Pakistan could earn billions of dollars through modern, accessible seaports: PM Shehbaz

Prime Minister Shehbaz Sharif said on Sunday that modern and accessible seaports could help the country earn billions of dollars in foreign exchange.

The premier made the statement during his day-long visit to Karachi to review port operations, Radio Pakistan reported, quoting the Prime Minister’s Office.

“During my visit to Kazakhstan, leaders of Central Asian States (CAS) had expressed deep interest in using Pakistan’s ports for trade, emphasising the country’s key importance in the region,” he said.

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He said the government was taking steps for the development of existing ports to provide the shortest sea corridor to regional countries, especially the Central Asian states.

He said the government is also taking priority measures to enhance the country’s exports, for which the development of seaports is of cardinal importance.

On the occasion, the prime minister was briefed about the terminal’s operations.

He appreciated Hutchison Port, South Asian Terminal, and found its operations at par with international standards.

PM Shehbaz was further informed that the terminal can handle 3.5 million containers annually.

The Prime Minister instructed the Chairman of the FBR to ensure the installation of modern scanners at Pakistani ports on a priority basis.

Federal Ministers Muhammad Aurangzeb, Attaullah Tarar, Jam Kamal Khan, Qaisar Ahmed Sheikh, and Ahad Khan Cheema, as well as Sindh Governor Kamran Khan Tessori, Sindh Chief Minister Syed Murad Ali Shah, Chairman FBR and other high officials also accompanied the Prime Minister.

Earlier, speaking at a press conference after the federal finance minister’s budget 2024-25 at the Karachi Chamber of Commerce and Industry (KCCI), Zubair Motiwala, Chairman of the BMG Group, expressed grave concerns over the proposed 38% increase in the FBR’s revenue target to a staggering Rs. 12 trillion.

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“The imposition of over Rs3,500 billion new taxes will significantly increase industrial costs, inevitably leading to harassment from the FBR as they struggle to meet their unrealistic collection targets,” Motiwala cautioned.

While the finance minister signaled intent to rationalize power tariffs, the absence of measures to address soaring gas prices has emerged as another source of concern for the industry, Motiwala said, bluntly labelling the budget as “trader unfriendly.”