Government Admits Losses to Maritime Sector, Projects Aggressive Growth Plans
Yesterday, the federal government admitted that Pakistan’s maritime sector experienced severe financial losses worth billions of rupees during the last year. Attending the National Maritime Policy Workshop in Islamabad, Qaiser Ahmed Shaikh, Federal Minister for Maritime Affairs, reiterated the significant role that Pakistan’s maritime sector could play in the country’s economic growth.
Major Areas for Economic Growth
The minister emphasized that the expansion of maritime trade is essential for sustainable economic growth. He pointed towards the expertise teams operating at main ports, such as Karachi Port Trust (KPT) and Port Qasim, striving diligently to build the maritime economy.
Losses and Future Growth Goals
Though the maritime industry incurred heavy losses in the previous year, the government has a target in place to realize Rs. 100 billion in profits this year. The minister asserted that this target will be met and revealed proposals to raise the country’s export target to $60 billion over four years from the current $32 billion.
Port Capacity and Trade Potential
Despite the vast potential, Pakistan’s ports are operating at only 50% of their capacity. With the current import-export volume at $90 billion, the government projects that it could double within the next four years, contributing greatly to Pakistan’s economy.
Central Asian Trade Opportunities
Central Asian countries, as they lack seaports, heavily depend on the ports of Pakistan for trade. Shaikh, the Minister, added that Prime Minister Shehbaz Sharif is presently visiting Central Asia to further widen these trade ties.
Modernizing Ports to Become Globally Competitive
The minister also spoke of the immediate necessity of increasing port capacity in Pakistan and how ports, instead of receiving a few containers, should be able to receive ships with up to 20,000 containers.
Investment in Fisheries and Gwadar Port
Pakistan is also drawing international maritime firms and investors. The government is also working to increase the fisheries industry, which now earns $400 million in seafood exports. New investments are being directed to enhance facilities such as the Korangi Fish Harbor and to construct new auction halls.
Moreover, 60% of all imports and exports will be diverted through the Gwador Port by the government. Gwadar had to be given world-class amenities by upgrading it, Shaikh emphasized, to create a modern and fully functional deep-sea port.
A Bright Future for Pakistan’s Maritime Industry
The minister asserted that the National Maritime Policy Workshop will prove to be crucial in driving the industry forward and promoting business development. The minister ensured that the government is presently actively engaging in policy formulation and initiatives that will make Pakistan’s maritime sector robust, which will result in an even better economic future.
