ISLAMABAD: Prime Minister Shehbaz Sharif on Friday directed authorities to lease new ships to expand the Pakistan National Shipping Corporation’s (PNSC) fleet, aiming to reduce the $4 billion annual foreign exchange burden on sea-based trade.
The directive comes as Pakistan looks to bolster its maritime trade capacity and reduce reliance on foreign shipping lines, which officials say significantly contributes to the country’s widening trade deficit and puts pressure on foreign exchange reserves.
Pakistan’s sea trade plays a vital role in its economy, with over 90 percent of the country’s imports and exports transported by sea.
“The prime minister directed that ships be acquired on lease to expand the fleet of the PNSC,” the PM Office said in a statement following a meeting on PNSC affairs chaired by Sharif.
“He noted that due to the limited number of ships in the PNSC fleet, the national exchequer incurs a loss of $4 billion annually in foreign exchange on sea-based trade.”
