Islamabad, Aug 17: This month, Qaiser Ahmed Sheikh, Pakistan’s minister of maritime affairs, will travel to Denmark to sign a memorandum of understanding between the Karachi Port Trust (KPT) and the Danish shipping corporation Maersk.
This development follows the CEO of Maersk’s previous visit to Pakistan, where he met with officials to discuss potential business ventures in the marine industry. Maersk has declared that for the following two years, it will invest $2 billion in Pakistan’s port and transportation infrastructure. It is anticipated that this investment would help the nation’s economy and infrastructure grow.
According to the Pakistani minister, Karachi has a large export potential, and his ministry is helping the business community in this area by creating a welcoming climate. Currently, Maersk holds a 20% market share in containerized import-export operations in Pakistan.
Furthermore, Pakistan has inked a government-to-government agreement with the Abu Dhabi Ports Group, which will invest approximately $395 million to establish a container and freight facility.
