HONG KONG: Federal Minister for Maritime Affairs, Qaiser Ahmed Sheikh, addressed the Global Maritime Trade Summit in Hong Kong, emphasizing the vital role of the shipping industry in global trade and highlighting Pakistan’s strategic importance in the sector.

According to Press Information Department, the Federal Minister reported that 90% of global trade occurs via shipping and noted significant enhancements at Pakistan’s ports, which have attracted investments from major companies such as Maersk Line and Mediterranean Shipping Company. He urged further international investment, citing Pakistan’s advantageous geographical location for access to China, Central Asia, and the Middle East.

In his address, Qaiser Ahmed Sheikh pointed out that although Pakistan’s ports at Port Qasim and Gwadar have substantial handling capacity, current usage is below potential compared to busier regional ports like Dubai and Salalah. He detailed ongoing developments at Gwadar Port, with government directives aiming to make it a key trade route for regional ties, particularly with China and Russia. The Minister also outlined Pakistan’s commitment to environmental standards in the maritime sector, aligning with the International Maritime Organization’s guidelines and transitioning towards carbon-free shipping.

Sheikh announced Pakistan’s recent signing of the Hong Kong Convention and shared plans for a new maritime policy, set to launch soon, which will offer tax incentives to foreign investors. The policy aims to enhance investment opportunities while promoting green energy initiatives within the shipping industry.