ISLAMABAD: Pakistan and Denmark have signed a Memorandum of Understanding (MoU) to facilitate significant investment and restructuring in Pakistan’s maritime sector, as announced by the Ministry for Maritime Affairs on Wednesday.
Danish shipping giant Maersk is poised to invest nearly $2 billion following the agreement, which was signed by Minister for Maritime Affairs Qaiser Ahmed Shaikh and Denmark’s Minister for Industry, Business, and Financial Affairs, Morten Bodskov. The signed document was presented during the ceremony by Denmark’s Ambassador to Pakistan, Jacob Linulf.
The ceremony was attended by several officials, including Finance Minister Mohammad Aurangzeb, Minister for Commerce Jam Kamal, Minister for Industries Rana Tanveer, Director General SIFC Maj Gen Asad-ur-Rehman, Additional Secretary for Maritime Affairs Umar Zafar Sheikh, and Secretary SIFC Jameel Qureshi.
During the event, Minister Qaiser Ahmed Sheikh expressed gratitude to Denmark for this significant breakthrough in the maritime sector. He said that the MoU will enable the ministry to integrate logistics hubs at all ports, establish a deep-water container terminal in Karachi, and access resources from the International Maritime Organization (IMO) and the European Union (EU).
The minister highlighted that the Pakistan Marine Academy will receive support to upgrade its curriculum and equipment, along with ongoing technical and training assistance for Pakistani ports.
He also emphasized Maersk’s vital role in Pakistan’s shipping industry, mentioning that the company holds a 20% market share for containerized imports and exports in the country. Additionally, Maersk’s global market capitalization is approximately 175 billion Danish Krone.
Sheikh further remarked that the Ministry of Maritime Affairs and the Danish government have been collaborating for the past six months to achieve this fruitful outcome. The Danish ambassador thanked the government of Pakistan and the Minister for Maritime Affairs for their efforts, expressing a mutual commitment to strengthening ties for the growth of the maritime sector.
