A Singapore business group is interested in investing $ 2 billion in Pakistan’s maritime sector.
This was announced by Global Radiance Group president Abdul Latif Siddiqui. He said the Singapore-based company was interested in building and managing 50 new ships for Pakistan. “The proposal does not need financial help from the government,” he added.
Singapore-Based Business Group Interested to Invest $ 2 Billion in Pakistan
According to the report, it will help the shipping industry to generate 3,000 to 4,000 jobs across the country. This investment, the president said, will save Pakistan $ 4 billion in freight costs while generating revenue.
Pakistan currently has nine merchant ships, three oil tankers and six bulk carriers, and pays $ 4 billion in cargo to foreign ships.
Talking about the potential of Gwadar under the China-Pakistan (CPEC) Economic Corridor, Siddiqui said the outlook was clear for the shipping industry, but it is not possible to seize the opportunity without legislation and incentives.
“The incentives for import and export in the form of discounts and a sharp load cost will ensure the sustained availability of freight, generate enough money to pay,” he said.
He added that appropriate legislation to limit the carriage of cargo by foreign shipping companies, when local ships are available for work, would also benefit investors.
Global Radiance president said the company would project the input and output potential of CPEC to determine which sizes and types of vessels would be needed to ensure maximum utilization of each vessel.
“The total number of sailors is less than 65,786, with 18,988 officers and 46,798 crew members. The estimated total currency received is about 500 million dollars.” While a country like the Philippines earns more than $ 6 billion a year from the shipping industry, through the provision of human resources, “the president added.
He also said: “Currently, NCSP tankers are being used to transport oil to Pakistan, there is even greater demand taking into account current and future requirements due to the CPEC and oil refinery proposals.”