KARACHI: Pakistan’s Minister for Maritime Affairs Syed Ali Haider Zaidi told Arab News on Thursday that the government was working on a ferry service that would connect Middle Eastern seaports with Karachi and Gwadar.
The country has long cherished the dream of initiating the service that will link Pakistani ports with Dubai, Oman and Bandar Abbas to facilitate people who want to travel among these destinations by providing them alternate routes.
Pakistan has also encouraged its private sector to invest in this mode of transportation.
“I am trying to start ferry services from Karachi to Gwadar and to Bandar Abbas and Dubai. The work on the ferry service is in process,” Zaidi said while responding to an Arab News query on the sidelines of the 9th Sustainable Shipping, Logistics and Supply Chain Summit and Exhibition.
“We have opened the shipping sector for all, and many foreign investors, including those from the Middle East, have expressed their interest,” Zaidi added.
Pakistan revised and announced its shipping policy on Wednesday, giving incentive to private sector organizations to avail complete tax holidays until 2030 by joining the sector.
“Pakistani flag carriers [owned and registered in Pakistan] will be exempted from customs duty, income, and sales tax until 2030,” Zaidi said while speaking at the summit. “They will enjoy the first berthing rights which otherwise may cost them thousands of dollar as demurrage charges.”
Faced with an enduring balance-of-payments crisis, the government is taking measures to reduce dollar-dominated payments on freight being charged by foreign shipping companies they exert pressure on the country fragile forex reserves.
“Under the renewed shipping policy there is one condition that you will charge freight in Pak rupees since that will help reduce the burden on the country’s foreign exchange reserves. It will be a major achievement if we even reduce $1 billion from $5 billion on account of freight bill we paid last year,” Zaid said.
The minister informed that under the new policy, local companies would even get better incentives than the Pakistan National Shipping Corporation (PNSC), the country’s only shipping company.
“The PNSC would continue to be charged one dollar per gross register tonnage (GRT) and new companies would have to pay $0.75,” he noted.
Zaidi also appreciated the role of the national flag carrier in transporting crude from the Middle East, mainly from Saudi Arabia, since other foreign carriers were reluctant due to the ongoing security concerns in the region.
He clarified that hydrocarbon cargoes imported by government organizations and state-controlled enterprises would still be transported by PNSC vessels.
Work on Ferry service to link Pakistan with UAE in process, Maritime Minister
Work on Ferry service to link Pakistan with UAE in process, Maritime Minister
- PNSC continues to transport crude from middle east, mainly Saudi Arabia, amid reluctance among foreign carriers
- Tax incentives offered to local shipping companies until 2030, Minister says
Pakistan stock market sees 41% rise in investors in 18 months
- Pakistan’s stock market has gained momentum at start of year on broad-based institutional buying
- The rise in the stock market reflects global investors’ confidence in the country, state media says
ISLAMABAD: The Pakistan Stock Exchange has witnessed a 41% increase in the number of investors over the past 18 months, Pakistani state broadcaster reported on Friday.
Pakistani stock market has gained momentum in recent months as broad-based institutional buying across key sectors has reinforced investor confidence even as the country continues to navigate economic reforms under international lending programs.
Around 135,000 new investors have joined the PSX over the last 18 months, the Radio Pakistan broadcaster reported.
“Pakistan’s stock market has emerged as the second-best performing market globally,” the report said. “The rise in the stock market reflects global investors’ confidence in Pakistan’s improved investment environment.”
The development came as the PSX shed a little more than 1,000 points as it closed the weekend session at 184,519 points.
The report said coordinated efforts by Pakistan’s Special Investment Facilitation Council (SIFC) have helped stabilize the country’s economy and investment market, elevating it to prominence at the global level.
“Pakistan’s macroeconomic environment has become an attractive and reliable destination for investment,” it quoted Finance Adviser Khurram Schehzad as saying.
On Wednesday, Pakistani stocks climbed to a fresh all-time high with the benchmark KSE-100 Index crossing the 186,000-point mark for the first time as potential foreign inflows upheld the positive sentiment.
