ISLAMABAD: Pakistan’s premier investment body has revived a shipbuilding project through which the Karachi Shipyard will build the country’s first major commercial ship in four decades, state broadcaster Radio Pakistan reported on Saturday.
The 1100 TEU Container Ship Project, which had been on hold for nine months, has been revived by the Special Investment Facilitation Council (SIFC), a hybrid civil-military government body formed in 2023 to facilitate foreign investment in Pakistan’s key economic sectors.
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The cargo shipbuilding project will feature collaboration between the Pakistan Navy, Karachi shipyard, and Pakistan National Shipping Corporation, the state media said.
“Under this project, Karachi Shipyard will locally construct its first major commercial cargo ship after forty years,” Radio Pakistan said.
It said the 24.75-million-dollar contract provides an opportunity for Pakistan to build ships at a cost lower than international market rates.
“This is a key step toward reducing dependence on foreign shipping companies and promoting Pakistan’s economic self-sufficiency,” the state media said.
Pakistan has sought to reduce its dependency on bailout programs and aid from allies in recent years. The South Asian country has said it aims for export-oriented growth and wants to reduce its imports to save valuable foreign exchange amid a macroeconomic crisis.
This news is sourced from [Arab News] and is for informational purposes only.
