Karachi August 3 2024: Pakistan and Denmark are poised to sign an agreement, with the Minister for Ports and Shipping scheduled to visit Denmark in August for the signing ceremony.
The federal cabinet has approved a government-to-government Memorandum of Understanding (MoU) between the two nations.
The MoU will involve the world’s largest shipping company, Maersk, and the Karachi Port Trust (KPT). Federal Minister for Maritime Affairs, Qaiser Ahmed Sheikh, briefed journalists in Karachi about the developments.
Maersk Shipping Line of Denmark plans to invest USD 2 billion in Pakistan over the next two years. This investment will be directed towards enhancing port infrastructure, terminals, dredging, transshipment, and road construction in Karachi. Additionally, Maersk will construct large warehouses and engage in shipbreaking activities in Pakistan.
During the media briefing, the Federal Minister for Maritime Affairs made another significant announcement: the Pakistan National Shipping Corporation (PNSC) is being considered for inclusion in the privatization list. According to Minister Qaiser Ahmed Sheikh, the PNSC is not a strategic institution and has the potential to generate significantly more revenue than it currently does.
The PNSC is expected to earn a profit of PKR 20 billion this year, as stated by CFO Jarrar Haider Kazmi. Last year, the PNSC’s profit exceeded PKR 30 billion rupees, boosted by the sale of a ship, higher dollar rates, and increased freight rates.
