LAHORE MIRROR — Pakistani authorities have greenlit a proposed deal with the United Arab Emirates (UAE) to construct a bulk and general cargo terminal in Karachi, the port city of Pakistan.
The decision was made during a meeting of the Cabinet Committee on Intergovernmental Commercial Transactions (CCoIGCT), chaired by Federal Minister for Finance, Ishaq Dar.
Earlier, the government had set up a committee comprising officials from law and justice, maritime affairs, and foreign affairs to create a draft framework agreement with Abu Dhabi. The committee’s efforts were successful, and the G2G draft Framework Agreement has now been approved for ratification by the Cabinet.
It is worth mentioning here that Abu Dhabi Port had previously entered into a 50-year agreement with the Karachi Port Trust (KPT) to manage one of its port terminals in Karachi. As part of this arrangement, the Pakistan International Container Terminal (PICT) was handed over to the AD Ports Group, while Kaheel Terminals was entrusted with the responsibility to operate, manage, and develop the Gateway Terminal.
This strategic deal holds promising prospects for Pakistan, as it is projected to bring in over $200 million in revenue during the initial decade. Beyond economic gains, the agreement is expected to bolster Pakistan-UAE bilateral relations and strengthen trade ties with other nations as well. The construction of the cargo terminal at Karachi port is seen as a pivotal step towards fostering enhanced maritime infrastructure and facilitating international trade in the region.
