KARACHI: Federal Minister for Maritime Affairs Qaiser Ahmed Sheikh has announced plans to visit Denmark this month to sign a memorandum of understanding with Maersk, a leading European shipping company, which is set to invest $2 billion.
Sheikh revealed that Maersk will begin its investment in October 2024, focusing on areas such as infrastructure, terminals, warehousing, and shipbreaking, aiming to transform Karachi into a major transshipment hub.
Additionally, he highlighted Karachi’s potential as Pakistan’s key hub for boosting exports and emphasized that while the maritime affairs ministry is working to create a favorable environment, the business community also needs to contribute.
Moreover, to promote investment in the maritime sector, the government has removed sales tax on processing plants, fishery seeds, and feed in this year’s budget. Sheikh also offered to provide land for establishing processing plants dedicated to marine exports.
