Hong Kong-based company to invest in Pakistan's Karachi port to boost trade

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Posted October 17, 2019

ISLAMABAD, Oct. 15 (Xinhua) -- Hong Kong-based port operator Hutchison Port Holdings has committed investment of 240 million U.S. dollars for the development of Pakistan's Karachi port, the Prime Minister Office said on Tuesday.

The investment will make available a significant amount of new container terminal capacity at the Karachi port, and increase the port operator's total investment in Pakistan to 1 billion U.S. dollars and employees to 3,000, the office said in a statement.

Group Managing Director Eric Ip, who led a delegation of Hutchison Port Holdings, apprised Pakistani Prime Minister Imran Khan about the fresh investment in a meeting.

The meeting was attended by Minister for Maritime Affairs Syed Ali Haider Zaidi, Advisor to Pakistani Prime Minister on Commerce Abdul Razak Dawood, Ambassador at Large for Foreign Investment Ali Jehangir Siddiqui and Chairman Board of Investment Zubair Gilani.

During the meeting, the prime minister was also briefed about the group's commitment to play its role in facilitating the economic growth of Pakistan, as well as supporting the development of Karachi port into a major hub for trade in Asia.

Welcoming the investment into Pakistan, Khan reiterated the commitment and focus of his government to facilitate investment and ease-of-doing-business that would ultimately result in economic growth of the country.

Ambassador at Large for Foreign Investment Siddiqui said the investment would support the country's export competitiveness and also result in greater revenue for both the federal exchequer and the Karachi Port Trust.

Source: xinhuanet.com