ISLAMABAD: Prime Minister Shehbaz Sharif has accorded approval to a comprehensive reforms plan for the complete revival of maritime sector of the country.
Under the plan, Pakistan Maritime and Seaport Authority has been established and a committee to be headed by the Defence Minister will ensure the implementation of the plan.
The meeting of the committee will be convened every fortnight to monitor the implementation of the approved steps.
Meanwhile, restructuring of Pakistan National Shipping Corporation, modernization of National Ports Master plan and standardization of port tariffs will be implemented.
Special attention will be paid on the digitization of seaports, aquaculture and other sectors. New terminals will also be established on different seaports under the reforms plan.
According to economic experts, Pakistan is suffering an annual loss of five trillion rupees in the maritime sector. The reasons for the losses include underutilization of port capacities, tax evasion and fraudulent billing.
They further said Due to the misuse of the Afghan Transit Trade System, Pakistan is suffering billions of rupees in losses.
Tax evasion in the Maritime sector is causing loss of over eleven hundred billion rupees.
Economic experts said the comprehensive reform plan for the maritime sector is a critical need of the time. They said the country’s economy will witness a significant improvement due to the digitization of seaports and implementation of reforms plan.