Federal Minister for Maritime Affairs, Muhammad Junaid Anwar Chaudhry, underscored the pivotal role of Pakistan’s shipping industry in bolstering international trade.

Speaking at a dinner hosted by Aasim A Siddiqui, Managing Director of Pakistan Intermodal Limited (PIL), Chaudhry highlighted the government’s dedication to modernizing maritime infrastructure and enhancing operational capacities across the nation.

The Minister emphasized that over 90% of Pakistan’s trade volume is managed through seaports, with the maritime sector significantly contributing to the nation’s GDP and employment. Karachi Port Trust alone can handle over 125 million tons of cargo annually. In 2023, the shipping sector generated approximately $235 million in revenue, with oil tankers making up 70% of this income.

Chaudhry addressed the financial implications of relying on foreign shipping companies, noting that Pakistan spends an estimated $6-8 billion annually on freight charges. He stressed the potential for substantial savings and growth by expanding local shipping capacities and terminal operations.

The government is actively inviting global shipping companies to invest in Pakistan’s maritime sector, leveraging the country’s strategic location. This includes a fast-track strategy for a $1 billion investment with Hutchison Port Holdings Limited to modernize the Karachi International Container Terminal (KICT) and South Asia Pakistan Terminals Limited (SAPT).

Minister Chaudhry assured industry leaders that their concerns are being addressed through coordination with provincial authorities, including the Chief Minister of Sindh, to ensure cohesive policy implementation.

Aasim A Siddiqui welcomed the Minister”s engagement and expressed optimism that such collaborative forums would accelerate the sector”s growth. He reiterated PIL”s commitment to aligning with the Ministry”s vision by investing in modern fleet capabilities and sustainable practices.

The event concluded with a mutual commitment to continued dialogue and partnership between the government and maritime stakeholders, aiming to propel Pakistan”s maritime economy towards modernity, efficiency, and environmental responsibility.