KGTL groundbreaking ceremony: UAE CG promises to bring in more investment

KARACHI: The Consul General of United Arab Emirates (UAE) in Karachi Bakhit Atiq al-Rumithi Tuesday said UAE will never leave Pakistan alone and continue to support at every difficult time. Bakhit promised to bring more investment in more sectors in Pakistan.

Speaking at groundbreaking ceremony at Karachi Gateway Terminal Limited (KGTL), and presenting the cheque of $50 million to the Federal Minister for Maritime Affairs by Abu Dhabi Group, the UAE Consul General said in addition to investment in ports, investments will also be made in railways, infrastructure and other sectors.

The Consul General said that 17 million Pakistanis are living in UAE and playing their important role in the development and economy.

Pakistan and UAE are brotherly Muslim countries and enjoy very close

relations.

He said that Karachi port is the oldest port of Pakistan and can lead in the region, neighboring countries can also benefit from it.

Federal Minister Port and Shipping Qaiser Sheikh, in his speech said there are many investment opportunities in Pakistan. He was of the view that foreign direct investment can help the country to make development in different sectors.

While welcoming the investment from UAE in Pakistani ports, the minister said this joint venture is a milestone. “We expect more joint ventures with other countries,” he added.

CEO Fujairah Terminals, AD Ports Group, Abdul Aziz Al Balushi said that they are expanding their scope in Pakistan. There will be progress in terms of investment and supply chain.

He said Karachi Port is the future of Pakistan. “Pakistan is on our priority list in the region for more investment”, he added.

Chairman KPT, Syedain Raza Zaidi said the AD Ports Group’s visionary outlook and steadfast commitment, combined with its strategic alliance with KPT, have set the stage for groundbreaking opportunities in the maritime sector. This substantial investment, in the form of new concessions and capital expenditure for growth over the coming decades, will unquestionably enhance the capabilities of KPT, propelling it to unprecedented levels of efficiency and excellence.

“As we embark on this journey of collaboration and investment, it is heartening to see the tangible impact that these initiatives will have on our economy and trade relations,” he said. “The increase in container handling capacity, the enhancement of infrastructure, and the expansion of our capabilities will not only benefit Karachi but the entire region, positioning us as a key player in global traded,” he added.

He said today marks a significant step towards realizing KPT’s potential as a leading maritime destination, with the $50 million contribution from KGTL serving as a testament to the shared vision of progress and prosperity. “Together, we are shaping a future where collaboration, innovation and investment pave the way for a thriving maritime industry”, he said adding that by focusing on faster terminal operations, the operator aims to shorten the turnaround time for ships, consequently mitigating demurrage charges.

Trade Development Authority Pakistan Chief Executive Officer Zubair Motiwala welcomed the investment from UAE to Pakistan. He said Pakistan has huge potential for more investment in various sectors.

Copyright Business Recorder, 2024