Insurance costs for maritime trade to fall

Removal from War Committee's list aids commercial activity worth $3b

ISLAMABAD:

Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry on Wednesday said secure sea routes were vital for economic stability amid rising regional tensions.

He was addressing a symposium titled "Pakistan's Maritime Future: Maritime Security, Ocean Governance and Blue Economy", organised by the National Institute of Maritime Affairs. The event brought together policymakers, academics and maritime officials to examine regional challenges, the evolving maritime order, emerging technologies, ocean governance and opportunities for ports and shipping sector to contribute to national security and economic growth.

Chaudhry said the Ministry of Maritime Affairs was working to improve port efficiency, expand the national merchant fleet, facilitate trade and attract investment. The Karachi Port Trust (KPT) handled more than 2,000 ship movements, while the ministry introduced reforms in port charges and auction procedures as well as took measures to facilitate refrigerated cargo and expedite clearance, he said.

The minister pointed out that Pakistan's removal from the Joint War Committee's list could help reduce additional insurance costs for maritime trade. "The move is expected to benefit commercial activity worth around $3 billion."

He also highlighted proposed investments, including a steel project worth about $680 million at Port Qasim, an integrated maritime industrial complex valuing at $1.4 billion and a multipurpose terminal estimated at around $350 million. He said the government was also working to expand Pakistan National Shipping Corporation's fleet, promote shrimp farming and strengthen the fisheries value chain.