet to save foreign exchange spent on freight for Pakistan. He further directed the Ministry of Maritime Affairs and the Pakistan National Shipping Corporation to reform the sector and present a sustainable business model.

Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar, Federal Ministers Ahad Khan Cheema, Junaid Anwar Chaudhry, and relevant senior officials attended the meeting.

Earlier in April, the prime minister met with Robert Maersk, Chairman of the Board of Directors of AP Moller-Maersk, a Danish shipping and logistics company, on Tuesday to discuss investment opportunities in Pakistan.

The prime minister welcomed the company’s plan to invest $2 billion in Pakistan, marking a significant boost to the country’s maritime sector.

The two sides discussed ways to enhance collaboration in the maritime sector, with a focus on establishing Pakistan as a viable economic corridor for trade and transportation.

A technical working group will be formed to expedite the process of drafting an agreement on maritime sector cooperation. The working group will present its recommendations within a month.