Pakistan and Dubai signed $3bn investment pact for railway port

Pakistan and Dubai signed $3bn investment pact

Pakistan and Dubai signed $3bn investment pact for railway port

Pakistan and Dubai have signed an investment pact of more than $3bn for railway ports, economic zones, and infrastructure. Both countries signed the historic agreement at the World Economic Forum in Davos, Switzerland.

This deal shows the commitment of both countries to revolutionary initiatives that aim at boosting trade, connectivity, and economic activity in the region.

The entire collaboration includes the construction of a dedicated rail route, a multimode logistics park, and advanced commercial terminals. DP World is a premier maritime gateway in Dubai.

DP World, on behalf of the Dubai government, plans to improve infrastructure at the main trading getaway of Pakistan, the Qasim International Container Terminal.

Furthermore, preparations are underway to construct an economic zone around the terminal to boost foreign direct investment in Pakistan.

Federal Minister of Communications, Railway, and Maritime Affairs Shahid Ashraf Tarar and Chairman of Ports, Customs, and Free Zone Corporation (PCFC) represent the Dubai government. However, interim Prime Minister Anwar ul Haq Kakar represented Pakistan.

Dubai DP World CEO Sultan Ahmed bin Sulayem signed two Inter-Governmental Framework Agreements with Pakistan under a $3bn investment pact. DP World will also work with Pakistan Railways and the Port Qasim Authority to ensure the efficient completion of these projects.

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One of the most notable initiatives at the construction of a rail-based transport corridor that will run from Karachi Port on the Arabian Sea via Karachi, Pakistan’s busy metropolis to the Pipri Marshalling Yard, about 50 kilometers away.

This corridor intends to reduce traffic congestion in Karachi. It increases road safety and significantly improves logistical efficiency, transportation points, and overall logistic costs.

However, the second framework agreement was signed with Pakistan’s Ministry of Maritime Affairs. It involves involvement in capital excavation. It is critical to the construction of an economic zone at Port Qasim. This project aims to attract more than $3bn in direct foreign investment.

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