Karachi: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI), led by its President Atif Ikram Sheikh, has secured a commitment from the Federal Minister for Maritime Affairs, Junaid Anwar Chaudhry, to establish Pakistan's own shipping lines. This initiative aims to address the substantial annual cost of PKR 728 billion paid to foreign shipping lines in foreign exchange.

During a visit to the FPCCI Head Office in Karachi, Minister Chaudhry announced plans to purchase new ships to expand the national fleet, alongside an open-door policy for resolving trade community issues. The session, attended by key stakeholders from various sectors, highlighted the minister's promise to tackle existing challenges within the maritime industry.

Minister Chaudhry also revealed that the Karachi Port Trust (KPT) has reclaimed lands valued at PKR 100 billion from encroachers. He invited the business community to invest in joint ventures to develop business facilities at KPT.

FPCCI President Sheikh expressed full support for the consultative process to establish the new shipping lines and urged for FPCCI's involvement from the outset to ensure alignment with industry needs.

Saquib Fayyaz Magoon, Senior Vice President of FPCCI, highlighted the potential of the infrastructure cess collected by the Sindh Government, amounting to PKR 300 billion, to redevelop Karachi's infrastructure. He called for these funds to be utilized for ports and associated networks. Minister Chaudhry agreed to engage with the Sindh Government on this matter.

Magoon also emphasized the need for an alternate route to Karachi Port to prevent trade disruptions, while Vice President Asif Sakhi advocated for a collaborative approach among KPT, SBP, Customs, and other stakeholders to streamline trade processes.

Vice President Aman Paracha called for rationalizing ports and terminal charges to make them regionally competitive, citing the high cost of doing business as a significant concern for the business community.