Federal Minister for Maritime Affairs Ali Haider Zaidi on Friday said that new shipping policy announced by the government would lift Maritime sector to new heights.
Addressing a press conference here flanked by Advisor to the Prime Minister on Commerce and Investment Abdul Razaq Dawood, he said that shipping companies could now take advantage of liberal fiscal concessions and low mark up rates offered by SBP under Long Term Finance Facility (LTFF) to acquire ships flying Pakistan flag.
“This business friendly policy will reduce the annual freight bill worth $5 billion of Pakistan” he said.
The minister said that it would also generate employment opportunities for the seafarers and allied sectors.
He said that it was only possible due to the vision of Prime Minister Imran Khan who declared 2020 as year of Blue Economy.
The minister said that Pakistan flag vessels would be provided priority berthing at all Pakistan Ports.
He said that Pakistan resident ship owning company would be defined as a company registered with the Securities and Exchange Commission of Pakistan and having its own seaworthy vessels registered under Pakistan flag.
The minister said that shipping industry was vital as it operated during peace times as well as in emergencies and high risk.
He said that new shipping policy was introduced to expand and earn foreign exchange for the country.
Ali Zaidi said that in January 1972, all the industries in Pakistan were nationalized including shipping industry. —APP
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