Hutchison Port Holdings announces $240m investment in Pakistan

Hutchison Port Holdings announces $240m investment in Pakistan

• ‘Investment will be used to build greater terminal capacity at Karachi Port’
• ‘Hutchison Ports’ total investment in Pakistan has now reached $1bn’

ISLAMABAD (INP): Prime Minister Imran Khan has welcomed $240 million foreign investment from Hutchison Port Holdings, a Hong Kong-based port operator.

A delegation of Hutchison Port Holdings, led by its Group Managing Director Eric Ip, called on Prime Minister Imran Khan on Tuesday. Other delegation members included HPH Middle East & Africa Managing Director Andy Tsoi and Middle East & Africa Business Director Eric Ng.

Maritime Affairs Minister Syed Ali Haider Zaidi, Adviser to PM on Commerce Abdul Razzaq Dawood, Special Assistant to PM on Overseas Pakistanis Syed Zulfiqar Abbas Bukhari, Ambassador-at-Large for Foreign Investment Ali Jehangir Siddiqui and Board of Investment Chairman Zubair Haider Gilani were also present on the occasion.

Group Managing Director Eric Ip apprised the prime minister of Hutchison’s fresh investment into Pakistan approximating $240 million which will enhance the new container terminal capacity at the Karachi Port, and increase Hutchison Ports’ total investment in Pakistan to $1 billion.

The PM was briefed about the development of Hutchison Port Holdings, its parent company CK Hutchison Holdings, and the group’s commitment to playing a pivotal role in facilitating the economic growth of Pakistan, as well as supporting the development of Karachi Port into a major hub for trade in Asia.

PM Imran reiterated his government’s commitment and focus towards investor facilitation, saying that ‘ease of doing business’ in the country would ultimately result in economic growth and employment generation.

Ambassador Ali Jehangir Siddiqui on the occasion stated that as a result of a fairly priced currency, unit volumes of exports were increasing and there was a great need for additional container terminal capacity.

“As a result, this investment will support our export competitiveness and will also ensure greater revenue for both the federal exchequer and the Karachi Port Trust,” he stated. “This multimillion-dollar investment will be used to build greater terminal capacity at the Karachi Port, a much-needed initiative to help Karachi take its due place as a major trade hub internationally.”