Pakistan businesses expect new shipping policy to support firms

New shipping policy announced by Syed Ali Haider Zaidi, Federal Minister for Maritime Affairs, is an excellent step towards promoting private shipping industry, eventually the logistics support services, port services, road transport, warehousing, cool chains, silos and growth of seafood exports, said United Business Group (UBG) Secretary General and former FPCCI President Zubair  Tufail.

He said, this shipping policy hope fully not only attract massive investment but also replenish the sick shipping industry thus create huge employment.

He said that according to policy the vessels registered in Pakistan and becoming national flag carrier would be exempted from custom’s duty, income tax and sales tax till the year 2030.

He said that  private shipping companies have been given incentives so it is  hoped that this policy will help in bringing new  ships in Pakistan.

Talking to business people associated with the shipping sector, Zubair Tufail said that it is also welcome in the shipping policy that the State Bank of Pakistan has been asked to provided long term finance facility at the request of the Ministry of Maritime Affairs. Further, the most important incentive for the Pakistani Flag Carriers would be the first birthing right. He appreciated SBP for their long term 3% financing facility for those who acquire ships and vessels flying the Pakistani flag. This will not only help the investors to buy cargo ships, but also tug boats, dredger, fishing boats, etc. He mentioned that our deep sea fishing sector has enormous potential having vast coastline. The move will also provide opportunities for fishermen to expand their business.

Zubair Tufail said that it is a fact that foreign ships have increased their rates after 9/11 and Pakistani traders became a helpless in the hands of foreign companies and these foreign companies  forced them to pay more.

The Secretary General of UBG said that there was a time when PNSC had 80 ships but now it is very unfortunate that now it has only 10 or 12 ships. This has dealt a severe blow to Pakistan’s shipping industry but now is the best time for PNSC and the private sector to take advantage of new shipping policy announced, he added.

Maritime Affairs hotline aims to directly reach to minister any sort of malpractice Ministry of Maritime Affairs hotline & email aimed to directly reach out to the Federal Minister to report any sort of malpractices or corruption at any level.

According to Ministry of Maritime Affairs as a first step a public whatsapp number were set up so all those connected with Maritime sector could directly reach out to the Minister to report irregularities or offer suggestions.

The minister personally monitor and take action against anyone who is involved in corruption.

The Ministry also achieved E-Office Level 4+ in November 2019 and is heading the concept of Blue Economy of Pakistan. Blue Economy has defined as sustainable commercial growth improving livelihood and creating jobs. While preserving and protecting the health of Oceanic Ecosystem.

Meanwhile, Prime Minister Imran Khan on Wednesday said that the government was taking all-out measures to make subsidy system more transparent, effective and targeted.

Presiding over a meeting, Prime Minister Imran Khan directed to ensure effective utilisation of subsidies to give maximum relief to lower-income segments of the society. He maintained that fulfilling the requirements of poverty-stricken people was the government’s top priority.

Special Assistant to Prime Minister (SAPM) on Social Protection and Poverty Alleviation Dr Sania Nishtar, National Database and Registration Authority (NADRA) chairman and finance secretary and other officials were present in the meeting. Earlier on July 20, stressing the need for reforms in ‘subsidy system’, Prime Minister Imran Khan had directed to ensure that the benefit of subsidies reached only the poor and needy people.

Presiding over a meeting of an economic think-tank, PM Imran had ordered to review the entire subsidy system, adding, The government subsidies are aimed at providing relief and assistance to poor and deserving people.

The premier had directed his finance adviser to set up a special cell to review the subsidies provided by the government in various fields and make comprehensive recommendations to enhance their effectiveness.

Separately, the Securities and Exchange Commission of Pakistan (SECP) has granted license of life insurance to Postal Life Insurance Company Limited, to act as a life insurer under the Insurance Ordinance, 2000.

Established in 1884, PLI has been working as an attached agency of Pakistan Post.

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