Proposal to build new shipyards under study
Dar says shipbuilding could contribute to economic development.
Finance Minister Ishaq Dar chairing the meeting in Islamabad on March 20, 2014. PHOTO: PPI
ISLAMABAD:
Minister for Finance Ishaq Dar said on Thursday the shipbuilding industry has a huge potential due to long deep-sea shores of the country.
Chairing a meeting to discuss a proposal for building new shipyards along Pakistan’s coasts, he said in line with the true potential and ideal location, the shipbuilding industry could contribute to national economic development and poverty alleviation.
He said in the last eight months the industrial sector had performed well and it was the vision of the PML-N government to make Pakistan a country that could prosper and develop as per its potential.
He said it was the responsibility of the government to attract investment in key industrial projects like shipyards as major triggers for further industrial growth.
He assured full support of the Ministry of Finance to the Ministry of Defence Production for the projects, which could help generate economic activity and attract foreign expertise and investments.
He stressed the need of training and utilising the human resource, which would contribute to employment opportunities and increased per capita income.
Chairman Ship Building Association Vice Admiral (R) Iftikhar Ahmad Rao gave a presentation on the global shipyard industry and emphasised that nations which realised the importance of their seas benefitted and became great powers.
He said the maritime sector was a prime source of growth, employment and social cohesion in developing countries. According to him, the world GDP grew at an average of 3.6% per annum whereas sea trade grew 4.3% per annum in the last 50 years.
In other words, world’s GDP grew eight times whereas sea trade grew 13 times in the last half century.
He said China started shipbuilding in the 1990s and today it was the global leader with a 41% share, followed by South Korea and Japan with 33% and 20% share respectively.
There are over 1,000 shipyards in China and even India has over 100 shipyards. In comparison, Pakistan has only one shipyard, the Karachi Shipyard and Engineering Works with two small dry docks.
He underlined the deep-sea shores, abundance of labour force and strategic location as Pakistan’s advantages in comparison to other regional countries.
Published in The Express Tribune, March 21st, 2014.
Minister for Finance Ishaq Dar said on Thursday the shipbuilding industry has a huge potential due to long deep-sea shores of the country.
Chairing a meeting to discuss a proposal for building new shipyards along Pakistan’s coasts, he said in line with the true potential and ideal location, the shipbuilding industry could contribute to national economic development and poverty alleviation.
He said in the last eight months the industrial sector had performed well and it was the vision of the PML-N government to make Pakistan a country that could prosper and develop as per its potential.
He said it was the responsibility of the government to attract investment in key industrial projects like shipyards as major triggers for further industrial growth.
He assured full support of the Ministry of Finance to the Ministry of Defence Production for the projects, which could help generate economic activity and attract foreign expertise and investments.
He stressed the need of training and utilising the human resource, which would contribute to employment opportunities and increased per capita income.
Chairman Ship Building Association Vice Admiral (R) Iftikhar Ahmad Rao gave a presentation on the global shipyard industry and emphasised that nations which realised the importance of their seas benefitted and became great powers.
He said the maritime sector was a prime source of growth, employment and social cohesion in developing countries. According to him, the world GDP grew at an average of 3.6% per annum whereas sea trade grew 4.3% per annum in the last 50 years.
In other words, world’s GDP grew eight times whereas sea trade grew 13 times in the last half century.
He said China started shipbuilding in the 1990s and today it was the global leader with a 41% share, followed by South Korea and Japan with 33% and 20% share respectively.
There are over 1,000 shipyards in China and even India has over 100 shipyards. In comparison, Pakistan has only one shipyard, the Karachi Shipyard and Engineering Works with two small dry docks.
He underlined the deep-sea shores, abundance of labour force and strategic location as Pakistan’s advantages in comparison to other regional countries.
Published in The Express Tribune, March 21st, 2014.