PM seeks to position Pakistan as key regional trade corridor

Prime Minister Muhammad Shehbaz Sharif on Tuesday said it was essential to establish Pakistan as a reliable and effective economic corridor for transit trade in the region to ensure development of the national economy.

The prime minister, in a meeting with Robert Maersk, Chairman of the Board of Directors of the global shipping company A P Moller – Maersk, welcomed the global shipping company's investment of $2 billion in the country, a PM Office news release said.

PM Sharif directed the formation of a technical working group to expedite the process of forming a partnership agreement in the maritime sector with the global shipping company. He also directed the authorities concerned to ensure that the memorandums signed with A P Moller – Maersk in the previous year should be transformed into agreements as soon as possible.

The prime minister directed the working group to submit recommendations within a month and added that it was high time to remove all barriers and bring the maritime sector at par with global competitive standards. "The investment in Pakistan by A P Moller Maersk will bring about a large-scale positive change in Pakistan's maritime sector. Pakistan has been blessed with vast maritime resources, and by taking advantage of the potential of this sector, we are trying to use these resources for the betterment of the country," he said.

He underlined that in the recent global scenario, Pakistan's importance as a corridor for trade and transportation in the region has increased. The prime minister invited A P Moller – Maersk to explore more investment opportunities in Pakistan.

Speaking on the occasion, Robert Maersk said the clients of A P Moller – Maersk all over the world have expressed interest in investment and business opportunities in Pakistan. "A P Moller – Maersk's first ship arrived in 1924, and today our relations with Pakistan in the region are stronger than ever. Pakistan plays a key role in the region as an economic corridor for trade with Central Asian countries, which is extremely important for our company," he said.

He expressed his interest in investing in Pakistan's seaports and mentioned that the company was trying to establish a unique hub for sea trade in the region by equipping Pakistan's ports with the latest logistics system and latest technology.

Robert Maersk praised the government's economic policies and called them attractive for investment.

The meeting was attended by Keith Svendsen, DEO of the global shipping company, Danish Ambassador Jakob Linulf, Finance Minister Muhammad Aurangzeb, Federal Minister for Economic Affairs Ahad Khan Cheema, Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry, Advisor to the Prime Minister Syed Tauqir Shah, Special Assistant Tariq Fatemi, and senior officers of relevant institutions.