PM Shehbaz highlights potential of modern, accessible seaports to generate billions in revenue

news-details

Islamabad: 7 July 2024: Prime Minister Shehbaz Sharif emphasized the potential of modern and accessible seaports to bolster Pakistan's foreign exchange reserves during his visit to Karachi on Sunday. According to a statement from the Prime Minister’s Office, he highlighted that leaders from Central Asian States had shown keen interest in utilizing Pakistan’s ports for trade, underscoring the country’s strategic significance in the region.

Sharif proposed that enhancing port infrastructure and efficiency could potentially generate billions in foreign exchange revenue. He pledged to boost exports through value addition industries by upgrading Karachi’s existing ports. The Prime Minister also called for reducing customs clearance times by deploying state-of-the-art equipment at Port Qasim and Karachi Port.

Furthermore, Sharif stressed the uninterrupted flow of goods from Karachi Port, advocating for the Lyari Expressway to remain open round-the-clock for cargo traffic. He instructed the formulation of a comprehensive action plan to streamline shipping regulations, emphasizing the need to adjust LNG ship fees at Port Qasim in line with international standards.

Additionally, the Prime Minister directed the Pakistan National Shipping Corporation (PNSC) to develop a detailed plan to enhance cost efficiency and operational effectiveness. The statement affirmed the government's commitment to promoting private sector development, improving the ease of doing business, and facilitating investors.

PM Shehbaz’s visit followed his invitation to Tajikistan to utilize Pakistani seaports for transit trade during his recent trip to the Central Asian nation. This initiative aims to position Pakistan’s ports as optimal routes for Central Asian countries to access Middle Eastern and global markets efficiently.

 

 

  • Share

You can share this post!