Summary:
- Danish shipping company Maersk will invest $2 billion in Pakistan’s port and transport infrastructure over the next two years.
- The investment will be formalized through a memorandum of understanding (MoU) to be signed during Minister Qaiser Ahmed Sheikh’s upcoming visit to Denmark.
- The initiative aims to enhance Pakistan’s export potential and boost the overall economy.
Ahead of his visit to Denmark, Qaiser Ahmed Sheikh, Pakistan’s Minister for Maritime Affairs, announced that Danish shipping company Maersk will invest $2 billion in Pakistan’s port and transport infrastructure over the next two years. This major investment is expected to significantly boost Pakistan’s economy and enhance its maritime sector. Sheikh highlighted that the funds would play a crucial role in developing infrastructure and increasing Pakistan’s export potential.
The investment agreement will be formalized through a memorandum of understanding (MoU) between Maersk and Karachi Port Trust, scheduled to be signed during Sheikh’s visit. This move underscores Karachi’s potential as a major export hub and aligns with the government’s efforts to foster a business-friendly environment.
To support this development, the Pakistani government has removed sales tax on processing plants, fishery seeds, and feed within the maritime sector. Additionally, land will be allocated for constructing processing plants to further enhance maritime exports.
The investment by Maersk is seen as a testament to the progress in Pakistan’s maritime and transport sectors, reflecting the efforts of the Special Investment Facilitation Council (SIFC). Established in June of the previous year, SIFC aims to boost foreign investments with representation from both civil and military sectors. The recent formation of a cabinet committee under Prime Minister Shehbaz Sharif’s leadership further demonstrates the government’s commitment to facilitating and promoting investment.