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- July 8, 2024
- Kainat Shakeel
- 0
When Prime Minister Shehbaz Sharif arrived in Karachi on Sunday for a day-long visit to assess port operations, he stated that the country could increase its foreign exchange reserves by having accessible and sophisticated seaports. In a statement released by the Prime Minister’s Office, the prime minister emphasized Pakistan’s “key importance in the region” and said that, during his visit to Kazakhstan, leaders of the Central Asian States (CAS) had expressed a “deep interest” in using the country’s ports for trade.
He declared, “With modern port systems and improved access to them, Pakistan can earn billions of dollars in foreign exchange.” He also promised to upgrade Karachi’s current ports to boost exports from the value-added sector. “At Port Qasim and Karachi Port, steps should be taken to reduce the customs clearance time by installing modern equipment and machinery,” the statement said.
The prime minister also emphasized that there should be “uninterrupted delivery of goods” from Karachi Port, which is why the Lyari Expressway “should be kept open for cargo traffic 24 hours a day.” “The prime minister has directed that the fees for LNG ships at Port Qasim be reduced and fixed by prevailing rates at the international level,” the statement stated, adding that a complete action plan for the regulation of shipping regulations should be drafted and submitted soon.
In addition, the statement stated that the Pakistan National Shipping Corporation (PNSC) had been given instructions by the prime minister to “formulate and present a comprehensive plan to reduce its cost and make its operations effective.” The PMO stated that the government’s top priorities were “development of the private sector in the country, ease of doing business, and convenience for investors.” The visit comes after Prime Minister Shehbaz, who was in Tajikistan last week for a two-day official visit, asked the country to “avail the facilities of Pakistani seaports” for transit commerce.
“The prime minister offered Tajikistan the chance to utilize the facilities of Pakistani seaports and informed the Tajik president about the operationalization of Gwadar seaport,” the two nations stated in a joint statement. “The most effective, economical, and short route for Central Asian nations, including Tajikistan, to the markets in the Middle East and beyond is provided by Pakistani seaports,” reads.
Industry executives expressed concern about the PM’s resolve during his first visit to Karachi in April since taking office earlier this year, citing the current state of affairs as “almost impossible” to conduct business, especially in light of rising energy prices and erratic government policies. During a one-hour meeting at the CM House, the business community in Karachi posed challenging questions to the PM, praising his “determination,” but advising him to concentrate on establishing political stability to “turn around” the economy.
He described the gathering as an effort to hear from the “brilliant minds of business, absorb what they say, and put it into action” to create a complete plan for economic growth.