ISLAMABAD – Singapore shipbuilding and marine service firm Global RadianceGroup has announced plans to invest around $2 billion in the Pakistanishipbuilding industry.
Reliance Group Chairman and Managing director Abdul Lateef Siddiqui saidthe step will create about 4,000 jobs. He said that the country iscurrently forced to pay up to $4 billion to foreign shipping companies.
Pakistan’s state-owned National Shipping Corporation (PNSC) reportedlyoperates nine ships, three tankers and six bulk carriers with only 65,786seafarers, 18,988 officers and 46,798 crews are currently being employed inthe sector.
Siddiqui highlighted that the country’s shipping industry is earning as lowas $500 million compared to the Philippines, which is generating more than$6 billion from the sector annually.
“PNSC tankers are only used to carry oil for Pakistan, however, there’smore appetite considering present and future requirement due to CPEC[China–Pakistan Economic Corridor] and oil refinery,” he said. “Besides,when the fleet is added it will create further jobs and supportcomplimentary industries.”
Read Top Stories
The Singapore-based company pledged to build 50 new ships of the desiredtype and size, with the vessels expected to start being commissioned withintwo years.
The ships are projected to pay off the entire cost of up to $50 millionwithin 10 years, “becoming an asset besides yielding other obviousmultifarious profits.”
