You are currently viewing New shipping policy aimed at attracting private sector

New shipping policy aimed at attracting private sector

ISLAMABAD: Ministry of Maritime Affairs has devised a comprehensive new shipping policy aimed at attracting the private sector to participate in the shipping.
Under the Policy shipping companies was registering their vessels in Pakistan gain major financial concessions. They will also be exempted customs duty.
Federal Minister for Maritime Affairs Ali Haider Zaidi said in recent statement that Shipping companies can 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 of $5 billion+ on Pakistan” he said. The minister said that it will also generate employment opportunities for our seafarers/allied sectors. He said that this was only possible due to the vision of Prime Minister Imran Khan who declared 2020 as year of Blue Economy.

Newspakistan.tv | YouTube Channel

Tags: , ,

M M Alam

M. M. Alam is a Pakistan-based working journalist since 1981. Karachi University faculty gold medalist Alam began his career four decades ago by writing for Dawn, Pakistan’s highest circulating English daily. He has worked for region’s leading publications, global aviation periodicals including Rotors (of USA) and vetted New York Times as permanent employee of daily Express Tribune. Alam regularly covers international aviation and defense-related events including Salon Du Bourget (France), Farnborough (United Kingdom), Dubai (UAE). Alam has reported thousands of events and interviewed hundreds of people in Pakistan, UAE, EU, UK and USA. Being Francophone Alam also coordinates with a number of French publications.