PM Shehbaz orders PNSC fleet to cut $4 billion in annual maritime trade costs

Prime Minister Shehbaz Sharif on Friday directed authorities to prepare a business plan for the Pakistan National Shipping Corporation (PNSC) and present it within two weeks.

The premier has instructed the the relevant authorities that the business plan should include a strategy to save the annual $4 billion burden on the national exchequer.

These instructions came while PM Shehbaz chaired a high level meeting in the federal capital Islamabad regarding matters related to PNSC. 

The meeting was attended by Minister for Economic Affairs Ahad Khan Cheema, Minister for Maritime Affairs Junaid Anwar Chaudhry, and senior officials of PNSC.

The premier also directed relevant authorities to acquire ships on lease to expand the PNSC fleet.

"Due to a reduced number of ships in the PNSC fleet, the country has to spend approximately $4 billion annually from the national exchequer on maritime trade," he said.

During a briefing on PNSC's performance, the prime minister was also informed that the corporation currently possesses 10 ships of various types, with a combined cargo-carrying capacity of 724,643 tonnes.

This move comes days after PM Shehbaz called on the nation to unlock the vast potential of the blue economy which he termed as Pakistan's "new economic frontier".