At the World Economic Forum in Davos, Switzerland, the Islamic Republic of Pakistan and the Government of Dubai formalized their commitment to fortify bilateral relations in the marine and logistics sectors. H.E. Shahid Ashraf Tarar, Federal Minister of Communications, Railways, and Maritime Affairs for Pakistan, and H.E. Sultan Ahmed bin Sulayem, Chairman of Ports, Customs and Free Zone Corporation (PCFC), Government of Dubai, inked a pivotal Inter-Governmental Framework Agreement. This historic accord, witnessed by dignitaries and industry leaders, charts the course for collaborative initiatives, including the exploration of a Dedicated Freight Corridor and the establishment of an Economic Zone in close proximity to Karachi. Key players in the execution of these projects will be DP World, nominated by the Dubai Government, and the Port Qasim Authority, acting on behalf of the Pakistani Government. Among the proposed developments is the dredging of the navigation channel, a significant step to enhance maritime infrastructure. Furthermore, the agreement outlines the establishment of an economic zone at Port Qasim, with DP World spearheading the development, aiming to attract over US$3 billion in foreign direct investment. Port Qasim, operational since 1980, currently boasts 18 berths, 15 of which are in the private sector, and an annual handling capacity of 89 million tons. Its strategic location and state-of-the-art terminals enable the handling of diverse commodities, making it Pakistan's energy hub and the sole LNG Port in the country. The port's expansive industrial zone spans 15,474 acres and directly connects to national highways, motorways, and railways, facilitating trade routes to Afghanistan, CARs, and the CPEC routes. Speaking at the signing ceremony, H.E. Sultan Ahmed bin Sulayem, Chairman of PCFC and Group Chairman and CEO of DP World, expressed enthusiasm about Pakistan's economic growth, emphasizing its significance as a trade corridor to Central Asia. He acknowledged DP World's commitment to contributing to Pakistan's trading capabilities and its collaboration with various government organizations to develop new freight systems and enhance port connectivity. H.E. Shahid Ashraf Tarar, Federal Minister of Communication, Railways, and Maritime Affairs, highlighted the enduring partnership with DP World and the strategic importance of Pakistan as a gateway to Asia. The Investment Framework Agreements, he stated, underscore the deepening economic cooperation between the two nations, positioning Pakistan strategically to reap commercial benefits associated with its unique geographical location. This groundbreaking collaboration signifies a major step forward in regional economic integration and underscores the commitment of both governments to fostering mutual growth and prosperity. The signed agreements open doors to unprecedented opportunities for economic development, trade expansion, and increased connectivity in the region.
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