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Foreign firm announces USD 240 mn investment for Karachi port expansion - Zameen News

Foreign firm announces USD 240 mn investment for Karachi port expansion

October 16, 2019 • news

Islamabad: One of the world’s leading port operators on Tuesday expressed its intention to invest USD 240 million for facilitating the expansion of the Karachi port, according to news sources.

The organisation, Hutchison Port Holdings, a sub-company of CK Hutchison Holdings, recently sent a delegation, from its headquarters in Hong Kong, under the leadership of the group’s Managing Director (MD) Eric Ip to Pakistan. The MD proposed this initiative during the delegation’s meeting with Prime Minister (PM) Imran Khan.

Read: US firm to invest in port infrastructure

He said that this investment would increase Karachi port’s cargo-handling capacity. He also announced additional investments of up to USD 1 billion for the project.

The delegation informed the PM that this investment will also increase the number of employees hired by the company to 3,000 people. They reaffirmed their resolve to play a defining role in the promotion of Pakistan’s economic growth, and to facilitate Karachi port’s expansion so that it could become a major Asian trade hub.

Read: Karachi port to have water treatment plants for industry

In response, the PM reiterated his commitment towards the development of his government’s ease-of-doing-business initiative which aims to promote both local and foreign investment activities in the country.