Significant Milestone Achieved in Cargo Shipbuilding with IFC Assistance

Islamabad: With the support of the Special Investment Facilitation Council (SIFC), a major milestone has been achieved in the preparation of cargo shipbuilding in Pakistan. The 1100 TEU container ship project has been revived, thanks to the effective efforts of SIFC, with the Pakistan Navy, Karachi Shipyard, and Pakistan National Shipping Corporation (PNSC) as key stakeholders.
After nine months of efforts, the project has been restored, driven by SIFC’s initiatives to create consensus among stakeholders. As part of this project, Karachi Shipyard will locally build its first major commercial vessel in 40 years, capable of simultaneously carrying 1,100 containers of 20-foot length.
In the 1970s, Karachi Shipyard had already made significant contributions in the commercial shipbuilding sector. This $24.75 million contract will provide the opportunity to construct ships at a lower cost compared to international markets.
This project aims to reduce reliance on foreign shipping companies, enhance Pakistan’s economic self-sufficiency, and save foreign exchange. Furthermore, it is expected to strengthen the maritime industry and contribute to the development of the “Blue Economy” in Pakistan.
Through this initiative, SIFC is working to promote the growth of the maritime sector and bolster Pakistan’s position in the global shipping industry.