ISLAMABAD: Pakistan and Dubai on Thursday signed two agreements value over $3 billion on cooperation in railways, financial zones and infrastructure tasks.
Based on an official press launch, the intergovernmental framework agreements had been signed to strengthen relations within the maritime and logistics sectors, together with the institution of a particular freight hall and financial zone close to Karachi.
“The rail-based Particular Freight Hall (DFC) would run from Karachi Port on the Arabian Sea, by way of Karachi to Pipri Marshalling Yard, about 50 kilometers away. It will scale back site visitors congestion in Karachi, enhance street effectivity and transportation time and drastically scale back logistics prices,” the press launch stated.
Federal Minister of Communications, Railways and Maritime Affairs Shahid Ashraf Tarar and Sultan Ahmed bin Sulayem, Chairman of Ports, Customs and Free Zone Company (PCFC), Authorities of Dubai, signed the agreements on the sidelines of the World Financial Discussion board in Davos.
The agreements cowl railways, financial zones and infrastructure tasks
Prime Minister Anwaarul Haq Kakar witnessed the signing of the agreements after assembly Sultan Ahmed bin Sulayem, who can be group chairman and CEO of UAE-based DP World, a multinational logistics firm.
Throughout his speech, Prime Minister Kakar expressed satisfaction over the expansion of exchanges, interplay and cooperation between corporations in Pakistan and the UAE and highlighted their transformative potential.
He welcomed DP World’s curiosity in increasing its operations in Pakistan and warranted the corporate of the continued assist of the Pakistani authorities.
“Pakistan will proceed to facilitate associate corporations to understand its geo-economic imaginative and prescient as a hub of commerce and business,” the Prime Minister stated.
The agreements will cowl cooperation within the growth of a devoted freight hall, a multi-model logistics park and freight terminals.
The DP World will perform infrastructure enhancements on the Port Qasim Worldwide Container Terminal and plans to develop an financial zone close to the terminal to strengthen bilateral ties within the maritime and logistics sectors.
The DP World will act on behalf of the Authorities of Dubai, whereas Pakistan Railways and Port Qasim Authority will characterize the Authorities of Pakistan for the event of those tasks.
A second framework settlement was signed with Pakistan’s Ministry of Maritime Affairs to dredge the channel.
DP World will perform the capital dredging works on behalf of the Authorities of Dubai. This framework settlement may also see the event of an financial zone in Port Qasim, which goals to draw greater than $3 billion in overseas direct funding. DP World will perform the event of the financial zone, with the goal of strengthening financial actions in Pakistan.
Talking on the signing ceremony, Shahid Tarar stated that DP World has had a long-standing presence in Pakistan. He stated the 2 brotherly nations have determined to additional consolidate financial cooperation via pioneering tasks.
Based on him, the signing of the agreements emphasizes the significance of Pakistan as a gateway to Asia.
For his half, Sultan Ahmed bin Sulayem, CEO of DP World, stated that Pakistan is a rising market and an necessary commerce hall to Central Asia.
“We’re proud to have contributed to commerce alternatives via our operations on the Qasim Worldwide Container Terminal and are honored to collaborate with a number of Pakistani authorities organizations to develop a brand new cargo system and with Port Qasim Authority to boost port connectivity and investments,” he stated.
Revealed in Daybreak, January 19, 2024
