Karachi, August 5, 2024 — Federal Minister for Maritime Affairs Qaiser Ahmed Sheikh has lauded the Karachi Chamber of Commerce for its exceptional execution of the 19th My Karachi Exhibition. During his remarks following the event’s closing at the Karachi Expo Center,
Sheikh announced an exciting development for the city’s maritime sector: a forthcoming Memorandum of Understanding (MoU) with European shipping giant Maersk, which will inject $2 billion into Karachi’s infrastructure.
Sheikh disclosed that he would be traveling to Denmark later this month to finalize the MoU. This investment is set to commence in October 2024 and will target several critical areas including infrastructure development, terminal enhancements, warehousing, and shipbreaking. The initiative aims to position Karachi as a prominent transshipment hub, significantly boosting its role in global maritime trade.
The announcement was made during a press briefing held by Chairman Businessmen Group (BMG) Zubair Motiwala. Key figures in attendance included Vice Chairman BMG Anjum Nisar, General Secretary BMG AQ Khalil, President KCCI Iftikhar Ahmed Sheikh, and several former KCCI Presidents, among others.
In his speech, Sheikh emphasized Karachi’s potential to enhance its export capacity. He urged the business community to harness the maritime sector’s potential, noting that Pakistan’s marine exports lag far behind India’s, which are 40 times greater. The government has already facilitated this growth by removing sales tax on processing plants and related sectors in this year’s budget. Sheikh assured that the government is prepared to offer various incentives, including land, to support the establishment of marine export processing facilities.
Highlighting Prime Minister Shehbaz Sharif’s commitment to economic progress, Sheikh expressed confidence in doubling exports over the next five years by creating an investor-friendly environment. He commended the success of the 19th My Karachi Exhibition, which saw participation from 17 countries and attracted around 700,000 visitors. The exhibition, which featured over 300 stalls offering significant discounts, serves as a testament to Karachi’s dynamic business landscape and its ability to present a positive image despite past challenges.
Motiwala revealed plans for the 20th My Karachi Exhibition, scheduled for February 21-23, 2025. The upcoming event promises increased participation from both local and international exhibitors and enhanced features for visitors. He reflected on the exhibition’s origins in 2004, noting its role in improving Karachi’s image during a period of unrest.
Addressing infrastructure improvements, Motiwala announced that the Trade Development Authority of Pakistan (TDAP) is undertaking a comprehensive renovation of the Expo Center and plans to construct an IT Tower and hotel, further bolstering Karachi’s business infrastructure.
General Secretary BMG AQ Khalil pointed out the erosion of public purchasing power due to high energy tariffs and urged the government to address these issues to mitigate inflation. President KCCI Iftikhar Ahmed Sheikh praised the media’s role in the exhibition’s success and reiterated the commitment of the Karachi Chamber to continue enhancing the event and supporting local businesses.
The 19th My Karachi Exhibition not only highlighted Karachi’s vibrant market but also set the stage for significant future developments that could transform the city into a key player in global trade.
