Hutchison Ports Commences Port Expansion Project in Pakistan with US$240 Million, Bringing Total Investment in the Country to US$1 Billion
HONG KONG, Oct. 16, 2019 /PRNewswire/ -- Imran Khan, Prime Minister of Pakistan met Eric Ip, Group Managing Director of Hutchison Ports, along with Ambassador at Large for Foreign Investment Mr. Ali Jehangir Siddiqui, yesterday at Prime Minister House.
Imran Khan, Prime Minister of Pakistan (centre) met Eric Ip, Group Managing Director of Hutchison Ports (fourth from left) at Prime Minister House.
Mr. Ip expressed his appreciation of the meeting with the Prime Minister and presented Hutchison Ports' global network of 52 ports, including the operations in Karachi for over 20 years. He took this opportunity to confirm to the Prime Minister the commencement of construction of the second phase of Pakistan Deep Water Container Port project with US$240 million of new investment and achieve a handling capacity of 3.2 million TEU upon completion.
Mr. Ip further added that Hutchison Ports' total investment (including KICT) in Pakistan will reach 150 billion PKR (approx. US$1 billion), providing direct employment to over 3,000 staff and supporting thousands working in the ports and shipping sector. Most of all, the terminals contribute over 15 billion PKR (over US$96 million) annually to the government in the form of taxes and concession fees.
Moreover, Mr. Ip highlighted the technologies and industrial best practices that Hutchison Ports has introduced to the country. The most recent establishment of a Regional Operations Centre was first created in the group to provide ship planning function for Hutchison Ports' operations in the Far East, offering local staff with valuable opportunity to engage with high-level international training and overseas experience. The deployment of state-of-the-art technologies such as the remote-controlled ship-to-shore cranes and semi-automated yard cranes were first introduced to the country's port industry.
Mr. Ip reiterated Hutchison Ports' commitment to Pakistan and how it has been playing a pivotal role in facilitating the economic growth of the country, as well as supporting the development of Karachi Port into a major hub for trade and transport in Asia.
The meeting was attended by Minister for Maritime Affairs Mr. Syed Ali Haider Zaidi, Minister for Commerce Mr. Abdul Razzak Dawood, Minister of State for Overseas Pakistanis and Human Resource Development Mr. Syed Zulfiqar Abbas Bukhari and Chairman BOI Mr. Zubair Gilani.
Mr. Ip was accompanied by Mr. Andy Tsoi, Managing Director Middle East & Africa and other senior executives of Hutchison Ports.
About Hutchison Ports
Hutchison Ports is the port and related services division of CK Hutchison Holdings Limited (CK Hutchison). Hutchison Ports is the world's leading port investor, developer and operator with a network of port operations in 52 ports spanning 27 countries throughout Asia, the Middle East, Africa, Europe, the Americas and Australasia. Over the years, Hutchison Ports has expanded into other logistics and transportation-related businesses, including cruise ship terminals, airport operations, distribution centres, rail services and ship repair facilities.
In 2018, Hutchison Ports handled a combined throughput of 84.6 million TEU.
PR Newswire News
- Generali Accelerates Finance Transformation in Hong Kong with SAP Solutions
- Ping An Voyager Fund Leads Investment in PlusDental to Enhance Modern Dentistry in Europe
- Klaytn's New DevTools Partnership Announcement
- GCLSI Awarded as Top Performer in PVEL 2020 PV Module Reliability Scorecard for the 4th Consecutive Year
- Zai Lab Announces Positive Topline Results from the NORA Phase 3 Study of ZEJULA® as Maintenance Therapy for Chinese Patients with Platinum-sensitive, Recurrent Ovarian Cancer
- True Royalty TV Extends Crowdfunding Round Following Huge Demand
- Hang Lung Publishes Sustainability Reports 2019
- Labuan IBFC Market Performance for 2019: 30 Years of Intermediating Asia - Embracing Business Innovation & Digitalisation
- Trina Solar recognized as a "Top Performer" module manufacturer for sixth consecutive time
- Abridge Initiates Coverage on V1 Group with a "Buy" Rating and HK$0.29 Price Target
- Ping An's Object Detection Model Breaks Record in International Computer Vision Competition
- Manulife unveils new MOVE Health Score to help customers become healthier
- Cigna Study Shows Financial and Social Well-being Declines during COVID-19 Crisis
- Yuyu Pharma Signs Contract for Baseball Field Ad Campaign
- Hong Kong is number one in Asia for enterprise encryption, with customer personal information the top data protection priority, reports nCipher Security
- Herbalife Nutrition Survey Reveals Asia Pacific Consumers Turn to Social Media for Nutrition Information, But Prevalence of Online Myths Prevents Accurate Nutrition Knowledge
- Oi Wah recorded 6.5% growth of net profit in FY2020
- DERMALOG Fever Check at German Baltic Hotel