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Tuesday, May 21, 2024

Hutchison Port Holdings to Make Karachi Major Trading Hub: Invest $240 Million

Hong Kong-based port operator Hutchison Port Holdings has made a new US $240 million investment in Karachi Port, which will be used to increase the container terminal capacity that will facilitate export competitiveness and increase trade volumes.

Prime Minister Imran Khan, on Tuesday 15 October, received a delegation from the Hong Kong-based port operator, Hutchison Port Holdings, that will invest $240 million investment for a new container terminal capacity at Karachi Port.

This new investment has increased Hutchison Port Holding’s total investment in Pakistan to US $1 billion.

Prime Minister Imran Khan received the delegation, led by the Group Managing Director of Hutchison Port Holdings, Eric Ip. The foreign delegation also included Mr. Andy Tsoi, Managing Director Middle East & Africa, Mr. Eric Ng, Business Director Middle East & Africa and the leadership of Hutchison Ports’ Pakistani executives.

The meeting was also attended by the Minister for Maritime Affairs Syed Ali Haider Zaidi, Advisor to PM on Commerce Abdul Razzaq Dawood, Special Assistant to PM Syed Zulfiqar Abbas Bukhari, Ambassador at Large for Foreign Investment Mr. Ali Jehangir Siddiqui, Chairman Board of Investment Zubair Haider Gilani and other senior officials.

Hutchison Port’s fresh US $240 Million Investment

Hutchison Port Holdings will make further investment in Pakistan, approximating US $240 million, which will allow the availability of a significant amount of new container capacity at the Karachi Port, increasing the Hong Kong-based port operator’s total investment in Pakistan to US $1 billion.

Hutchison Port’s delegation informed the premier that this investment will also provide employment opportunities to 3,000 people. The delegation also briefed the Prime Minister on the development of Hutchison Port and its parent organization, CK Hutchison Holdings.

Read more: Kuwait Investment Authority eager to invest across Pakistan

The delegation assured the Premier that their organization is committed to playing a “pivotal role in facilitating the economic growth of Pakistan”, alongside contributing their resources to transform the Karachi Port into a major trading hub in Asia.

Prime Minister Imran Khan lauded the investment and commitments made by Hutchison Port Holdings and valued their contributions to facilitate Pakistan’s economic growth. He pledged that the Government of Pakistan will ensure measures to facilitate investment with business-friendly policies that would promote economic prosperity and generate jobs for the people.

Ambassador Ali Jehangir Siddiqui said that the Karachi Port is greatly in need of additional container terminal capacity as exports have risen due to the fairly priced currency of the country. He observed that Hutchison Port’s investment would facilitate the government in maintaining the export competitiveness, alongside increasing revenues of the Karachi Port Trust and the national exchequer.

Hutchison Port Holdings is one of the leading port companies in the world, and this Hong Kong-based port operator has dynamically expanded its operations across the world. Currently, it has over 30,000 employees and operates 52 ports and terminals in 27 countries across Asia, Africa, Europe, the Americas, Middle East, and Australia.

Read more: “China will never leave Pakistan alone”: Envoy promises investment

The port operated by Hutchison Port in Pakistan is situated at the Keamari Groyne basin, and it has facilitated trade and investment by providing large vessels the most convenient route to enter Karachi.

Over the course of its partnership with Pakistan, Hutchison Port Holdings has invested US $1 billion, of which US $600 million to develop the terminal and equip it with the latest technology and the new US $240 million investment, while the Karachi Port Trust investment US $350 million for reclamation work and dredging.

Analysts observe that the country is opening up to receive foreign investment and economic prosperity due to the investment and trade-friendly policies of the Pakistan Tehreek-e-Insaf (PTI) led government.

Ambassador Ali Jehangir Siddiqui, Pakistan’s Ambassador-at-Large for foreign investment, is also being accredited for his contributions in bringing illustrious investors to revive Pakistan’s trade and energy sectors and facilitate economic growth and job creation.