$2b investment deal with Maersk on cards

Federal Minister for Maritime Affairs Qaiser Ahmed Sheikh has announced that he will leave for Denmark this month to sign an MoU with Maersk, a renowned European shipping giant, which intends to invest $2 billion.

"Maersk will start investing from October 2024 in numerous areas including infrastructure, terminals, warehousing, shipbreaking, etc, which will make Karachi a transshipment hub," he said while delivering a speech at the closing ceremony of the 19th My Karachi exhibition at the Karachi Expo Centre.

He said, "Karachi is undoubtedly the hub of Pakistan, which holds excellent potential to enhance exports. The maritime affairs ministry is making all-out efforts to create an enabling environment but the business community will also have to come forward."

"To encourage investment in the maritime sector, the government has withdrawn sales tax on processing plants, fishery seeds and feed in this year's budget. We are ready to provide land where businessmen can establish processing plants for marine exports," he said.