Huge investment to power Karachi Port forward
Hutchison Port Holdings (HPH) is to invest US$240 million in the development of Pakistan’s Karachi Port, according to the Pakistani Prime Minister’s Office.
The investment is designed to significantly increase the capacity of the port.
Further, the outlay will see HPH’s spending in Pakistan to rise to US$1 billion.
The announcement was made during a visit to Pakistan from a HPH delegation, which included Managing Director Eric Ip, and a visit to Islamabad where the delegation met Prime Minister Imran Khan.
The HPH delegation also met several cabinet ministers from the government, including Syed Ali Haider Zaidi, Minister for Maritime Affairs, Abdul Razzaq Dawood, Special Advisor to the Prime Minister on Commerce and Ali Jehangir Siddiqui, Ambassador at Large for Foreign Investment.
As well as the investment in Karachi, Khan was also briefed on HPH’s commitment to Pakistan and its efforts to turn the country into a major Asian trade hub.
Pakistan is a source of significant maritime investment, with China helping to develop the Port of Gwadar as part of the China-Pakistan Economic Corridor (CPEC). Gwadar opened for commercial use last week.
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