New shipping policy introduced by govt would help promoting blue economy.says Ali Haider

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ISLAMABAD, Jun 25: Minister for Maritime Affairs Ali Haider Zaidi has said that the new shipping policy introduced by the government would help promoting blue economy in the country.

Participating in the budget debate in the National Assembly, he said the maritime related blue economic sector remained neglected during past governments, but the incumbent government took several initiatives to exploit this sector.

He said Pakistan seafarers who were working abroad send only $50 million remittances annually however a country like Philippines receive over $6 billion per year from their seafarers working abroad.

The minister said during his tenure, Pakistan National Shipping Corporation (PNSC) paid back loans of Rs 4.7 billion, while Karachi Port Trust recovered damages of Rs 2.2 billion.

He informed that since 2010 no audit of KPT and Port Qasim had been conducted in the past and now the current government started the process of audit.

The minister said that the whole world was passing through an unprecedented time when even the strongest economies were facing worst economic crisis. However, he said the whole world was praising the Prime Minister Imran Khan’s decisions of minimizing suffering of people due to lock down during the pandemic.

He said attractive packages were also announced for Small and Medium Enterprises (SMEs) sector. He informed that according to World Economic Outlook, economy of US shrank by 8 percent, that of UK shrank by 10 percent, while Russia, South Africa, Malaysia and India also faced economic slowdown of 6 percent, 6 percent, 3percent, and 4.4 percent respectively.

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