Pakistan is in active negotiations with Gulf countries, particularly Abu Dhabi, for a $500 million contract to finance port projects, according to the minister of maritime affairs, Faisal Sabzwari.
During a gathering hosted by the Korangi Association of Trade and Industry (KATI), Sabzwari made this declaration.
He said, “Through a government-to-government (G2G) deal, we are currently having conversations with the United Arab Emirates.
Three projects, including Bulk Terminals, are making progress.
Port Projects
Sabzwari revealed the establishment of 1,250 acres of industrial parks in Port Qasim, which will offer facilities to foreign investors interested in these parks.
Additionally, he stated that the port has not increased tariff charges, digitalization has not been implemented yet, lease restrictions have been enforced, and the Karachi Port Trust (KPT) has obtained a $102 million loan from the World Bank, significantly reducing its financial resources.
“Terminal charges increased from 60 cents to 80 cents, resulting in a marginal increase of only 1.5 percent in the cost of production for industrialists,” he stated.
According to the minister, extensive consultations with all interested parties, including container operators, led to the decrease of demurrage fees and other penalties at the port. Karachi Port has successfully abolished all penalties as a result.
According to Sabzwari
According to Sabzwari, the nation just updated its antiquated, century-old shipping policy to comply with contemporary demands.
Additionally, the minister has presented the updated policy to the assembly for approval and forwarded it to the Law Ministry for review.
The minister announced the addition of a ship intended exclusively for carrying edible oil to the Karachi port’s fleet in an effort to improve it.
He stated that he wanted KPT to be more visible, with a total of 42 nautical boats.
The minister also announced the approval of plans to construct a beach wall at Karachi Fish Harbour, aimed at enhancing tourism and leisure activities.
Furthermore, he mentioned the completion of preparations for a marine fisheries lab, following the issuance of relevant orders.
