The Pakistani Minister for Maritime Affairs, Syed Ali Haider Zaidi, announced that the shipping companies that will register their vessels in Pakistan by 2030, will be excluded from the taxes.
The Minister, during a joint news conference along with Adviser to Prime Minister on Commerce, Textile, Industries and Investment Abdul Razak Dawood, reported that economic changes are a priority for the government. Also, the federal cabinet has already ‘greenlight’ Pakistan’s Shipping Policy.
Moreover, the Minister added that this policy aims to boost the Pakistani shipping sector.
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In the meantime, the new policy requires that freight charges are paid in Pakistani rupee, as the maritime sector is now an industry in Pakistan and banks will support it.
Adviser to the Prime Minister on Commerce, Textile, Industries and Investment Abdul Razak Dawood said oil and gas sector and shipping industry are of strategic in nature and many concessions have been granted under the new shipping policy.
Concerning the LNG sector, the chief executive of Pakistan LNG said in 2019 that the Country’s demand for LNG could rise more than three times, in the three to five years following. Also, in late September 2019, Pakistan selected oil majors, such as Tabeer Energy, a unit of Mitsubishi Corp; Exxon and Energas; Trafigura Group and Pakistan GasPort; Shell and Engro Corp; and Gunvor Group and Fatima, with goal to triple imports and ease gas shortages.
