KARACHI: New shipping policy announced by Syed Ali Haider Zaidi Federal Minister for Maritime Affairs is an excellent step towards promoting private shipping industry, eventually the logistics support services, port services, road transport, warehousing, cool chains, silos and growth of seafood exports, said Ateequr Rehman Economic & Financial Analyst.
He added that nationalization policy of 1972 was havoc, complete collapse of shipping industry; it rather destroyed the country's vibrant shipping industry. He said, this shipping policy hope fully not only attract massive investment but also replenish the sick shipping industry thus create huge employment.
He said that according to policy the vessels registered in Pakistan and becoming national flag carrier would be exempted from custom's duty till the year 2030. Other insensitive include exemption of Sale Tax & Income Tax of all income of the registered ships. Further, the most important incentive for the Pakistani Flag Carriers would be the first birthing right.
He appreciated SBP for their long term 3% financing facility for those who acquire ships and vessels flying the Pakistani flag. This will not only help the investors to buy cargo ships, but also tug boats, dredger, fishing boats, etc.
He mentioned that our deep sea fishing sector has enormous potential having vast coastline.
These insensitive moreover will help growing our fish and sea food exports to new heights and over come the difficulties of surpassing trade deficit.
Copyright Business Recorder, 2020