Investment Details:
Danish shipping company Maersk is set to invest $2 billion in Pakistan’s port and transport infrastructure over the next two years. The announcement was made by Minister for Maritime Affairs Qaiser Ahmed Sheikh ahead of his visit to Denmark.
Impact and Plans:
– Infrastructure Development: The investment is expected to significantly enhance Pakistan’s maritime and transport infrastructure, contributing to economic growth and development.
– MoU Signing: Minister Sheikh will visit Denmark this month to sign a memorandum of understanding (MoU) with Maersk and the Karachi Port Trust, formalizing the investment.
Government Initiatives:
– Incentives: The Pakistani government has taken measures to promote growth in the maritime sector by removing sales tax on processing plants, fishery seeds, and feed. Additionally, land will be allocated for constructing processing plants to boost maritime exports.
– Special Investment Facilitation Council (SIFC): This investment is a result of efforts by the SIFC, a high-powered government body established in June last year to promote foreign investment. The council includes both civil and military representation, including the prime minister and chief of army staff.
Economic Significance:
– Boosting Exports: Karachi is identified as a key area with potential to increase exports, and the investment will support this growth.
– Economic Progress: The minister highlighted that the investment reflects progress in Pakistan’s maritime and transport sectors and overall economic development.
The investment from Maersk underscores the growing international confidence in Pakistan’s economic potential and the effectiveness of government initiatives to attract foreign investment.
To Keep Updated Visit & Follow our Facebook Page Or Our Website
