Pakistan National Shipping Corporation (PNSC) and a Chinese company signed a Memorandum of Understanding (MoU) in Islamabad, marking the beginning of a new chapter in maritime cooperation between the two countries.
The agreement is part of broader efforts to modernize the shipping industry and enhance maritime trade. It will enable collaboration in ship management, marketing, and crew management.
Federal Minister Junaid Anwar Chaudhry termed the agreement a beginning of joint development. He said the MoU would boost trade, connectivity, and investment in the region. It would help grow the shipping industry and create a conducive environment for foreign investment in the maritime sector. He added that the agreement would strengthen Pakistan’s role in the development of the shipping industry and attract further investment in the maritime domain.
Under the MoU, the Chinese company has principally agreed to provide ships and capital to PNSC. The agreement also includes leasing vessels of various models to PNSC. In addition, PNSC may offer commercial, technical, and administrative services for the operation of these ships.
