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PM Shahbaz Sharif Approves Comprehensive Reform Plan For Maritime Sector Revival

PM Shahbaz Sharif approves a comprehensive reform plan for the revival of Pakistan’s maritime sector and growth. [Image via The Express Tribune]

Prime Minister Shahbaz Sharif has approved a comprehensive reform plan aimed at the full revival of Pakistan’s maritime sector, under which the Pakistan Maritime and Sea Port Authority (PMSPA) has been established.

To ensure effective implementation of the reform plan, a high-level committee has been formed, led by the defence minister.

The committee will include senior officials from various departments and will meet every 15 days to monitor the progress of the approved measures.

Also See: New Maritime Policy in the Pipeline by Pakistan Ministry

Key components of the reform plan include the restructuring of Pakistan National Shipping Corporation (PNSC), the updating of the National Ports Master Plan, and the standardization of tariffs across the country’s ports.

There will also be a special focus on port digitization and the development of new terminals at various ports. Additionally, the plan addresses water-based agriculture and other related sectors.

Experts highlight that Pakistan is suffering an annual loss of Rs 500 billion in the maritime sector. This loss is attributed to underutilization of port capacities, tax evasion, and fraudulent billing. The misuse of the Afghan Transit Trade System is also contributing to billions of rupees in losses.

According to experts, tax evasion alone in the maritime sector is causing an annual loss of Rs 112 billion.

Prime Minister Shahbaz Sharif emphasized that the comprehensive reform plan is pivotal for the full revival of Pakistan’s maritime sector, aiming to unlock its untapped economic potential.

Economic analysts have described the reform plan as a timely and crucial step, emphasizing that its successful implementation and the digital transformation of the ports will significantly improve the country’s economy.

This news is sourced from The Express Tribune and is intended for informational purposes only.

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