KARACHI: Federal Minister for Maritime Affairs, Qaiser Ahmed Sheikh has announced that Russia and Central Asian countries are keen to use Pakistani ports for trade, as major global shipping companies invest in Pakistan, transforming it into a key regional trade hub.
Speaking at a press conference, the minister highlighted significant progress made by Central Asian countries over the last decade. However, due to the lack of their own ports, they are exploring options to export goods via Pakistan.
Sheikh revealed that institutions under the Ministry of Maritime Affairs posted a profit of Rs90 billion last year, a 25% increase compared to the previous year. He expressed optimism about further growth in the coming financial year.
“Pakistan has become a gateway for maritime trade, with 95% of the country’s imports and exports handled through Karachi Port and Port Qasim,” he said. Sheikh added that cheap goods and commodities from Central Asia could be exported through Pakistan, attracting the interest of major global companies in investing in the country.
The minister shared that during the Pakistan Muslim League-Nawaz government’s tenure, Karachi Port’s profit increased from Rs2 billion to Rs10 billion, while Port Qasim’s profit surged to Rs40 billion. Efforts are ongoing to enhance these figures further.
Discussing the maritime sector’s role in the economy, Sheikh disclosed that Hutchison Ports had announced a $1 billion investment in Pakistan, while AD Ports plans to invest $330 million over the next three years. He noted that 60% of Pakistan’s imports and exports will be managed through Gwadar Port.
To facilitate Afghan transit trade, the ministry is working on introducing insurance guarantees instead of bank guarantees. Plans are also underway to deepen Gwadar Port to 14.5 meters, strengthen security, and mandate 60% of public sector imports through the port.
Sheikh revealed that the ministry had proposed relocating Chinese industries to the Gwadar Free Zone to avoid U.S. tariffs, a move expected to benefit both countries.
On international cooperation, he cited a $2 billion agreement with Denmark and increased exports of Pakistani fishery products to the European Union and the United States. Additionally, Pakistan has enhanced shipbreaking standards by signing the Hong Kong Convention and implemented reforms in the Karachi Dock Labor Board.
Sheikh also highlighted ongoing efforts to develop Pakistan’s first classification society, integrate maritime operations with the Pakistan Single Window system, and formulate national maritime and shipping policies. The Pakistan National Shipping Corporation is in the process of acquiring four new ships to reduce freight costs.
He underscored the importance of the maritime sector as a driver of national development and stability, emphasizing its critical role in Pakistan’s sovereignty and economic progress.
