Daily Times

Pakistan’s Maritime Affairs Minister Qaiser Ahmed Sheikh will visit Denmark this month for the signing of a memorandum of understanding between Denmark-based global shipping giant, AP Moller–Maersk (Maersk), and the Karachi Port Trust (KPT), Pakistani state media reported.

The development comes months after Maersk Chief Executive Officer Keith Svendsen’s visit to Pakistan, where he met top officials to explore opportunities in the country’s maritime sector.

The Danish shipping firm will invest $2 billion in Pakistan’s port and transport infrastructure over the next two years, the state-run Radio Pakistan broadcaster reported.

“The investment under this project will contribute to the infrastructure development and economic improvement,” the report read. Sheikh said Karachi had a huge potential for exports and his ministry was providing an enabling environment to the business community in this regard.

Maersk has grown into a leading provider of logistics and supply-chain services across Pakistan.

It has around 20 percent market share in Pakistan’s containerized import-export activities, according to Pakistan’s information ministry.

In January this year, the Danish shipping firm announced new smart logistics and warehouse facilities in China, Norway and Pakistan. Pakistan has also signed an agreement with Abu Dhabi (AD) Ports Group which is investing about $395 million for the development of a container and cargo terminal under a government-to-government (G2G) agreement between the United Arab Emirates and Pakistan.