Pakistan scouts for foreign investment in maritime

Federal Minister for Maritime Affairs Qaiser Ahmed Shaikh on Saturday chaired a meeting with representatives of Malaysian companies, including Felda Global Ventures and KLK Malaysia, as well as the Pakistani Westbury Group to discuss foreign investment in the maritime sector.

According to a statement issued by the Ministry of Maritime Affairs, the Malaysian companies expressed their commitment to expanding business operations through Pakistani ports.

All companies were already engaged with Pakistani ports, the Malaysian companies said and reaffirmed their commitment to widening operations through those ports.

The meeting with Malaysian companies comes in the backdrop of a three-day visit of Malaysian Prime Minister Anwar Ibrahim to Pakistan, during which the two sides discussed cooperation in a host of areas including tourism, agriculture and defence.

Qaiser Ahmed Shaikh assured Malaysian firms that Pakistan would extend full cooperation to all foreign investors, including those from Malaysia.

He said that the Port Qasim Authority, Karachi Port Trust and other organisations working under the Ministry of Maritime Affairs were actively addressing the concerns of importers and exporters. The minister emphasised that his office was always open to investors and if foreign investors faced any hurdles, they could directly approach him.

He pointed out that in the current week a memorandum of understanding (MoU) was signed with the Danish government, under which Maersk shipping company would invest $2 billion in Pakistan's maritime sector.

"This is a proof that foreign investors are showing confidence in Pakistan's economy," the minister remarked. He said that the success of China-Pakistan Economic Corridor (CPEC) also hinged on the performance of ports, adding that the upgrading of all ports including Gwadar Port and Karachi Port was in progress.