New Shipping Policy Aimed At Attracting Private Sector

ISLAMABAD, (UrduPoint / Pakistan Point News - 11th Aug, 2020 ) :Ministry of Maritime Affairs has devised a comprehensive new shipping policy aimed at attracting the private sector to participate in the shipping.

Under the Policy shipping companies was registering their vessels in Pakistan gain major financial concessions. They will also be exempted customs duty.

Federal Minister for Maritime Affairs Ali Haider Zaidi said in recent statement that Shipping companies can now take advantage of liberal fiscal concessions and low mark up rates offered by SBP under Long Term Finance Facility (LTFF) to acquire ships flying Pakistan flag.�"This business friendly policy will reduce the annual freight bill of $5 billion+ on Pakistan" he said. The minister said that it will also generate employment opportunities for our seafarers/allied sectors. He said that this was only possible due to the vision of Prime Minister Imran Khan who declared 2020 as year of Blue Economy.