Federal Minister for Maritime Affairs Kaisar Ahmed Sheikh Says Foreign Investment in Pakistani Ports Increasing

Karachi:Federal Minister for Maritime Affairs, Kaisar Ahmed Sheikh, has stated that foreign investment in Pakistan’s ports is on the rise, as Pakistani ports serve as the only gateway to Central Asia.

During a media talk after congratulating the newly elected officials of Karachi Press Club, the Minister highlighted that Maersk Line is investing $2 billion, and companies like Abu Dhabi Ports and Dubai World are planning further investments.

He mentioned that Maersk Line has proposed improving the infrastructure around the ports, and green technology will be used for ship breaking in collaboration with Denmark.

Sheikh emphasized that with regional trade not improving with Iran, Afghanistan, and India, 90% of the country’s trade is dependent on maritime routes.

The Federal Minister also stated that Karachi Port Trust earned a profit of Rs 2 billion in 2023, and this profit has increased to Rs 10 billion in 2024. Port Qasim has also earned Rs 42 billion in profit during the same year.

He pointed out that the losses of state-owned enterprises have surpassed Rs 6,000 billion over the last five years. He stressed that without eliminating the losses of these institutions, Pakistan cannot move forward. Sheikh also remarked that while most countries in Asia are progressing, Pakistan remains an exception.

The Minister noted that 40% of Pakistanis are living below the poverty line. He mentioned that the Ministry of Maritime Affairs has set a target of increasing annual profit from its ports by 20%.

Kaisar Sheikh also highlighted that China holds 90% of the investment in Gwadar, and the government has made a final decision that 60% of public sector imports will pass through Gwadar. Improving the law and order situation in Gwadar will also encourage shipping companies to operate in the region. He acknowledged that political parties have created obstacles to the country’s development.