ISLAMABAD: Pakistan has received concrete investment proposals worth $6-9 billion for maritime projects as it seeks to turn increased shipping traffic amid Strait of Hormuz disruptions into a long-term commercial opportunity, the maritime affairs minister said on Tuesday.
The strategic push comes against the backdrop of shifting trade routes across the Middle East after the US launched a war on Iran on Feb. 28, disrupting global energy supplies through the Strait of Hormuz.
Pakistan’s geographical proximity with the Strait of Hormuz has diverted transshipment trade to the South Asian nation, with its maritime sector generating around Rs110 billion ($396 million) profit in the fiscal year that ended in June.
“Our current maritime investment pipeline stands at approximately US $6-9 billion, covering major projects including multipurpose cargo terminal, sea to steel and maritime industrial complex, LNG (liquefied natural gas) and oil terminals and container terminals,” Maritime Affairs Minister Junaid Anwar Chaudhry told Arab News in an interview, adding they have received investment offers from various countries across the proposed projects.
While geopolitical tensions and pressure on the Strait of Hormuz have forced global shipping companies to reassess regional logistics, the minister said government reforms were designed to outlast temporary crises.
“Our objective is to turn the recent increase in shipping traffic into a long-term commercial advantage, not a temporary gain from the Strait of Hormuz disruptions,” he said.
“Our message to shipping line is clear: Pakistan should not be a crisis-time alternative, it should be a permanent regional maritime hub.”
Pakistan has introduced reductions in transshipment charges at Karachi Port and Port Qasim, while it seeks to enable larger vessels to berth at ports through capital dredging projects.
Container dwell times have also been reduced to 24-36 hours, while transshipment volumes have more than doubled in recent months, with Karachi Port improving its position on the global Container Port Performance Index from 99 to 69, according to the minister.
Chaudhry said Pakistan is developing bunkering facilities, off-dock terminals and additional transshipment capacity under its National Ports Master Plan as it seeks to build maritime infrastructure capable of serving regional trade beyond the Hormuz crisis.
The government’s broader maritime development program also envisages logistics parks, mineral terminals, cruise and ferry services, ship-to-ship transfer capabilities and induction of new vessels.
“Our objective is not simply to increase the sector’s share of GDP, but to make maritime activity a major source of foreign exchange investment, industrial growth and employment, ultimately delivering a $100 billion maritime economy by 2047,” Chaudhry said.
FISHERIES AND ‘BLUE ECONOMY’
The minister highlighted fisheries as a growing component of Pakistan’s “blue economy,” saying the country’s seafood exports reached a record $568 million in the last fiscal year.
Pakistan is targeting $1 billion in fisheries exports, supported by improved traceability through technical upgrades, new investment in cold chain and value addition, and efforts to access new markets, according to Chaudhry.
Sixteen new companies have been registered in the sector, while Pakistan has issued 32 new deep-sea fishing licenses.
Chaudhry said Pakistan is establishing a one-window facility for investors, port users and exporters, with both physical and digital access, as part of efforts to make the maritime sector more efficient and investor-friendly.
“We are not waiting until 2047 to digitize the maritime sector,” he said. “Digitization is already happening in parallel with the ERP (enterprise resource planning) rollout. Pakistan Single Window and Port Community System have already been rolled out, connecting ports, terminals and shipping lines and helping reduce time and improve transparency.”
