ISLAMABAD, Pakistan: The Federal Minister for Maritime Affairs Syed Ali Haider Zaidi has announced the new Shipping Policy under which incentives have been provided to private Shipping Companies.
While addressing a News Conference along with the Prime Minister’s Advisor on Commerce Abdul Razzak Dawood in Islamabad on Friday, the minister said that the government wants to involve the Private Sector in the Shipping Business.
The minister said that the vessel registered in Pakistan will be exempted from Custom Duty, Income Tax, and Sales Tax till 2030.
Ali Zaidi said that the Pakistani flag carrier vessel will also have the first berthing right at the port.
The federal minister hoped that three to four Shipping Companies will soon buy vessels in the Country. He said that the new Shipping Policy will also facilitate fishermen.
Separately on his Twitter account, Ali Zaidi said that the new Shipping Policy will lift the Maritime Sector in Pakistan to new heights which had never been witnessed before.
The minister said that Shipping Companies can now take advantage of liberal fiscal concessions & low markup rates offered by the State Bank of Pakistan (SBP) under the Long Term Financing Facility (LTFF) to acquire ships flying Pakistan flag.
Ali Haider Zaidi said that this business-friendly policy will reduce the annual freight bill of more than US$ 5 billion on Pakistan.
It will also generate employment opportunities for our seafarers/allied sectors, he said adding that this was only possible due to the vision of Prime Minister Imran Khan who declared 2020 as the year of Blue Economy.
