ISLAMABAD: Finance Minister Muhammad Aurangzeb met top officials from Dubai-based logistics giant DP World and discussed boosting trade through cooperation in infrastructure and logistics frameworks, Pakistani state media reported on Wednesday.
The meeting comes days after DP World, in collaboration with Pakistan’s National Logistics Corporation, launched a feeder service to transport shipping containers from Dubai to Karachi. DP World operates in over 75 countries, specializing in port operations, terminal management and logistics services. Feeder services use smaller vessels to transport containers between regional ports, reducing shipping costs and transit time.
Earlier this month, Pakistani officials and DP World also finalized terms for a freight corridor project from Karachi Port to the Pipri Marshalling yard in southern Pakistan.
“Aurangzeb met with Chief Executive Officer and Managing Director of DP World Rizwan Soomar and Deputy CEO and Chief Financial Officer Yuvraj Narayan in Davos, Switzerland,” Radio Pakistan reported after the meeting.
“During the meeting, discussions focused on enhancing infrastructure and logistical frameworks in Pakistan to boost trade,” the report said, adding that the finance minister assured DP World it wanted to advance business-to-business and business-to-government collaboration with the company.
The UAE is Pakistan’s third-largest trading partner after China and the United States, and a major source of foreign investment, valued at over $10 billion in the last 20 years, according to the UAE foreign ministry. It is also home to more than a million Pakistani expatriates.
In January last year, Pakistan and the UAE signed multiple agreements worth more than $3 billion for cooperation in railways, economic zones and infrastructure.
The agreements cover the development of a dedicated freight corridor, multi-modal logistics park, and freight terminals.
Under the agreements, DP World will carry out infrastructure improvement at Qasim International Container Terminal, Pakistan’s leading trade gateway. The Emirati firm also plans to develop an economic zone near the terminal.
DP World is also involved in the Karachi Freight Corridor, an infrastructure project in Pakistan aimed at improving the movement of freight from the port city of Karachi, Pakistan’s largest, to various parts of the country. The project involves the construction of a dedicated double-track corridor and other related facilities that will run 50 km from Karachi port to the Pipri Marshalling yard.