Karachi: At the closing ceremony of the 19th My Karachi Exhibition, Federal Minister for Maritime Affairs Qaiser Ahmed Sheikh announced an upcoming trip to Denmark to sign a $2 billion investment memorandum of understanding with Maersk. This investment is expected to enhance infrastructure, terminals, warehousing, and shipbreaking, aiming to establish Karachi as a transshipment hub.

According to Karachi Chamber of Commerce and Industry, Minister Sheikh praised the Karachi Chamber for its efforts in organizing the exhibition, which he said plays a crucial role in boosting local and international participation. The exhibition, which saw participation from 17 countries and more than 300 stalls offering substantial discounts, drew approximately 700,000 visitors this year, reinforcing Karachi's vibrant image on the global stage.

The investment by Maersk aligns with the government's broader economic strategy, spearheaded by Prime Minister Shehbaz Sharif, to double exports within five years and restore investor confidence. Minister Sheikh emphasized the comparative analysis with India, noting that Pakistan’s marine exports lag significantly behind and called for increased exploration of this sector by the local business community. Furthermore, the government has implemented tax reliefs on marine processing plants to stimulate growth in this area.

The 20th My Karachi Exhibition is scheduled for February 21 to 23, 2025, promising even more features and participation. Chairman BMG Zubair Motiwala highlighted the exhibition's evolution since its inception in 2004 and its role in portraying a peaceful and prosperous Karachi.