Federal cabinet to take up issue of outsourcing of Karachi port terminal

ISLAMABAD-A Cabiet committee has decided that issue of outsourcing of operations of Bulk and General Cargo Terminal East Wharf at Karachi Port would be submitted to the current federal cabinet for decision/approval.
Federal Minister for Finance, Revenue, Economic Affairs & Privatization Dr Shamshad Akhtar chaired the meeting of the Cabinet Committee on Inter-Governmental Commercial Transactions (CCoIGCT). Ministry of Maritime Affairs submitted the summary regarding outsourcing of operations of Bulk and General Cargo Terminal East Wharf at Karachi Port. Secretary Maritime Affairs briefed the meeting on the process of outsourcing of port terminal and earlier decisions of CCoIGCT in this regard.
The CCoIGCT was apprised about the decisions of the then CCoIGCT taken in the earlier meeting of CCoIGCT held on 09-08-2023 which could not be ratified by the then Cabinet due to its dissolution. CCoIGCT agreed after discussion that recommendations of the then CCoIGCT regarding the above mentioned agenda may be submitted to the current federal cabinet for decision/approval.
Minister for Communication, Railways, and Maritime Affairs Shahid Ashraf Tarar, Minister for Commerce, Industries, & Production Gohjar Ijaz, Minister for Power & Petroleum Muhammad Ali, Advisor to PM on Finance Dr. Waqar Masood, Advisor to PM on Aviation Air Marshal (R) Farhat Hussain Malik, Advisor to PM on Establishment Ahad Cheema, SAPM on Maritime Affairs Vice Admiral (R) Iftikhar Ahmad Rao, Secretary Finance, Secretary Maritime Affairs, Secretary Law & Justice, Chairman KPT and team and other senior officers from Finance Division, Maritime Affairs Division, and KPT attended the meeting. Meanwhile, Federal Minister for Finance, Revenue, Economic Affairs, and Privatization Dr Shamshad Akhtar presided over a meeting to review and rationalize the progress and incentives provided by STZs and SEZs at Finance Division.
The committee was apprised about the comparative models of STZs and the progress and challenges of existing STZs and SEZs respectively. Moreover, a comprehensive discussion took place on the incentives currently available within STZs and SEZs, with a primary focus on enhancing their effectiveness and relevance to the rapidly evolving technological landscape. It was also shared that out of 8 areas declared as STZs, 5 are fully functional. The meeting also discussed strategies and policies aimed at fostering innovation, economic growth, and technological advancement through efficient management of STZs and SEZs to attract domestic and foreign investment. Minister Dr Shamshad Akhtar emphasized the crucial role that STZs and SEZs play in the development and progress of a nation’s economy. She emphasized the government’s commitment to make Pakistan a hub for technological advancements and economic prosperity. However, she highlighted that we shall focus more on promoting business friendly environment instead of relying exclusively on tax holidays.

ePaper - Nawaiwaqt