Prime Minister Shehbaz Sharif on Monday chaired a high-level meeting focused on reforms in Pakistan’s maritime sector, underscoring the government's commitment to reviving port operations, improving trade efficiency, and reducing energy costs for the public.

During the meeting, PM Shehbaz highlighted the recent success of the energy sector task force, which has enabled a reduction in electricity prices. He added that a similar task force has now been established to address stagnation in the maritime economy — an area rich with untapped potential.

“Allah Almighty has blessed Pakistan with a long coastline and vast marine resources,” the PM said. “We must leverage these assets to connect with global trade routes and drive economic growth.”

Reforms in maritime sector underway

The premier emphasized the need to reform trade tariffs to bring Pakistan’s ports up to international competitive standards. He directed officials to accelerate customs clearance processes and reduce the duration of container stay at the ports.

“The customs process must be streamlined on the model of the green channel,” he said. “A strategy should also be developed to shorten clearance times in the red and yellow channels. The development of the global economy is linked to maritime resources and access to them."

The PM also instructed authorities to expedite the auction of containers held at ports and fast-track the installation of modern scanners at all key locations.

Power sector relief and petroleum prices

PM Shehbaz also addressed recent developments in the power sector, saying that the reduction in electricity prices was made possible through collective national efforts.

“We’ve worked tirelessly to bring down electricity costs and are continuing reforms to provide even more relief to the people,” he said.

He expressed hope that further reductions will be possible in the coming months and stressed the importance of capitalizing on the decline in global oil prices.

“We have already passed on the benefit of reduced petroleum prices to the public,” he noted, adding that new options regarding fuel pricing would be announced soon.

Macroeconomic stability

Shehbaz Sharif reiterated that Pakistan’s economy has begun to stabilise at the macro level, attributing this progress to strategic reforms and prudent policy decisions.

“It is now time to transform this macroeconomic stability into real benefits for industries, businesses, and the common man,” he concluded.