Pakistan’s maritime sector is poised for a major uplift as Danish shipping giant Maersk announces a $2 billion investment in the country’s port and transport infrastructure.
This investment is expected to significantly enhance Pakistan’s export capabilities and stimulate economic growth.
The announcement comes ahead of important discussions between Pakistani officials and Maersk representatives during an upcoming visit to Denmark.
Maersk’s $2 billion commitment to Pakistan’s port and transport infrastructure over the next two years was revealed by Minister for Maritime Affairs, Qaiser Ahmed Sheikh, on Saturday, just before his official trip to Denmark.
In an interview with state broadcaster PTV News, Sheikh underscored the importance of this investment, emphasizing its role in strengthening Pakistan’s economy.
“This substantial investment will help develop the infrastructure needed to boost our export potential and overall economic growth,” he stated.
During the minister’s visit to Denmark, a memorandum of understanding (MoU) is expected to be signed between Maersk and the Karachi Port Trust, formalizing the company’s investment commitment.
Sheikh also pointed out Karachi’s potential as a key export hub, noting that the Ministry of Maritime Affairs is working to create a supportive environment for businesses to fully utilize this potential.
In addition to the investment, the government has introduced various initiatives to support the maritime sector.
These include the removal of sales tax on processing plants, fishery seeds, and feed, as well as allocating land for processing plants to further boost maritime exports.
“This investment from Maersk is a testament to the progress we are making in our maritime and transport sectors,” Sheikh added, crediting the Special Investment Facilitation Council (SIFC) for attracting foreign investments.
The SIFC, established in June last year, includes both civil and military leadership, including the Prime Minister and Chief of Army Staff.
In May 2024, Prime Minister Shehbaz Sharif strengthened the council’s mandate by forming a cabinet committee under his chairmanship, consisting of 12 members, including regular and co-opted members.