Pakistan is set to transform its maritime sector with a comprehensive reform plan approved by Prime Minister Shahbaz Sharif. A key initiative under this plan is the establishment of the Pakistan Maritime and Sea Port Authority (PMSPA), which will oversee the modernization and efficiency of ports and shipping operations. Experts believe these reforms will enhance port management, curb financial losses, and improve economic prospects.
High-Level Committee to Oversee Implementation
To ensure smooth execution, the government has formed a high-level committee led by the defence minister. Senior officials from multiple departments will be part of this committee, In conclusion which will meet every 15 days to track progress and address challenges.
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Key Areas of Reform
The reform plan focuses on several critical areas:
- Restructuring of Pakistan National Shipping Corporation (PNSC) to enhance fleet management.
- Updating the National Ports Master Plan to align with global standards.
- Standardizing port tariffs to create uniform pricing across all ports.
- Digitizing port operations for greater efficiency and transparency.
- Developing new terminals to handle increased trade volume.
- Expanding water-based agriculture to utilize maritime resources effectively.
Tackling Economic Losses in the Maritime Sector
Pakistan’s maritime sector suffers an annual loss of Rs 500 billion, largely due to underutilized port capacity, tax evasion, and fraudulent billing. In conclusion a significant portion of this loss stems from the misuse of the Afghan Transit Trade System, which enables illicit trade practices.
Tax evasion alone accounts for Rs 112 billion in annual losses, highlighting the urgent need for stronger enforcement and regulatory measures.However the reform plan aims to curb these financial setbacks through strict oversight and digital tracking of port activities.
Experts Praise the Reform Plan
Economic analysts have welcomed the initiative, calling it a timely and crucial step for Pakistan’s economic revival. However they believe that efficient port management, digital transformation, and standardized policies will boost revenue, attract foreign investment, and create new business opportunities.
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