ISLAMABAD, Jan 5: The government has notified trucking sector as an industry as part of the National Trade Corridor Improvement Programme (NTCIP).

The decision was announced in a notification issued here on Saturday. This will facilitate truck fleet operators to get lending from commercial banks at competitive rates and will encourage the sector to organise itself and to have much needed investment.An official announcement of the Engineering Development Board (EDB) described Pakistan’s logistic base as essentially under-developed playing a contributory role in inhibiting realisation of the country’s full economic growth potential, though there has been a steady progress in the cargo handling capacity at the country’s two premier seaports.

Incidentally, efficient trucking of freight in the minimum possible time can impart a powerful fill up to our export and import sectors, the announcement added.

The government had approved the trucking policy, prepared by EDB a few months back, which aims to reform and promote an integral, ensuring and sustainable modernisation of the trucking sector.

The policy has holistic approach by addressing all related cross-sectoral and cross-cutting subjects after extensive consultations with stakeholders for the last one-and-a-half year.

This initiative would help modernise trade and logistics of the country and to make Pakistan a regional hub for international trade by integrating it with international transport systems.

This would also facilitate this sector on account of fleet operation at competitive rates, insurance cover to the trucking sector, applicable tax incentives to the sector, utilities at industrial rates instead of commercial rates and to attract foreign investment in the formal fleet operations, the announcement added.