Federal Minister for Maritime Affairs Syed Ali Haider Zaidi has said that shipping has been classified a strategic industry and newly registered vessels in Pakistan would be given more incentives including tax exemptions till 2030.
Speaking at Sustainable Shipping, Logistic and Supply Chain Summit here on Thursday, the minister asked the private sector to invest in shipping industry. He also asked the commercial banks to introduce new products to finance the shipping companies.
He said people are not aware of the blue economy that is $23 trillion business globally. He said various amendments would be introduced in the KPT Act of 1886 to address the issues being faced by the shipping industry.
Chairman Karachi Port Trust Rear Admiral Jamil Akhtar (Retd) said on this occasion that traffic congestion is a big problem for transportation of cargo in the country.
He said Pakistani ports have capacity to handle not only country's cargo but also to meet the China-Pakistan Economic Corridor demand. He said railways could be better mode of transportation as around 35 to 40 percent of total cargo in any country is being transported by railways, however this percentage in Pakistan is very low as only one percent of country's total cargo is being transported through rail system.
Sirajuddin Aziz, CEO Habib Bank AG Zurich and other experts also spoke on this occasion and gave their suggestions for the development of shipping and logistic industry.

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