A Memorandum of Understanding (MoU) was signed here on Monday between Port Qasim Authority (PQA) and a consortium of Fauji Foundation, Akbar Group and Portia Management Services, UK for the construction of Pakistan’s first dedicated modern grain and fertiliser terminal at Port Qasim.
At the signing ceremony, witnessed by the Prime Minister Shaukat Aziz, it was said that the terminal would be built on build-operate-transfer basis and all its assets would be transferred to the PQA on the completion of 30-year agreement period.
The terminal having an annual handling capacity of four million tonnes will be built at a cost of $100 million. During the 30-year period PQA will earn an estimated amount of $123 million.
Secretary Ports and Shipping informed the prime minister that it is a green field project and is essentially of national importance, involving neither funding by the government nor a throughput guarantee. Federal Minister for Ports and Shipping, Mr Babar Khan Ghauri, Chairman PQA and senior officials also attended the meeting.
Prime Minister Shaukat Aziz said that the government has undertaken a broad-based reform agenda to create a conducive business environment in the country and is encouraging the country’s private sector to take its full advantage.
The prime minister said that foreign investment worth $8.4 billion during the last year testifies the confidence, which the international investors have reposed in the policies of the current government. The prime minister said that the fruits of economic growth are reaching all segments of society and all regions of the country. The unemployment rate has come down and more than 5 million new jobs have been added during the last five years, he said.
The prime minister appreciated the fact that the terminal is strictly a private sector project and said that Pakistan’s private entrepreneurs should work in tandem with the government in all fields particularly in infrastructure development. The PM said that with the addition of a state-of-the-art grain and fertiliser terminal would reduce freight charges while facilitating the storage, export and import of grain. He said that the government is building industrial zones, cold storages and warehouses alongside spreading the network of roads to expedite industrialisation.
Chairman PQA apprised the prime minister that during last five years nine private sector projects, with a total invested amount of over $1.3 billion, have either been completed or are at various stages of implementation at PQA. While in comparison, he said, during preceding 24 years only three such projects were undertaken. The prime minister said that these projects would make the port more efficient and increase its revenue. He said improving the facilities at ports are part of the National Trade Corridor Improvement Programme being actively pursued by the government.
At the signing ceremony, witnessed by the Prime Minister Shaukat Aziz, it was said that the terminal would be built on build-operate-transfer basis and all its assets would be transferred to the PQA on the completion of 30-year agreement period.
The terminal having an annual handling capacity of four million tonnes will be built at a cost of $100 million. During the 30-year period PQA will earn an estimated amount of $123 million.
Secretary Ports and Shipping informed the prime minister that it is a green field project and is essentially of national importance, involving neither funding by the government nor a throughput guarantee. Federal Minister for Ports and Shipping, Mr Babar Khan Ghauri, Chairman PQA and senior officials also attended the meeting.
Prime Minister Shaukat Aziz said that the government has undertaken a broad-based reform agenda to create a conducive business environment in the country and is encouraging the country’s private sector to take its full advantage.
The prime minister said that foreign investment worth $8.4 billion during the last year testifies the confidence, which the international investors have reposed in the policies of the current government. The prime minister said that the fruits of economic growth are reaching all segments of society and all regions of the country. The unemployment rate has come down and more than 5 million new jobs have been added during the last five years, he said.
The prime minister appreciated the fact that the terminal is strictly a private sector project and said that Pakistan’s private entrepreneurs should work in tandem with the government in all fields particularly in infrastructure development. The PM said that with the addition of a state-of-the-art grain and fertiliser terminal would reduce freight charges while facilitating the storage, export and import of grain. He said that the government is building industrial zones, cold storages and warehouses alongside spreading the network of roads to expedite industrialisation.
Chairman PQA apprised the prime minister that during last five years nine private sector projects, with a total invested amount of over $1.3 billion, have either been completed or are at various stages of implementation at PQA. While in comparison, he said, during preceding 24 years only three such projects were undertaken. The prime minister said that these projects would make the port more efficient and increase its revenue. He said improving the facilities at ports are part of the National Trade Corridor Improvement Programme being actively pursued by the government.