Maersk investment to boost economy

Minister for Maritime Affairs Qaiser Ahmed Sheikh on Saturday said that Danish shipping company Maersk would invest $2 billion in Pakistan's port and transport infrastructure over the next two years.

Talking to PTV News, the minister stated that the significant investment would contribute to the development of infrastructure and would play a vital role in boosting Pakistan's economy.

He said that the investment was coming as a result of efforts made by the Special Investment Facilitation Council (SIFC).

The minister is scheduled to visit Denmark this month to witness the signing of a memorandum of understanding between Maersk and Karachi Port Trust, formalising investment plans.

He stressed that Karachi had the potential to increase exports and the Ministry of Maritime Affairs was creating an enabling environment for the business community to tap into the potential.

He noted that the government had removed sales tax on processing plants, fishery seeds and feed within the maritime sector to encourage growth. Additionally, land will be provided for the construction of processing plants to boost maritime exports.

The minister said that Maersk investment initiative reflected progress in Pakistan's maritime and transport sectors and the overall economy.