ISLAMABAD
\nFederal Minister for Maritime Affairs, Qaiser Ahmed Sheikh, has said that Pakistan\u2019s ports have been significantly improved, and many companies have signed Memorandums of Understanding (MoUs) to invest in Pakistan\u2019s industry.
\nThe Minister, who participated in the Global Maritime Trade Summit organized by the International Chamber of Shipping, expressed his gratitude for the invitation. He thanked the Chairman of the International Chamber of Shipping, Emmanuel Grimaldi, and the Hong Kong Transport and Shipping Department.
\nIn his speech, the Minister stated, \u201cAbout 90% of global trade depends on the shipping industry. He emphasized that Pakistan\u2019s ports have been significantly improved.\u201d \u201cDue to these improvements, Maersk Line, Mediterranean Shipping Company, Hutchison, and Abu Dhabi Ports Company have signed memoranda of understanding and agreements to invest in Pakistan\u2019s maritime sector and shipping industry,\u201d he said.
\nSheikh also invited other international shipping companies to invest in Pakistan. He said, \u201cPakistan\u2019s geographical location is of great strategic importance, as it provides easy access for transporting goods to China, Central Asian countries, and the Middle East.\u201d
\nThe minister said, \u201cOur deep ports at Port Qasim and Gwadar have significant handling capacity, but the current transportation is less than half of their potential. This is in contrast to nearby ports like Dubai, Jebel Ali, and Salalah, which are quite busy.\u201d
\nQaiser Ahmed Sheikh also highlighted, \u201cThe ongoing rapid development at Gwadar Port, with hopes that it will soon be fully operational.
\nRecently, the federal cabinet directed that 50% of trade will be routed through this port.\u201d \u201cThis port is of immense importance for trade with China, Russia, Hong Kong, and other countries,\u201d he emphasized. He said, \u201cPakistan is making its maritime sector environmentally friendly in line with the standards set by the International Maritime Organization.\u201d
\n\u201cPakistan is among the countries with less than 1% carbon emissions globally, yet it is one of the top ten countries most affected by climate change. Despite this, Pakistan is striving to transition to carbon-free ships and is actively implementing a decarbonization policy,\u201d Sheikh mentioned.
\n\u201cPakistan has recently signed the Hong Kong Convention and will make every effort to transition the shipping industry to green energy under this agreement to minimize pollution,\u201d he noted. \u201cA new maritime policy will be introduced either later this year or at the beginning of next year. Under this policy, foreign investors will be provided with tax incentives and other facilities, Sheikh reiterated.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD Federal Minister for Maritime Affairs, Qaiser Ahmed Sheikh, has said that Pakistan\u2019s ports have been significantly improved, and many companies have signed Memorandums of Understanding (MoUs) to invest in Pakistan\u2019s industry. The Minister, who participated in the Global Maritime Trade Summit organized by the International Chamber of Shipping, expressed his gratitude for the invitation. […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-444356","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n