'Maritime sector sailing on a rising tide'

Qaisar Sheikh points to oceans of opportunity after large investments

ISLAMABAD:

Maritime Affairs Minister Qaisar Sheikh said on Thursday that Pakistan's maritime sector recorded a profit of Rs90 billion in the last fiscal year due to strategic initiatives and investments aimed at transforming the country into a regional hub.

Addressing a news conference, the minister stated that the key achievements of his ministry in the year included improvement in the global ranking of the Karachi Port Trust, which jumped from 84th place to 61st, signalling a boost in the operational efficiency.

He said the biggest international companies were showing interest in investing in Pakistan. "Abu Dhabi Ports will invest $330 million over the next three years, and global shipping company Hutchison Ports has agreed to invest $1 billion," he said.

Besides, the minister stated, a $2 billion investment agreement in the maritime sector had been signed with Denmark. Through this memorandum of understanding (MoU), he added, investment would be made in infrastructure around ports for quick consignment movements.

"The world's big companies are interested in investing in Pakistan, because from here they can transport their goods to Central Asian States easily. Interest in our ports has increased among these companies," he said. He added that the US had extended the export of fisheries from Pakistan for two years.

According to the minister, the share of maritime earnings at the international level was almost 8% of the gross domestic products (GDP), but Pakistan's maritime earnings were just "0.5% of our GDP". He added that the Pakistan National Shipping Corporation (PNSC) would soon buy new ships.

The minister highlighted the improvements in the ports, saying that now larger vessels were docking here. "Previously, ships carried around 4,000 to 5,000 containers; however, vessels with capacities of 20,000 to 22,000 containers are now arriving," he said.

"This shift has led to a reduction in global freight costs and significantly increased activity at nearby ports," he added. He also highlighted the ongoing improvements at Gwadar port's dredging system, aimed at enhancing the port's efficiency.

About water pollution, the minister said it was a critical environmental issue as most of the untreated sewage waste was being discharged directly into the sea, which only degraded the marine ecosystem but also endangered marine life.

In the regard, the maritime affairs minister underscored the important role of the Sindh government in countering this practice. He said that the performance of the Marine Pollution Control Board was much better than before.