Pakistan’s ‘Blue Economy’ policy to revitalise shipping sector: PM

Prime Minister Imran Khan says that the government's new Blue Economy policy will revitalize Pakistan's maritime sector, save valuable foreign exchange and create employment opportunities.

I congratulate Ministry of Maritime Affairs for finalising a new & dynamic Blue Economy policy to revitalise our shipping sector, saving Pakistan valuable Foreign Exchange and creating more employment opportunities for our seafarers,” said PM Khan in a tweet today (Saturday).

The Prime Minister said we will ensure that Pakistan fulfills its enormous maritime potential.

Just weeks ago, the Federal Minister for Maritime Affairs, Syed Ali Haider Zaidi, announced the country's new shipping policy under which incentives have been provided to private shipping companies. While addressing a news conference along with the Prime Minister's Advisor on Commerce, Abdul Razzak Dawood, in Islamabad, the minister said the government wanted to involve the private sector in the shipping business.

The minister said the vessels registered in Pakistan would be exempted from customs duty, income tax, and sales tax till 2030. Ali Zaidi said the Pakistani flag carrier vessels would also have the first berthing rights at the port.

The federal minister hoped that three to four shipping companies would soon buy vessels in the country.

The minister said the shipping companies could now take advantage of the liberal fiscal concessions and low markup rates offered by the State Bank of Pakistan (SBP) under the Long-Term Financing Facility (LTFF) to acquire ships flying the Pakistan flag.

Ali Haider Zaidi said that this business-friendly policy would reduce the annual freight bill of more than US$ 5 billion on Pakistan. The minister said it would also generate employment opportunities for the seafarers and allied sectors.