Minister participates in Hong Kong Global Maritime Trade Summit 2024

KARACHI: Qaiser Ahmed Shaikh, Pakistan's Federal Minister for Maritime Affairs, attended the prestigious Hong Kong Maritime Trade Summit, where he emphasized the critical role of maritime trade in global commerce and the need for strategic infrastructure development to unlock Pakistan's trade potential.

In his address, the Minister highlighted that while Pakistan represents 3.0 percent of the global population; its trade constitutes 25 percent of the national GDP. However, this figure remains well below potential due to various challenges, including trade restrictions from international sanctions, regional conflicts, and notably, insufficient infrastructure and connectivity.

He expressed while Pakistan's Carbon Emissions are less than one percent of the World’s emissions, Pakistan is among the 10 Most exposed countries of Climate Change, still the nation is committed to de-carbonization by transitioning to carbon-free vessels and adhering to international standards for safe and environmentally sound ship recycling.

In his remarks, Shaikh also highlighted the strategic importance of innovative business strategies and environmentally friendly initiatives. He noted the Belt and Road Initiative’s role in promoting regional economies and intermodal connectivity, with Pakistan playing a key part through the China Pakistan Economic Corridor project.

The Minister urged the global community to consider the complexities of regional dynamics and the shared commitment to global betterment. He reaffirmed Pakistan's dedication to advancing the maritime sector, enhancing global trade, and fostering sustainable development.

The Minister further said that our deep seaports of KPT, Port Qasim and Gwadar have ample capacity of handling but transportation is less than half. While the nearby ports of Dubai, Jabal Ali, and Salala are busy, we provide chance to utilize ample Maritime shipping, particularly transhipment and Gateway opportunity of transportation to prosperous central Asian countries.

With good neighbourly relations in the region, removal of sanctions and infrastructure investment, potential of shipping business can enhance manifold. He emphasized more investment in infrastructure from Pakistani government and international shipping companies to enhance Maritime trade manifolds.

Copyright Business Recorder, 2024