Insurance costs for maritime trade to fall

Pakistan’s removal from the Joint War Committee’s list could lower extra insurance expenses on maritime trade, Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry said on Wednesday. He estimated that commercial activity worth around $3 billion could benefit from the change, according to The Express Tribune.

Speaking at a maritime symposium, Chaudhry said the ministry was pursuing port-efficiency improvements, changes to port charges and auction processes, and faster handling of refrigerated cargo. Karachi Port Trust recorded more than 2,000 ship movements, while proposed projects include a $680 million steel venture at Port Qasim, a $1.4 billion maritime industrial complex and a terminal estimated at $350 million.

The government is also working to grow the Pakistan National Shipping Corporation fleet, alongside efforts to develop shrimp farming and fisheries. These initiatives form part of a broader push to expand shipping and attract investment, the minister said.