Pakistan and Dubai have solidified their economic ties by signing two inter- governmental framework agreements, sealing a comprehensive investment pact surpassing $3 billion. The deal, sealed at the World Economic Forum in Davos, Switzerland, focuses on cooperation in railways, economic zones, and infrastructure.
The collaboration, led by DP World representing Dubai, aims to boost various sectors, including the development of a dedicated freight corridor, a multi-modal logistics park, and freight terminals. DP World will spearhead infrastructure improvements at Qasim International Container Terminal, Pakistan’s key trade gateway, and also develop an economic zone near the terminal.
The Dedicated Freight Corridor, a rail-based initiative spanning 50 kilometers from Karachi Port to Pipri Marshalling Yard, strategically addresses congestion issues in Karachi, enhances road safety, and aims to boost efficiency while reducing overall logistics costs. Pakistan Railways, operating an extensive network across the country, plays a pivotal role in realizing these projects.
In a parallel agreement with Pakistan’s Ministry of Maritime Affairs, DP World will undertake capital dredging of the navigation channel at Port Qasim, aiming to attract over $3 billion in foreign direct investment. DP World will lead the development of an economic zone at Port Qasim, maximizing economic activity in Pakistan.
During the signing ceremony, Shahid Ashraf Tarar, Federal Minister of Communication, Railways, and Maritime Affairs, emphasized the enduring partnership, highlighting Pakistan’s importance as a gateway to Asia. Sultan Ahmed bin Sulayem, Chairman of Ports, Customs, and Free Zone Corporation (PCFC) and Group Chairman and CEO of DP World, expressed pride in contributing to Pakistan’s trading capabilities and committed to further development and connectivity initiatives, integrating Pakistan into the wider regional trade landscape.