PM Imran welcomes $240m foreign investment from Hong Kong-based port operator

Updated October 15, 2019

Email

A delegation of Hutchison Port Holdings led by their Group Managing Director Eric Ip called on the prime minister on Tuesday. — Photo: PID
A delegation of Hutchison Port Holdings led by their Group Managing Director Eric Ip called on the prime minister on Tuesday. — Photo: PID

Prime Minister Imran Khan on Tuesday welcomed a $240 million foreign investment from Hong Kong-based port operator Hutchison Port Holdings, the Prime Minister's Office said in a statement.

A delegation of Hutchison Port Holdings led by their Group Managing Director Eric Ip called on the prime minister at his office today.

Ip apprised the prime minister of the company's fresh investment into Pakistan approximating $240m that will make available a significant amount of new container terminal capacity at the Karachi Port.

The funding increases Hutchison Ports’ total investment in Pakistan to $1 billion.

While welcoming the investment from the port operator, Prime Minister Imran reiterated his government's commitment to facilitate investment and ease of doing business in the country.

The premier was informed that the fresh investment will grow Hutchison employees to 3,000 people.

According to the statement, Prime Minister Imran was also briefed about the development of Hutchison Port Holdings, its parent company CK Hutchison Holdings, and the group’s commitment to play a pivotal role in facilitating economic growth of Pakistan, as well as supporting the development of Karachi Port into a major hub for trade in Asia.

During the meeting, Ambassador at Large for Foreign Investment Ali Jehangir Siddiqui stated that as a result of a fairly priced currency, unit volumes of exports were increasing and there was a need for additional container terminal capacity. As a result, this investment will support the country's export competitiveness and result in greater revenue for both the federal exchequer and the Karachi Port Trust.

Hutchison Port Holdings is one of the world’s largest port companies. With over 30,000 employees, it is operating 52 ports and terminals in 27 countries spanning Asia, the Middle East, Africa, Europe, the Americas and Australia. The company is headquartered in Hong Kong.

Minister for Maritime Affairs Syed Ali Haider Zaidi, Adviser to Prime Minister on Commerce Abdul Razzaq Dawood, Special Assistant to Prime Minister Syed Zulfiqar Abbas Bukhari, Board of Investment Chairman Zubair Haider Gilani and senior officials attended the meeting.

The delegation from Hutchison Ports included Managing Director Middle East and Africa Andy Tsoi, Business Director Middle East and Africa Eric Ng and the leadership of their Pakistan management team.