Shipping policy to inject new life into shipping sector: UBG SG

United Business Group (UBG) Secretary General and former FPCCI President Zubair Tufail Wednesday said that the shipping sector has been neglected for decades but the shipping policy announced by Federal Minister for Maritime Affairs Ali Zaidi will bring a new life in Pakistan shipping sector and help private sector to bring new ships in the country.

He said that according to policy the vessels registered in Pakistan and becoming national flag carrier would be exempted from custom’s duty, income tax and sales tax till the year 2030.

He said that private shipping companies have been given incentives so it is hoped that this policy will help in bringing new ships in Pakistan.

Talking to business people associated with the shipping sector, Zubair Tufail said that it is also welcome in the shipping policy that the State Bank of Pakistan has been asked to provide long-term finance facility at the request of the Ministry of Maritime Affairs. Further, the most important incentive for the Pakistani Flag Carriers would be the first birthing right.

He appreciated SBP for their long term 3 percent financing facility for those who acquire ships and vessels flying the Pakistani flag. This will not only help the investors to buy cargo ships, but also tug boats, dredger, fishing boats, etc.

He mentioned that our deep sea fishing sector has enormous potential having vast coastline.

The move will also provide opportunities for fishermen to expand their business.

Zubair Tufail said that it is a fact that foreign ships have increased their rates after 9/11 and Pakistani traders became a helpless in the hands of foreign companies and these foreign companies forced them to pay more.

The Secretary General of UBG said that there was a time when PNSC had 80 ships but now it is very unfortunate that now it has only 10 or 12 ships. This has dealt a severe blow to Pakistan’s shipping industry but now is the best time for PNSC and the private sector to take advantage of new shipping policy announced, he added.
Source: Business Recorder

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