The Danish shipping giant Maersk has announced a $2 billion investment in the country's port and transport infrastructure over the next two years.
The announcement was made by Minister for Maritime Affairs Qaiser Ahmed Sheikh on Saturday, ahead of his official visit to Denmark.
The minister, speaking to the state broadcaster PTV News, emphasised the importance of this investment, stating that it would play a crucial role in strengthening Pakistan's economy.
"This significant investment will contribute to the development of infrastructure, which is essential for enhancing our export capabilities and overall economic growth," said Sheikh.
The forthcoming visit to Denmark is expected to culminate in the signing of a memorandum of understanding (MoU) between Maersk and the Karachi Port Trust, formalising the company's commitment to the investment.
The minister highlighted Karachi's potential as a key hub for exports, noting that the Ministry of Maritime Affairs is actively working to create a conducive environment for the business community to fully leverage this potential.
In addition to the investment, the government has introduced several measures to support the maritime sector. Sheikh mentioned the removal of sales tax on processing plants, fishery seeds, and feed within the sector, aimed at fostering growth.
Moreover, land will be allocated for the construction of processing plants to boost maritime exports further.
"This investment initiative by Maersk is a testament to the progress we are making in our maritime and transport sectors," Sheikh added, attributing the success to the efforts of the Special Investment Facilitation Council (SIFC).
The SIFC, a high-powered government body established in June last year, has been instrumental in attracting foreign investments. It includes representatives from both civil and military leadership, including the Prime Minister and the Chief of Army Staff.
In May 2024, Prime Minister Shehbaz Sharif further reinforced the council's mandate by establishing a cabinet committee under his chairmanship, comprising 12 members, including six regular and six co-opted members.
