Latest news with #NationalPortsMasterPlan
Express Tribune
4 days ago
- Business
- Express Tribune
Govt to build Rs3b aquaculture park
Listen to article The federal government has decided to establish a state-of-the-art Aquaculture Park at Korangi Fish Harbour (KoFHAH), Karachi, under a public-private partnership framework aimed at boosting the country's blue economy through sustainable aquaculture. The project is estimated to cost Rs3 billion. Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry announced the plan while chairing a high-level meeting on the development of the blue economy. The meeting was attended by Chairman Gwadar Port Authority (GPA) Noorul Haq Baloch, representatives from the Korangi Fish Harbour Authority (KoFHAH), the Marine Fisheries Department (MFD), and the Balochistan Chamber of Commerce and Industry. The 120-acre aquaculture park is projected to produce between 360 and 1,200 tonnes of marine products annually, depending on the species cultivated and the farming systems used. Revenue potential is estimated between $720,000 and $7.2 million per year, influenced by species selection, market prices, and production intensity. Officials informed the meeting that land costs have been determined based on an extensive farming model, offering an affordable entry point for private investors. Experts highlighted that Pakistan's coastal waters offer ideal conditions for aquaculture, making them highly suitable for farming a variety of marine species. To fast-track the initiative, the martime minister directed the Korangi Fish Harbour Authority to submit a comprehensive execution report within 10 days. Chaudhry also proposed replicating the aquaculture model in Balochistan, leveraging its vast coastal belt for sustainable marine farming. In a move to improve coordination, the maritime minister ordered the relocation of the Marine Fisheries Department sub-office to the Gwadar Port Authority premises. This administrative shift is expected to streamline inter-agency collaboration and expedite decision-making in blue economy projects. In a separate meeting, the federal minister reviewed progress on land allotment and the lease policy of Port Qasim Authority (PQA). Officials reported that the Survey of Pakistan has been tasked with identifying and demarcating PQA-owned land. It was also revealed that the PQA master plan is being revised in line with the broader feasibility study for the National Ports Master Plan, currently underway. Chaudhry reiterated the government's commitment to promoting sustainable marine development, reiterating that investment in aquaculture and port infrastructure is essential for ensuring food security, increasing exports, and creating employment across coastal regions. The series of meetings chaired by the maritime minister mark a significant step in the government's maritime development strategy, focused on harnessing the full potential of Pakistan's coastal resources through innovation, institutional coordination, and private sector participation.
Business Recorder
5 days ago
- Business
- Business Recorder
Govt plans to establish Rs3bn aquaculture park in Karachi
Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry announced the establishment of a state-of-the-art aquaculture park at Korangi Fish Harbour in Karachi, at an estimated cost of Rs3 billion. The minister made this announcement presiding a high-level meeting on the development of blue economy. The meeting was attended by Gwadar Port Authority (GPA) Chairman Noorul Haq Baloch, representatives from Korangi Fish Harbour Authority (KoFHA), the Marine Fisheries Department (MFD), and the Balochistan Chamber of Commerce and Industry. The 120-acre aquaculture park is estimated to produce 360 to 1,200 tons of seafood annually, depending on the species cultivated and the farming system employed. Its annual revenue is projected to be between $720,000 and $7.2 million, influenced by species selection, market prices, and production intensity, the Ministry of Maritime Affairs said in a press release. The World Bank defines the blue economy as the sustainable use of ocean resources for economic growth, improved livelihoods, and job creation, while ensuring the health of the ocean ecosystem. Minister Junaid said the project, covering 120 acres, should be developed under a public-private partnership framework, aiming to boost the country's blue economy through sustainable aquaculture. The meeting was informed that the land cost for the aquaculture park has been set according to an extensive farming model, offering an affordable and efficient foundation for private investors. Starting fish farming scheme in Sindh with World Bank support: Najmi Alam Experts informed the meeting that Pakistan's coastal waters possess highly conducive conditions for aquaculture, providing an ideal environment for farming a variety of marine species. To accelerate the process, the federal minister directed the KoFHA to submit a comprehensive execution report within 10 days. Emphasising replication of success, he proposed extending the aquaculture model to Balochistan, leveraging its vast coastal belt for sustainable marine farming. While, in a move aimed at enhancing coordination, Junaid ordered the relocation of Marine Fisheries Department sub office to the premises of the Gwadar Port Authority. This administrative shift is expected to streamline inter-agency collaboration and expedite decision-making in blue economy initiatives. In a separate meeting, the federal minister also reviewed the progress on the land allotment and lease policy of the Port Qasim Authority (PQA). Officials informed him that the Survey of Pakistan has been engaged to identify and demarcate PQA-owned land. Furthermore, it was conveyed that the revision of PQA's master plan is being aligned with the broader feasibility study for the National Ports Master Plan, currently underway. Minister Junaid reiterated the government's commitment to promoting sustainable marine development, asserting that investments in aquaculture and port infrastructure are essential for ensuring food security, increasing exports, and generating employment across coastal regions. The series of meetings held by the maritime minister mark a significant step in the government's broader maritime development strategy, focused on harnessing the full potential of Pakistan's coastal resources through innovation, institutional cooperation, and private sector engagement.
Business Recorder
20-06-2025
- Business
- Business Recorder
Pakistan to lease ships for PNSC to curb $4bn forex drain
In a bid to save much-needed foreign exchange, Prime Minister Shehbaz Sharif on Friday directed authorities to lease ships to expand the fleet of the Pakistan National Shipping Corporation (PNSC). The development came during a review meeting on PNSC matters held in Islamabad, read a statement released by the Prime Minister's Office (PMO). Chairing the meeting, PM Shehbaz noted that due to the shortage of vessels in PNSC's fleet, the country is compelled to spend $4 billion annually from the national exchequer on sea-borne trade. The prime minister has sought a business plan for PNSC, which should be presented within two weeks. As per the PMO statement, the plan should outline a roadmap to eliminate the $4 billion annual burden on the national treasury. During a briefing on PNSC's performance, it was informed that the organisation currently possesses ten ships of various types, with a total cargo-carrying capacity of 724,643 tons. PNSC is Pakistan's national flag carrier, primarily engaged in the transportation of dry bulk and liquid cargoes globally. It was established in 1979 by merging the National Shipping Corporation (NSC) and the Pakistan Shipping Corporation. PNSC operates under the Ministry of Maritime Affairs, Government of Pakistan. Federal Minister for Economic Affairs Ahsan Iqbal Cheema, Federal Minister for Maritime Affairs Junaid Anwar Chaudhry, and senior officials of PNSC were also present at the meeting. Earlier in February, PM Shehbaz greenlit an extensive reform initiative designed to revive the country's maritime industry. The key components of the reform plan encompass restructuring of PNSC, the modernisation of the National Ports Master Plan and standardisation of tariffs throughout the country's ports.
Express Tribune
07-02-2025
- Business
- Express Tribune
PM approves plan to reform maritime sector
Listen to article Prime Minister Shahbaz Sharif has approved a comprehensive reform plan aimed at the full revival of Pakistan's maritime sector, under which the Pakistan Maritime and Sea Port Authority (PMSPA) has been established. To ensure effective implementation of the reform plan, a high-level committee has been formed, led by the defence minister. The committee will include senior officials from various departments and will meet every 15 days to monitor the progress of the approved measures. Key components of the reform plan include the restructuring of Pakistan National Shipping Corporation (PNSC), the updating of the National Ports Master Plan, and the standardization of tariffs across the country's ports. There will also be a special focus on port digitization and the development of new terminals at various ports. Additionally, the plan addresses water-based agriculture and other related sectors. Experts highlight that Pakistan is suffering an annual loss of Rs 500 billion in the maritime sector. This loss is attributed to underutilization of port capacities, tax evasion, and fraudulent billing. The misuse of the Afghan Transit Trade System is also contributing to billions of rupees in losses. According to experts, tax evasion alone in the maritime sector is causing an annual loss of Rs 112 billion. Economic analysts have described the reform plan as a timely and crucial step, emphasizing that its successful implementation and the digital transformation of the ports will significantly improve the country's economy.
