Hutchison Port makes fresh $240m investment in Pakistan

Published: October 15, 2019
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Capital injection will lead to increase in container terminal capacity at port. PHOTO: FILE

Capital injection will lead to increase in container terminal capacity at port. PHOTO: FILE

ISLAMABAD: Prime Minister Imran Khan has welcomed $240 million worth of investment by Hong Kong-based port operator, Hutchison Port Holdings.

The matter came up for discussion in a meeting between a delegation of Hutchison Port Holdings, led by its Group Managing Director Eric Ip, and PM Imran on Tuesday.

The prime minister welcomed the investment from Hutchison Port Holdings and its commitment to support Pakistan’s economic prosperity. He reiterated the government’s commitment to focus on facilitating investment and ease of doing business, which would lead to economic growth and employment generation in the country.

Ambassador at Large for Foreign Investment Ali Jehangir Siddiqui, who was present in the meeting, stated that as a result of a fairly priced currency, Pakistan’s exports in terms of volumes were increasing and that necessitated the provision of additional container terminal capacity.

“This investment will support our export competitiveness and also result in greater revenue for both the federal exchequer and Karachi Port Trust,” he said.

Eric Ip apprised the prime minister of Hutchison Port Holdings’ fresh investment in Pakistan of approximately $240 million, which would make available a significant amount of new container terminal capacity at Karachi Port and raise Hutchison Ports’ total investment in Pakistan to $1 billion.

The investment would help take the number of Hutchison employees in the country to 3,000, he said.

The PM was also briefed on the development of Hutchison Port Holdings, its parent company CK Hutchison Holdings and the group’s commitment to play a pivotal role in facilitating economic growth in Pakistan as well as supporting the development of Karachi Port into a major hub for trade in Asia.

Hutchison Port Holdings is one of the world’s largest port companies with over 30,000 employees and operates 52 ports and terminals in 27 countries spanning Asia, the Middle East, Africa, Europe, the Americas and Australia. The company is headquartered in Hong Kong.

The delegation of Hutchison Ports included Andy Tsoi, Managing Director Middle East and Africa, Eric Ng, Business Director Middle East and Africa and leadership of the company’s Pakistan management.

Minister for Maritime Affairs Syed Ali Haider Zaidi, Adviser to Prime Minister on Commerce Abdul Razak Dawood, Special Assistant to PM Syed Zulfiqar Abbas Bukhari, Board of Investment Chairman Zubair Haider Gilani and other senior officials were present in the meeting.

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