ISLAMABAD: JUNE 5 (DNA):Federal Minister for Maritime Affairs, Muhammad Junaid Anwar Chaudhry underscored the pivotal role of Pakistan’s shipping industry in bolstering international trade.
Speaking at a dinner last late night hosted by Aasim A. Siddiqui, Managing Director of Pakistan Intermodal Limited (PIL), and attended by senior management from shipping lines and terminal operators, the Minister emphasized the government’s commitment to modernizing maritime infrastructure and enhancing operational capacities across the nation.
Minister Chaudhry highlighted that over 90% of Pakistan’s trade volume is managed through seaports, with the maritime sector contributing more than 10% to the country’s GDP and providing employment to over 2 million individuals, both directly and indirectly.
He noted that the Karachi Port Trust alone has the capacity to handle over 125 million tons of cargo annually. In the fiscal year 2023, the shipping sector generated approximately $235 million in revenue, with oil tankers accounting for about 70% of this figure.
Addressing the financial implications of relying on foreign shipping companies, the Minister pointed out that Pakistan spends an estimated $6-8 billion annually on freight charges. He emphasized the potential for significant cost savings and growth by expanding local shipping capacities and terminal operations.
He said the government is actively inviting global shipping companies to invest in Pakistan’s maritime sector, leveraging the country’s strategic location. A notable initiative includes a fast-track strategy for a $1 billion investment with Hutchison Port Holdings Limited, focusing on modernizing the Karachi International Container Terminal (KICT) and South Asia Pakistan Terminals Limited (SAPT) .
Minister Junaid Chaudhry assured industry leaders that their concerns are being addressed through close coordination with provincial authorities, including the Chief Minister of Sindh, to ensure cohesive policy implementation across all levels of governance.
Aasim A. Siddiqui welcomed the Minister’s engagement with the industry and expressed optimism that such collaborative forums would accelerate the sector’s growth trajectory. He reiterated PIL’s commitment to aligning with the Ministry’s vision by investing in modern fleet capabilities and sustainable operational practices.
The event concluded with a mutual commitment to continued dialogue and partnership between the government and maritime stakeholders, aiming to realize Pakistan’s aspirations of a modern, efficient, and environmentally responsible maritime economy.
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