Latest news with #PakistanNationalShippingCorporation
Business Recorder
05-05-2025
- Business
- Business Recorder
IBA Karachi, PNSC to support future leaders through scholarship endowment
KARACHI: In a significant step toward strengthening access to quality higher education, IBA Karachi has joined hands with Pakistan National Shipping Corporation (PNSC) to support future leaders through scholarship endowment. PNSC has contributed Rs 10 million to IBA for the establishment of a perpetual scholarship endowment. The cheque handover ceremony was held at Main Campus, IBA Karachi, in which Sultan A. Chawla, Chairman, PNSC, presented the contribution to Dr S Akbar Zaidi, Executive Director, IBA Karachi. This partnership marks the beginning of a long-term collaboration between two institutions committed to building capacity and creating pathways for underserved communities. Copyright Business Recorder, 2025
Express Tribune
07-04-2025
- Business
- Express Tribune
'Maritime, energy reforms to boost trade'
Prime Minister Shehbaz Sharif on Monday said that the reforms in maritime and energy sectors would boost trade, reduce costs, and unlock Pakistan's economic potential. The prime minister made these remarks while chairing a high-level meeting to review progress on the government's wide-ranging reforms in the maritime sector. He emphasized that comprehensive efforts were underway to transform country's port infrastructure, streamline customs operations, and strengthen the country's maritime economy for long-term national benefit. He hailed the task force on maritime reforms for its diligent work and praised their efforts in preparing a comprehensive set of recommendations that aim to end decades-long stagnation in the sector. "Pakistan has been blessed with a long coastline and vast maritime resources. With the right reforms, we can unlock immense economic potential and bring our ports to global competitive standards," Prime Minister Shehbaz said. He noted that reduction in electricity tariff of almost Rs7.5 per unit was a direct result of the focused work of a dedicated task force on reforms in energy sector. The premier stressed that the same results-driven model was now being applied to the maritime sector. "This electricity tariff reduction is a major relief not only for households but also for all sectors like agriculture, commerce, trade, and industry. It will bring down the cost of production, improve local manufacturing, generate employment, and enhance exports," he stated. The prime minister noted that structural reforms remained central to the government's economic strategy, which had already stabilized Pakistan's macroeconomic indicators. He also highlighted the opportunity presented by the recent drop in global oil prices, and assured that the government was working to harness its long-term benefits for Pakistan's economy. The meeting reviewed a detailed presentation on the roadmap for maritime sector reforms. The participants of the meeting were briefed on introduction of the Pakistan Maritime Port Act, unifying regulations across all ports, creation of a national dredging plan, including the formation of a National Dredging Company to serve ports across the country. The forum also discussed modernization of the Pakistan National Shipping Corporation (PNSC) with a 25-year rehabilitation plan and inclusion of the private sector through public-private partnerships. It was informed that a hazardous waste disposal plant was set up in Gadani to manage chemical and industrial waste.
The Independent
25-02-2025
- Business
- The Independent
Bangladesh resumes direct trade with Pakistan after 50 years
Bangladesh has resumed direct trade with Pakistan after over 50 years with the first shipment of 50,000 tonnes of rice leaving Port Qasim under a deal between Islamabad and Dhaka. The two nations have seen a drastic improvement in bilateral relations since the interim government led by Nobel laureate Muhammad Yunus took power in Bangladesh after protests toppled former prime minister Sheikh Hasina last August and sent her fleeing to India. Bangladesh was once a part of Pakistan but became independent after a nine-month war with Islamabad in 1971. The export of rice marks the first instance of direct trade between the two countries in 54 years. 'For the first time, a Pakistan National Shipping Corporation vessel carrying government cargo will dock at a Bangladeshi port, marking a significant milestone in maritime trade relations,' Pakistani daily The Express Tribune reported. To begin with, Bangladesh is buying 75,000 tonnes of white rice at £395 per tonne from the Trading Corporation of Pakistan. The remaining 25,000 tonnes of grain is expected to be delivered in early March. Dhaka appears to be paying a higher price for Pakistani rice compared to its procurement from Vietnam. The country has been importing rice from Hanoi at £375.63 per tonne. The interim government has been trying to stabilise the rice market as prices have risen by 15-20 per cent in recent months. The new trade deal between the two countries came after Dhaka in January simplified the visa process for Pakistanis to further strengthen economic relations. The interim government removed the requirement of clearance from Dhaka for Pakistani heads of missions to get visas, Bangladesh's high commissioner to Islamabad, Iqbal Hussain, told reporters. Mr Hussain said increasing trade and investment between the two countries "must be a top priority" for Dhaka and Islamabad.
Express Tribune
22-02-2025
- Business
- Express Tribune
Pakistan, Bangladesh trade reopens
Pakistan sent first batch of quality rice to Dhaka as direct trade between the nations has been resumed. PHOTO: FILE In a major development, direct trade between Pakistan and Bangladesh has resumed after five decades, with the first government-to-government cargo departing from Port Qasim on Saturday. The Pakistan National Shipping Corporation (PNSC) bulk carrier MV Sibi is transporting 26,000 tons of rice to Bangladesh and is scheduled to arrive in Chittagong on March 4. The transportation of the goods marked the first instance of official trade relations being restored since the fall of Dhaka in 1971. Under a deal finalised in early February, Bangladesh is set to import 50,000 tons of rice from Pakistan through the Trading Corporation of Pakistan (TCP). The shipment will be completed in two phases, with the remaining 25,000 tons to be dispatched in early March. It is pertinent to note that after Sheikh Hasina Wajid's ouster last year, relations with Bangladesh saw a thaw with high-level exchanges between the two nations taking place. The interim government in Bangladesh extended an olive branch, to which Pakistan responded positively.
Express Tribune
07-02-2025
- Business
- Express Tribune
PM approves plan to reform maritime sector
Listen to article Prime Minister Shahbaz Sharif has approved a comprehensive reform plan aimed at the full revival of Pakistan's maritime sector, under which the Pakistan Maritime and Sea Port Authority (PMSPA) has been established. To ensure effective implementation of the reform plan, a high-level committee has been formed, led by the defence minister. The committee will include senior officials from various departments and will meet every 15 days to monitor the progress of the approved measures. Key components of the reform plan include the restructuring of Pakistan National Shipping Corporation (PNSC), the updating of the National Ports Master Plan, and the standardization of tariffs across the country's ports. There will also be a special focus on port digitization and the development of new terminals at various ports. Additionally, the plan addresses water-based agriculture and other related sectors. Experts highlight that Pakistan is suffering an annual loss of Rs 500 billion in the maritime sector. This loss is attributed to underutilization of port capacities, tax evasion, and fraudulent billing. The misuse of the Afghan Transit Trade System is also contributing to billions of rupees in losses. According to experts, tax evasion alone in the maritime sector is causing an annual loss of Rs 112 billion. Economic analysts have described the reform plan as a timely and crucial step, emphasizing that its successful implementation and the digital transformation of the ports will significantly improve the country's economy.
