PM Imran welcomes $240 million foreign investment from Hong Kong-based port operator

10:34 PM | 15 Oct, 2019
PM Imran welcomes $240 million foreign investment from Hong Kong-based port operator
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ISLAMABAD - Prime Minister Imran Khan Tuesday welcomed a USD 240 million foreign investment from Hong Kong based port operator, Hutchison Port Holdings and their commitment to Pakistan's economic prosperity.

The prime minister reiterated the commitment and focus of the government to facilitate investment and ease-of-doing-business that would ultimately result in economic growth and employment generation.

He was talking to a delegation of Hutchison Port Holdings, led by their Group Managing Director Eric Ip that called on him, PM Office media office in a press release said.

Minister for Maritime Affairs Syed Ali Haider Zaidi, Advisor to PM on Commerce Abdul Razzaq Dawood, Special Assistant to PM Syed Zulfiqar Abbas Bukhari, Ambassador at Large for Foreign Investment Ali Jehangir Siddiqui, Chairman board of Investment Zubair Haider Gilani and senior officials were present during the meeting.

Group managing director Eric Ip apprised the prime minister of Hutchison Port Holdings' fresh investment into Pakistan approximating USD 240 Million that would make available a significant amount of new container terminal capacity at the Karachi Port, and increase Hutchison Ports' total investment in Pakistan to USD 1 billion.

The prime minister was further informed that this investment would also grow Hutchison employees to 3,000 people.

The prime minister was also briefed about the development of Hutchison Port Holdings, its parent company CK Hutchison Holdings, and the group's commitment to play 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.

Hutchison Port Holdings is one of the world's largest port companies, with over 30,000 employees, operating 52 ports and terminals in 27 countries spanning Asia, the middle East, Africa, Europe, the Americas and Australia. The company is headquartered in Hong Kong.

Ambassador Ali Jehangir Siddiqui, on the occasion, said 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 would support their export competitiveness and also result in greater revenue for both the Federal exchequer and the Karachi Port Trust.

The delegation from Hutchison Ports also included Andy Tsoi, ManagingDirector Middle East & Africa, Eric Ng, business Director Middle East &Africa and the leadership of their Pakistan management team.