The Pakistani Maritime Affairs Minister, Faisal Sabzwari, has announced that the country is close to securing a groundbreaking investment of $500 million from Gulf nations. This significant economic boost is part of an upcoming comprehensive agreement that is in its final stages of preparation. To facilitate this significant investment, an intergovernmental agreement policy will be submitted to the law ministry soon.
In order to facilitate this investment, an intergovernmental agreement policy is going to be forwarded to the law ministry on 29th May. This will provide for the flow of direct foreign investment in Pakistan.
As affirmed by Mr Sabzwari at the Korangi Association of Trade and Industry (KATI), collaborative efforts have been exchanged between Pakistan and the UAE under a government-to-government (G2G) agreement. The emphasis lies on advancing the maritime sector through three key projects, with a special focus on the development of bulk terminals. These terminals are expected to significantly enhance trade and foster economic growth. He also added that preparations are underway to create industrial parks spanning 1,250 acres in Port Qasim, Pakistan, with the aim of providing facilities for foreign investors. These parks are part of a larger initiative to attract international businesses and promote industrial growth in the region.
Although the implementation of digitalization is still pending, Minister Sabzwari reassured the stakeholders that there have been no tariff increases at the port. However, there have been certain limitations imposed on leases. In order to streamline operations, consultations were conducted with container operators to address demurrage charges and penalties. Similarly, all penalties associated with the Karachi port have also been discharged.
In order to promote tourism, a beach wall at the Karachi Fish Harbour is going to be constructed. Also, a laboratory for marine fisheries is a part of this plan.
Abundant as the gulf investments are, earlier in 2022, at the Sher-i-Kashmir International Convention Centre, the CEO of Emirates International Investment Group, Abdulla Mohammad Yousuf Abdulla Alshaibani said, “There is a big opportunity to invest in Jammu and Kashmir for the visiting delegation”. Accordingly, Kashmir is set to receive its inaugural foreign investment as Dubai’s Emaar Group plans to construct a shopping and office complex worth $60 million. This project marks the first instance of foreign investment in the region, aiming to boost economic development and infrastructure in Indian Kashmir.
The outcomes of these gulf investments in South Asian countries is something to truly look forward to.
