Be the First to Know

lanka matrimony

Dubai signs deal to invest US$ 3 Bn in Pakistan

0 3

Pakistan and Dubai have signed an agreement of over US$ 3 billion investment in various fields including cooperation in railways, economic zones and infrastructure development.

The agreement was signed on the sidelines of the World Economic Forum in Davos by Communication, Railways, and Maritime Affairs Minister Shahid Ashraf Tarar and Dubai’s Ports, Customs and Free Zone Corporation (PCFC) Chairman Sultan Ahmed bin Sulayem.

The cooperation covered the development of a dedicated freight corridor, multi-modal logistics park, and freight terminals, the Railways Ministry said in an official statement.

The agreement covers cooperation in development of a dedicated freight corridor, multi-modal logistics park, and freight terminals. DP World will carry out infrastructure improvement at Qasim International Container Terminal, Pakistan’s leading trade gateway, and plans to develop an economic zone near the terminal to strengthen bilateral relations in the marine and logistics sectors. It will be inclusive of potential establishment of a Dedicated Freight Corridor and Economic Zone near Karachi.

The rail-based Dedicated Freight Corridor is planned to run from Karachi Port on the Arabian Sea passing through Karachi to the Pipri Marshalling Yard, approximately 50 kms away. This will reduce traffic congestion in Karachi improving road efficiency and transport times while drastically reducing logistic costs.

A second framework agreement was signed with Pakistan’s Maritime Affairs Ministry to dredge the navigation channel. DP World will carry out the capital dredging on behalf of the Dubai Government.

This framework agreement will also see the development of an economic zone at Port Qasim, which aims to attract more than US$ 3 billion of foreign direct investment.

Shahid Ashraf said that DP World has longstanding proud presence in Pakistan witnessed by mutually rewarding engagement. Building on the unwavering trust and partnership, the two brotherly countries have decided to further consolidate the economic cooperation through landmark projects.

(The Nation)

The post Dubai signs deal to invest US$ 3 Bn in Pakistan appeared first on DailyNews.

Leave A Reply

Your email address will not be published.