pakistan and dubai seal over $3 billion investment deal for railway and port development
In a Landmark move Pakistan and Dubai have Signed a Significant investment Pact Exceeding $3 Billion Covering Cooperation in Railways, Economic Zones and Infrastructure Development. The Agreement linked on the Sidelines of the World Economic Forum in Davos Signifies a Substantial Commitment to Bolstering Economic ties between the two Nations.
The Deal was Officially Sealed by Pakistan’s Minister of Communication, Railways and Maritime Affairs Shahid Ashraf Tarar and Dubai’s Chairman of Ports Customs and Free Zone Corporation (PCFC) Sultan Ahmed bin Sulayem. The Cooperation Encompasses the Development of a Dedicated freight Corridor a multi-modal logistics Park and freight Terminals as Outlined in an Official Statement from the Ministry of Railways.
Dubai Port (DP) World will Spearhead infrastructure Development at Qasim International Container Terminal, a Pivotal trade Gateway for Pakistan. Plans are Underway to Establish an Economic Zone in Proximity to the Terminal. Two inter-Governmental Framework agreements have been Signed to Strengthen Relations in Marine and Logistics Sectors with a focus on the Potential Establishment of a Dedicated Freight Corridor and an Economic Zone near Karachi.
The Dedicated Freight Corridor Designed to run from Karachi Port on the Arabian Sea through Pakistan’s Populous City aims to enhance Efficiency, transport times and Reduce Logistics Costs. By Decongesting Karachi and improving Road Safety the Corridor Promises Significant Economic Benefits.
Pakistan Railways the state-owned Railway Company and Port Qasim Authority will Collaborate with DP World on Behalf of their Respective Governments for the Development of these Projects.
Additionally a Framework agreement with Pakistan’s Ministry of Maritime Affairs has been Signed to dredge the Navigation Channel at Qasim International Container Terminal facilitating Smoother Maritime Operations. The DP World acting on Behalf of the Dubai Government will Carry out Capital Dredging.
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The Economic Zone Development at Port Qasim integral to attracting over $3 Billion in Foreign Direct investment is another key Aspect of the Agreement. DP World will Spearhead this Development aiming to maximize Economic Activity in Pakistan.
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The Signing Ceremony Highlighted the enduring Partnership between the two Countries Emphasizing the Economic Potential associated with Pakistan’s Strategic location as a Gateway to Asia. Dubai’s Commitment to Contributing to Pakistan’s Growth and Connectivity further Underscores the Significance of this Collaboration.