Monday, June 17, 2024

European Shipping Firm ‘Maersk’ Expected to Invest $2 Billion in Pakistan

On Thursday, Pakistan’s maritime affairs minister announced that the country expects to finalize a $2 billion investment agreement with a European shipping company by October this year. This comes as global interest in Pakistani ports continues to grow.

This announcement followed a recent visit to Pakistan by Keith Svendsen, the Chief Executive Officer of AP Moller–Maersk (Maersk). During his visit, he met with top Pakistani officials to explore potential opportunities in Pakistan’s maritime sector.

In his Thursday statement, Maritime Affairs Minister Qaiser Ahmed Sheikh said that the European company plans to invest in logistics and infrastructure at the Karachi Port Trust (KPT). He mentioned, “A prominent European company has expressed interest in investing $2 billion in the Karachi Port Trust,” but did not reveal the company’s name. “The company is anticipated to finalize the memorandum of understanding by October.”

Sheikh also shared that the European company aims to set up a shipbreaking project in Pakistan. “The company intends to dismantle 750 ships in Pakistan,” he added. “Moreover, the company has committed to providing training opportunities for the youth in Pakistan.”

This investment is seen as a significant boost for Pakistan’s maritime industry, as it will enhance the infrastructure and logistics capabilities at Karachi Port Trust, one of the country’s key ports. The planned shipbreaking project will involve dismantling old ships, which is expected to create jobs and boost the local economy.

Furthermore, the company’s commitment to providing training opportunities for Pakistani youth is a positive development. This will help build a skilled workforce in the maritime sector, offering young people the chance to gain valuable skills and improve their career prospects.

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