Pakistan is set to sign a $2 billion investment agreement with a European shipping company by October this year, according to Maritime Affairs Minister Qaiser Ahmed Sheikh.
This announcement follows the recent visit of AP Moller–Maersk (Maersk) CEO Keith Svendsen to Pakistan, where he met with top officials to explore opportunities in the country’s maritime sector.
On Thursday, Minister Sheikh disclosed that the European firm would be investing in logistics and infrastructure at the Karachi Port Trust (KPT). “A well-known European company has shown interest in investing $2 billion in Karachi Port Trust,” Sheikh stated, though he did not name the firm. “The company is expected to sign the memorandum of understanding by October.”
Sheikh also mentioned that the European firm plans to establish a shipbreaking project in Pakistan, aiming to dismantle 750 ships. Additionally, the company intends to provide training for Pakistani youth.
Maersk, a leading provider of logistics and supply-chain services in Pakistan, holds approximately 20 percent of the market share in the country’s containerized import-export activities, as per Pakistan’s information ministry. In January, the Danish firm announced the launch of new smart logistics and warehouse facilities in China, Norway, and Pakistan.