‘Maritime economy to play vital role for decreasing anxiety in economy’

During these times of economic resilience, Pakistan's maritime economy is poised to play a crucial role in alleviating anxiety and reducing shortfalls in the national economy, as economic and financial analyst Ateeq Ur Rehman asserted. He emphasized the importance of integrating the maritime sector into the national economy, particularly for a country like Pakistan, where the sector is valued at approximately USD 150 billion.

To boost the sector, the private sector must actively invest in enhancing the country's port infrastructure, shipping capabilities, logistics, and supply chain management. While significant progress has been made in port infrastructure, handling capacities, dredging, berths, storage, skills, and equipment, more collaboration from both multilateral and bilateral investors, along with local investment and Foreign Direct Investment (FDI), is essential.

If congestion at the ports persists, the country might need to consider establishing mini deep-sea ports to diversify its options and modernize existing ports for easier handling. Moreover, bridging gaps and fostering a business-friendly maritime ecosystem through policy and industry collaboration is vital. The country has a history of handling a specific number of containers annually, but there is potential to increase this to half a million containers annually, with the goal of scaling up to the same target on a monthly basis.

This ambitious plan could prove beneficial for exporters and importers who are struggling with soaring shipping costs, forcing them to absorb substantial additional trade expenses. The state-run shipping company needs to acquire container/feeder vessels to help boost transhipments, fostering profit incentives and competitiveness for businesses in the sector.