Pakistan Announces $2 Billion Investment from Maersk in Pakistan’s Maritime Infrastructure

Islamabad, The Gulf Observer: According to the NHC, Ahead of his upcoming visit to Denmark, Minister for Maritime Affairs Qaiser Ahmed Sheikh announced on Saturday that Danish shipping giant Maersk will invest $2 billion in Pakistan’s port and transport infrastructure over the next two years.

In a statement to state broadcaster PTV News, Minister Sheikh highlighted that this substantial investment will significantly enhance Pakistan’s infrastructure and play a crucial role in boosting the country’s economy. He emphasized the positive impact of the investment on the development of Pakistan’s maritime and transport sectors.

The minister is scheduled to visit Denmark later this month to formalize the investment plans by signing a memorandum of understanding (MoU) between Maersk and Karachi Port Trust. This agreement will solidify the investment and its anticipated benefits.

Minister Sheikh further noted that Karachi has considerable potential to increase its exports, and the Ministry of Maritime Affairs is working to create a supportive environment for the business community to exploit this potential. The government has also taken steps to encourage growth in the maritime sector by removing sales tax on processing plants, fishery seeds, and feed, and by providing land for the construction of processing plants to boost maritime exports.

This significant investment by Maersk is seen as a reflection of progress in Pakistan’s maritime and transport sectors, as well as in the overall economy. The minister attributed the success of this investment initiative to the efforts of the Special Investment Facilitation Council (SIFC), a high-powered government body established in June of the previous year to promote foreign investments.

The SIFC, which includes both civil and military representatives, including the prime minister and the chief of army staff, has been instrumental in facilitating foreign investments. In May 2024, Prime Minister Shehbaz Sharif established a cabinet committee on the SIFC under his chairmanship, comprising twelve members—six regular and six co-opted members—to further streamline investment processes.