Before his trip to Denmark, Minister for Maritime Affairs Qaiser Ahmed Sheikh announced on Saturday that the Danish shipping company Maersk will invest $2 billion in Pakistan’s port and transport infrastructure over the next two years.
“This major investment will aid in the development of infrastructure,” the minister told state broadcaster PTV News, adding that it will be crucial for boosting Pakistan’s economy.
The minister is set to visit Denmark later this month to sign a memorandum of understanding (MoU) with Maersk and the Karachi Port Trust, formalizing the investment.
He highlighted Karachi’s potential to increase exports and mentioned that the Ministry of Maritime Affairs is working to create a favorable environment for the business community to capitalize on this potential.
The government has removed sales tax on processing plants, fishery seeds, and feed within the maritime sector to encourage growth. Additionally, land will be allocated for constructing processing plants to enhance maritime exports.
The minister noted that Maersk’s investment is a sign of progress in Pakistan’s maritime and transport sectors, as well as its overall economy.
He attributed this investment to the efforts of the Special Investment Facilitation Council (SIFC), which was established by Pakistan in June last year to boost foreign investments and includes both civil and military representatives, including the prime minister and the chief of army staff.
Almost a year after its formation, Prime Minister Shehbaz Sharif set up a cabinet committee on the SIFC in May 2024, chaired by himself, with a total of 12 members—six regular and six co-opted members.
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