Malaysia to develop shipping industry in Pakistan

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Malaysia to develop shipping industry in Pakistan

ISLAMABAD (APP): Malaysia on Wednesday expressed keen interest to help develop projects like Ferry Service operation, construction of dedicated terminals at Pakistani ports and establishment of industry in Gwadar Port Free Zone.

Both the countries agreed that a joint working group on maritime cooperation of Pakistan and Malaysia may be established for boosting maritime cooperation.

These decisions were reached at a meeting held between a high level delegation headed by former Prime Minister of Malaysia, Abdullah Ahmad Badawi and Pakistan's Minister for Port and Shipping Mir Hasil Khan Bizenjo.

The visiting delegation from the brotherly country included leading industrialists and businessmen.

The meeting discussed in threadbare and explored possibilities of cooperation and investment in the shipping sector of Pakistan.

The visiting delegation was briefed by Mir Hasil Khan Bizenjo on the ongoing projects being executed by the ministry and the future plans for development of maritime sector.

The Minister for Ports and Shipping emphasized the importance of China Pakistan Economic Corridor (CPEC) and Gwadar Port statingthat the port held a central place in the CPEC and would be a transshipment hub in future.

He said the government had announced incentives, including income tax and customs duty exemptions for Gwadar Free Zone Area.

The participants were briefed that the ministry had taken an initiative to allow the public and private sector to start the ferry service to facilitate tourists and Zaireen (pilgrims) to Iran and the Middle East, and to stimulate economic growth through tourism industry.

It also discussed that modern dedicated terminals for liquified natural gas (LNG), coal and clinker and containers have been completed at Karachi Port and Port Qasim.

Pakistan had announced complete tax exemptions for import and registration of ships in Pakistan, the delegation was apprised.