PM seeks private investment in shipping sector
The prime minister while chairing a high-level review meeting concerning reforms in the shipping industry and the Pakistan National Shipping Corporation (PNSC), called for restructuring the national carrier along corporate lines.
He emphasised the need to strengthen maritime capabilities in order to capitalise on the country's strategic location and increase foreign exchange earnings.
'Improvements in the railway and shipping sectors are of critical importance for transit trade,' he said. 'Transporting goods via Pakistani shipping lines presents a rare opportunity to earn valuable foreign exchange.'
Highlighting the emerging Pakistan-Afghanistan-Uzbekistan railway corridor, Sharif described it as a 'new era of regional trade,' positioning Pakistan's ports as a vital gateway for Central Asian exports to the world.
He further directed the Ministry of Maritime Affairs and the PNSC to present a sustainable business model and comprehensive reform plan for the sector, underlining the importance of expanding the national fleet to curb the country's heavy spending on foreign freight charges.
Among those present at the meeting were Deputy Prime Minister and Foreign Minister Ishaq Dar, federal ministers Ahsan Iqbal Cheema and Junaid Anwar Chaudhry, as well as senior government officials.
In a separate development, the prime minister welcomed the country's current account surplus, which reached $2.1 billion in the fiscal year 2024–2025 – the highest in 22 years.
He attributed the improvement to a significant rise in remittances and exports, alongside robust government measures that have pushed foreign exchange reserves beyond $19 billion.
'The improving financial and economic indicators show that the country's economy is on the path of stability,' Sharif said. 'The government is taking priority steps to further improve the business and investor-friendly environment in the country.'
He commended his economic team for their contributions to stabilising the economy.
Separately, in a message posted on X, the prime minister expressed satisfaction over the successful completion of hands-on agricultural training in China for around 300 Pakistani graduates.
The programme, held in Shaanxi province of China, covered key areas such as water-saving irrigation, seed production, animal husbandry, and prevention of post-harvest losses.
'My special thanks to the Chinese leadership, the Shaanxi Government, and the two universities involved,' Sharif said. He also praised the Ministry of National Food Security, the Higher Education Commission, and the Pakistan's Embassy in Beijing for facilitating the initiative.
The graduates are part of a 1,000-strong cohort announced by the prime minister during his visit to China in June 2024, aimed at enhancing agricultural skills and technology transfer.
Copyright Business Recorder, 2025
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
44 minutes ago
- Business Recorder
Pakistan to slow dollar buying, reduce rupee pressure: report
The State Bank of Pakistan (SBP) will continue to build its dollar stockpile but at a slower pace without putting undue pressure on the rupee, according to Citigroup Inc., Bloomberg reported. 'Although reserves have improved from the lows of early 2023, we still continue to welcome the central bank's reserve building as external buffers remain low,' Katie Kironde, emerging markets economist and macro strategist at Citi, wrote in a note. The central bank eased its reserve building strategy this week, and this helped liquidity improve in the interbank market, she added. The pressure on the Pakistani rupee has eased in the past three trading sessions, data from the central bank shows. The currency, however, is still lagging most peers in Asia year-to-date, having fallen over 2% against the dollar. The country's forex reserves, meanwhile, rose $23 million to $14.53 billion as of July 11. In the interbank market on Friday, the rupee appreciated 0.27% against the US dollar, settling at 283.45, a gain of Re0.77 compared to the previous close of 284.22. This marks a continuation of the currency's strengthening trend observed earlier in the week. Currency dealers attribute the improvement in the rupee's performance partly to a reported crackdown on foreign currency smuggling by law enforcement agencies. According to Malik Bostan, Chairman of the Exchange Companies Association of Pakistan (ECAP), raids conducted by the Federal Investigation Agency (FIA) against smugglers led to a drop in the dollar rate both in open and interbank markets. On Wednesday, the rupee had recovered by Re0.21 in the interbank, closing at Rs284.76 compared to Tuesday's Rs284.97. Bostan revealed that he had led a delegation to meet Director General Counter-Intelligence General Faisal Naseer at the Inter-Services Intelligence (ISI) headquarters. Following the meeting, orders were reportedly issued for a targeted crackdown against currency smugglers, particularly those operating routes to Afghanistan and Iran. 'The dollar supply to legal channels had been shrinking due to better rates in the black market. With this crackdown, the smuggler mafia has gone underground,' Bostan said, expressing optimism that the exchange rate could fall further to Rs270 or even Rs250 if enforcement continues. Meanwhile, global currency markets also lent support to the rupee's recent performance. The US dollar steadied near two-week lows on Friday, with the dollar index set for its weakest weekly performance in a month. Oil prices also rose on optimism around trade developments and potential Russian gasoline export restrictions, further supporting sentiment. Financial conditions in Pakistan have improved, with the central bank cutting the key policy rate by half to 11% since last year to bolster growth. The South Asian nation has steered itself out of near-default conditions in 2023, with the Shehbaz Sharif-led government unlocking funds under International Monetary Fund programs and unveiling a budget that pledged to stay the course on fiscal consolidation.
Express Tribune
an hour ago
- Express Tribune
PM reaffirms continued govt support for Dr Aafia's family
Listen to article Prime Minister Shehbaz Sharif on Friday assured the family of Dr Aafia Siddiqui that the government remains fully committed to providing all possible legal and diplomatic support in her case. The prime minister conveyed this during a meeting with Dr Fouzia Siddiqui, sister of Dr Aafia, according to a statement issued by the Prime Minister's Office on Friday. The statement emphasised that the government is in no way negligent regarding the matter. It further highlighted that, under the prime minister's instructions, diplomatic and legal assistance has already been extended. In addition, the premier had written to then US president Joe Biden to seek intervention in the case. A committee headed by Law Minister Azam Nazeer Tarar was also formed to ensure further progress. 'The committee will remain in close contact with Dr Fouzia and will work to provide the necessary assistance,' the statement added. Also Read: Pakistan calls on tech firms to curb terror content Dr Aafia, a Pakistani neuroscientist currently incarcerated in the United States, was sentenced to 86 years in prison on charges of attempted murder — a sentence significantly exceeding the US legal maximum of 10 years for the crime. She has served 16 years behind bars and has been separated from her children for more than two decades. Dr Aafia was reportedly intercepted in Karachi in March 2003 while travelling with her three children and subsequently disappeared for five years. It was later revealed in 2008 that she had been imprisoned in Afghanistan before being transferred to the United States. While two of her children, Ahmed and Maryam, were released in 2008 and 2010 respectively, the whereabouts of her son Sulaiman remain unknown.
Express Tribune
an hour ago
- Express Tribune
COAS reaffirms defence, security cooperation during China visit
Field Marshal General Syed Asim Munir shakes hand with the Vice President of China, and Foreign Minister Wang Yi in a meeting in Beijing. Photo: SCREENGRAB Listen to article Chief of Army Staff (COAS) Field Marshal Asim Munir undertook a high-level official visit to the People's Republic of China, where he held a series of meetings with senior Chinese political and military leadership to further reinforce the strategic partnership between the two brotherly nations, the military said in a statement on Friday. According to the Inter-Services Public Relations (ISPR), the COAS called on His Excellency Han Zheng, Vice President of the People's Republic of China, and His Excellency Wang Yi, Foreign Minister of China. During these engagements, matters of mutual interest were discussed, including the evolving regional and global security environment, ongoing connectivity initiatives under the China-Pakistan Economic Corridor (CPEC), and coordinated approaches to emerging geopolitical challenges. Also Read: Pakistan calls on tech firms to curb terror content 'Both sides expressed satisfaction over the depth of bilateral engagement and reiterated their shared commitment to sovereign equality, multilateral cooperation, and long-term regional stability,' ISPR said. The Chinese leadership acknowledged the professionalism of the Pakistan Armed Forces, describing them as a cornerstone of resilience and a vital contributor to peace and stability in South Asia, the ISPR further added. On the military side, COAS Gen Munir held detailed meetings with General Zhang Youxia, Vice Chairman of the Central Military Commission (CMC); General Chen Hui, Political Commissar of the PLA Army; and Lieutenant General Cai Zhai Jun, Chief of Staff of the PLA Army. The military-level discussions focused on strengthening defence and security cooperation, including counterterrorism collaboration, joint training and exercises, defence modernisation, and enhanced institutional linkages. 'Both sides underscored the importance of operational interoperability and strategic coordination to effectively counter hybrid and transnational threats,' the ISPR said. The Chinese military leadership expressed full confidence in the strength of the bilateral defence relationship and acknowledged Pakistan's pivotal role in promoting regional peace and stability, the statement added. Read: Senator demands FBR officer's dismissal over public mistreatment COAS Gen Munir conveyed appreciation for China's consistent support and reaffirmed Pakistan's resolve to further expand military-to-military cooperation across all domains. Upon arrival at the PLA Army Headquarters, the COAS was presented with a guard of honour, reflecting the longstanding camaraderie and deep-rooted military ties between the armed forces of Pakistan and China, the statement noted. 'The visit reflects the growing depth of politico-military ties between the two brotherly nations and underscores their shared resolve to advance regional security through sustained high-level dialogue and engagements,' the ISPR concluded.
