ISLAMABAD: Pakistan expects commercial activity worth around $3 billion to benefit from reduced maritime insurance costs following the country’s removal from the Joint War Committee’s list, Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry said on Wednesday.
Addressing a symposium titled Pakistan’s Maritime Future: Maritime Security, Ocean Governance and Blue Economy at Bahria University, the minister stressed that secure sea routes were essential for economic stability amid rising regional tensions.
The event was organised by the National Institute of Maritime Affairs (NIMA) in collaboration with Bahria University and brought together policymakers, academics and maritime officials to discuss regional security, ocean governance, emerging technologies and investment opportunities.
Junaid Chaudhry said the Ministry of Maritime Affairs was working to improve port efficiency, expand Pakistan’s merchant fleet, facilitate trade and attract investment in the maritime sector.
According to the minister, Karachi Port Trust (KPT) had handled more than 2,000 ship movements. The ministry had also introduced reforms in port charges and auction procedures while facilitating refrigerated cargo and accelerating clearance processes.
He said Pakistan’s removal from the Joint War Committee’s list could help reduce additional insurance premiums associated with maritime risks, potentially lowering costs for shipping and commercial activities.
Major investments planned for maritime sector
The minister highlighted several proposed investments aimed at expanding Pakistan’s industrial and maritime infrastructure.
These include a steel project worth approximately $680 million at Port Qasim, an integrated maritime industrial complex valued at more than $1.4 billion and a multipurpose terminal project estimated at around $350 million.
The government is also working to expand the Pakistan National Shipping Corporation’s fleet, promote shrimp farming and strengthen the fisheries value chain.
Earlier, Ambassador Sardar Masood Khan delivered the keynote address on great-power competition and changing dynamics in the maritime domain.
Dr Zafar Nawaz Jaspal, acting vice chancellor of Quaid-i-Azam University, discussed strategic developments in the Indian Ocean and their implications for the regional maritime order.
Dr Mustafa Bakara, chief executive officer of Türkiye’s DEHUKAM, addressed the symposium online, focusing on evolving ocean governance frameworks and their implications for maritime interests.
Rear Admiral (retd) Shahid Ahmed, chairman of Karachi Port Trust, examined whether Pakistan’s ports could sustain their growth beyond periods of crisis.
The discussions highlighted the importance of maritime security, efficient ports and investment in shipping and fisheries to Pakistan’s long-term economic development.
