Major Boost for Pakistan’s Economy, Promising Billions of Dollars in Maritime Investments
ISLAMABAD: A significant development for the Pakistani economy, the way has been paved for massive investments in the range of $6 billion to $9 billion in the maritime sector, putting Pakistan at the centre of global investments in the changing dynamics of shipping in the Gulf region.Federal Minister for Maritime Affairs Junaid Anwar Chaudhry said that Pakistan has attracted investments worth $6 to $9 billion for large-scale investments in maritime infrastructure projects.
The proposed projects are cargo terminals, liquefied natural gas (LNG), oil and container terminals.Strategic geographical location and National ports Master plan, he said that being in a strategic location, Pakistan will not be used as a transit point but will be made a permanent regional maritime hub. In the past financial year, Pakistan’s profits have valued to around $396 million with its geographical advantage in the maritime industry.Junaid Anwar Chaudhry said that in the current stage, bunkering facilities, off-dock terminals and other transshipment capacities were being built as per the National Ports Master Plan.
The goal is not just to raise the percentage of the GDP but to make the maritime sector a significant contributor to foreign exchange, industrial development and jobs,” he continued.In his words, the government has fixed its ambitious goal of turning Pakistan’s maritime economy into $100 billion by the year 2047.In this regard, the Federal Minister for Maritime Affairs has mentioned that the government has set $100 billion as a target for the development of the Pakistani maritime sector by the year 2047.Economic and trade specialists say that the investments and modernisation of infrastructure in the maritime field are directing Pakistan on a path towards becoming a powerful hub for global trade, stable economic development and better regional connectivity.