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Business Recorder
4 days ago
- Business
- Business Recorder
Modernising KICT, SAPT: $1bn investment with Hutchison Port Holdings on the anvil
ISLAMABAD: Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry, while underscoring the key role of national shipping industry in bolstering international trade, has said that in this connection the government's initiative includes a fast-track strategy for a $1 billion investment with Hutchison Port Holdings Limited, focusing on modernising the Karachi International Container Terminal (KICT) and South Asia Pakistan Terminals Limited (SAPT). Speaking at an event, the minister said the government was actively inviting global shipping companies to invest in Pakistan's maritime sector, leveraging the country's strategic location. The event was hosted by Aasim A Siddiqui, managing director of Pakistan Intermodal Limited (PIL), and attended by senior management from shipping lines and terminal operators. The minister emphasised the government's commitment to modernising maritime infrastructure and enhancing operational capacities across the nation. CK Hutchison plans $1bn port investment On March 18, 2025, the Hutchison Ports, one of the world's leading ports network, has agreed to fast-track its $1 billion investment plan to modernise Pakistan's port infrastructure during a meeting between Chaudhry and Andy Tsoi, Managing Director of Hutchison Port Holdings Limited. The two sides met to discuss 'swift execution of the previously proposed $1 billion investment aimed at upgrading Pakistan's port infrastructure'. Andy Tsoi reiterated Hutchison Ports' commitment to Pakistan and emphasised the importance of efficient execution to maximise economic benefits, it added. 'Both sides discussed regulatory clearances, infrastructure upgrades, and supply chain improvements, agreeing to remove bottlenecks that could slow down the project. Special attention was given to accelerating the deployment of automation, digitalisation, and green port solutions to ensure sustainable operations.' Chaudhry highlighted that over 90 percent of Pakistan's trade volume was managed through seaports, with the maritime sector contributing more than 10 per cent to the country's GDP and providing employment to over two million individuals, both directly and indirectly. He noted that the Karachi Port Trust alone had the capacity to handle over 125 million tons of cargo annually. In the fiscal year 2023, the shipping sector generated approximately $235 million in revenue, with oil tankers accounting for about 70 per cent of this figure. Addressing the financial implications of relying on foreign shipping companies, the minister pointed out that Pakistan spends an estimated $6-8 billion annually on freight charges. Copyright Business Recorder, 2025
Arab News
01-03-2025
- Business
- Arab News
Hong Kong conglomerate plans to invest $1 billion in Pakistan to upgrade port infrastructure
KARACHI: Hutchison Ports, a subsidiary of Hong Kong conglomerate CK Hutchison Holdings Limited, plans to invest $1 billion in Pakistan to improve its port infrastructure, the Pakistani finance ministry said on Thursday. The statement came after a delegation of Hutchison Ports, led by its Middle East & Africa Managing Director Andy Tsoi, met Pakistan Finance Minister Muhammad Aurangzeb and briefed him about the firm's 25-year presence in Pakistan. Hutchison Ports has been operating two terminals, HPKICT and HPSAPT, in Pakistan and has contributed more than Rs225 billion ($804 million) in government revenues and provided employment to a workforce of 5,000 individuals, according to the port operator. During the meeting with Aurangzeb, Hutchison Ports delegates presented their upcoming investment plan, aimed at upgrading their existing terminals to enhance operational efficiency, logistics connectivity, and automation. 'The investment includes infrastructure development, road improvements to facilitate efficient cargo movement, modernization of HPKICT into a cutting-edge automated terminal, and the development of a 52-hectare logistics park to enhance trade connectivity,' the Pakistani finance ministry said. 'The delegation highlighted that their investment is expected to generate at least USD 4 billion in revenue over the next 25 years through royalty, rent, and tax contributions.' The automation upgrades will include remote quay cranes, electric trucks and digitalized gate operations, alongside training programs for maritime professionals in port operations, management and artificial intelligence (AI) applications, according to the statement. Finance Minister Aurangzeb appreciated Hutchison Ports' commitment to Pakistan's maritime sector and acknowledged their significant role in boosting trade and economic activity. 'He reaffirmed the government's support for strategic investments that contribute to Pakistan's economic growth and infrastructure development,' the finance ministry said. The development comes amid Pakistan's efforts to boost trade and seek international partnerships to expand its maritime activities. On January 22, South Korean shipping company, HMM, launched the India North Europe Express (INX) weekly shipping service in Pakistan, providing the South Asian country direct access to Europe. The service, launched in collaboration with Ocean Network Express (ONE) container liner and Pakistan's United Marine Agencies (UMA), will ensure timely and efficient delivery of Pakistani goods to the destined European ports and beyond, according to HMM. Prior to that, Dubai-based logistics giant DP World, in collaboration with Pakistan's National Logistics Corporation, launched in Jan. a feeder service to transport shipping containers from Dubai to Karachi, Pakistani state media reported. Pakistani officials and DP World have also finalized terms for a freight corridor project from Karachi Port to the Pipri Marshalling yard in southern Pakistan. Pakistan is currently on a tricky path to economic recovery since avoiding a default in June 2023. The South Asian country last year secured a new $7 billion loan from the International Monetary Fund (IMF) and has been actively pursuing trade and investment opportunities to put the economy back on track.
Express Tribune
01-03-2025
- Business
- Express Tribune
Hutchison Ports offers $1b investment plan
Listen to article A high-level delegation of Hutchison Ports presented their upcoming investment plan of $1billion, aimed at upgrading existing terminals to enhance operational efficiency, logistics connectivity, and automation to Federal Minister for Finance Muhammad Aurangzeb on Friday. According to press release issued by finance ministry, the delegation was led by Andy Tsoi, Managing Director, Middle East and Africa Division. The delegation briefed the Minister on Hutchison Ports' 25-year presence in Pakistan, where they have been operating two key terminalsHPKICT and HPSAPT. Over this period, the company has contributed more than Rs225 billion in government revenues and has provided employment to a workforce of 5,000 individuals.
