Mansoor Sadiq

Shipping containers loaded with imported goods worth approximately $4 billion, if get cleared, can contribute to revival of the national economy with the flow of frozen capital, says a senior representative of a leading business body. “Almost all sectors of the national economy, which have been facing a dwindling situation, could be revived if the seized shipping containers restricted at Karachi Port Trust (KPT) owing to import curbs are cleared and released,” said Muhammad Suleman Chawla, Vice President Federation of Pakistan Chambers of Commerce and Industries (FPCCI), while talking to WealthPK. Suleman viewed that if the shipping containers are cleared, it will enhance economic activities in almost all the sectors of the national economy.

Almost all sectors and industries have faced challenges due to non-clearance of imported items. With thousands of shipping containers struck at KPT, the terminal operators are fetching low revenue as space has been restricted, and as a result, trade activities have also reduced. In May 2022, Pakistan’s Commerce Ministry banned the import of 38 items to control a ballooning import bill and bolster the country’s national currency. The government then rescinded the decision in July 2022, though the clearance process remained slow at ports. Khurram Aziz Khan, a senior official at Pakistan International Container Terminal, said in a statement that during normal days, the clearance of shipping containers takes seven to eight days, but currently, this process is taking about 15-18 days.

He said that some containers that arrived in May 2022 are still stuck at the port, waiting for the completion of the documentation process. Aasim Azim Siddiqui, Chairman All Pakistan Shipping Association, said that owing to a large number of containers stuck at the port, a potential investment from overseas investors has also been stuck up. “Owing to import curbs and its impact, potential foreign investors are not taking an interest in investing in the country,” Siddiqui maintained. Following the import curbs, Pakistan’s export sector is also impacted as import consignments are stuck at the port and almost all the industries are facing raw material shortage. This has affected the production of these industries.

Credit : Independent News Pakistan-WealthPk