Maersk to Invest $2 Billion in Pakistan’s Ports Following Landmark MoU with Denmark
— October 2, 2024
ISLAMABAD (AIA) Pakistan’s Minister for Maritime Affairs, Qaiser Ahmed Shaikh, and Denmark’s Minister for Industry, Business, and Financial Affairs, Morten Bødskov, have signed a landmark memorandum of understanding (MoU) to enhance cooperation in the maritime sector. Denmark’s Ambassador to Pakistan, Jakob Linulf, presented the signed document on behalf of the Danish government during the ceremony, according to a press release.
As part of the MoU, Maersk, the Danish shipping giant, will invest nearly $2 billion in Pakistan’s maritime sector. The ceremony was attended by key officials, including Finance Minister Mohammad Aurangzeb, Minister for Commerce Jam Kamal, Minister for Industries Rana Tanveer, Additional Secretary for Maritime Affairs Umar Zafar Shaikh, and Secretary SIFC Jameel Qureshi.
Qaiser Ahmed Shaikh expressed gratitude to the Danish government for this significant breakthrough in the maritime sector. He noted that the MoU would enable the integration of logistics hubs at all ports, the establishment of deep-water container terminals in Karachi, and the creation of International Maritime Organization (IMO) and European Union (EU)-compliant ship recycling facilities in Gaddani. Additionally, the Pakistan Marine Academy will receive assistance to upgrade its curriculum and equipment, with continuous technical and training support provided to Pakistani ports.
Shaikh also highlighted Maersk’s leading position in Pakistan, with a market share of 20% in containerised imports and exports. He added that the company’s global market capital stands at approximately 175 billion Danish Krone. The Ministry of Maritime Affairs and the Danish government have been collaborating for the past six months to reach this milestone.
Ambassador Linulf thanked the Government of Pakistan and the Ministry of Maritime Affairs for their efforts and emphasised both countries’ commitment to strengthening ties and fostering growth in the maritime sector.