Hutchison Ports signed an historic agreement with the Government of Pakistan to commence construction of the second phase of Pakistan Deep Water Container Port expansion project in the Port of Karachi.
Eric Ip, Group Managing Director of Hutchison Ports met with Imran Khan, Prime Minister of Pakistan to discuss the agreement.
During his meeting Mr. Ip confirmed, to Prime Minister Khan, the start of the second phase expansion project with US$240 million of new investment which will increase handling capacity to 3.2 million TEU upon completion.
Mr. Ip further added that Hutchison Ports’ total investment (including 20 years of operations in Karachi International Container Terminal) in Pakistan will reach 150 billion PKR (approximately 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.
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.
A Strategic Cooperation Agreement was signed between Hutchison Ports and Westwell Lab (Westwell) on applying autonomous truck technology for the Group’s container terminal operations.
The project scope includes deploying six electric autonomous trucks from Westwell at Hutchison Ports Thailand in Laem Chabang. Both parties will collaborate in development and implementation with a target to launch operations in the second half of 2020.
The Energy City Development Co. signed a memorandum of understanding with Hutchison Ports to develop, market and operate the logistics area and dry port at King Salman Energy Park (SPARK) in Saudi Arabia.
“The agreement aims to create an ideal business environment for the energy and logistics sectors. To achieve our ambitions, we seek to partner with the best in every field, and Hutchison Ports is a leading company in its field,” Saif Al-Qahtani, SPARK’s CEO said.
SPARK’s logistics area, which spans over 300 hectares, will provide a bundle of logistics services for industrials and cargo owners. It also provides an area for international shipping, customs clearance, an automated container station linked to road and rail.
SPARK is a new megaproject being constructed and located between Dammam and Al-Ahsa in the Eastern Province of Saudi Arabia. This project is being developed, operated and managed by Saudi Aramco in partnership with the Saudi Authority for Industrial Cities and Technology Zones.
CargoSmart, a leading technology solution provider for the shipping industry, has successfully completed a proof of concept with eTradeConnect, a multi-bank blockchain consortium in Hong Kong facilitated by the Hong Kong Monetary Authority (HKMA).
The project aims to improve global trade through enhanced collaboration among shippers, banks, terminal operators, and ocean carriers, with applications to be further developed once the Global Shipping Business Network (GSBN) is formed.
CargoSmart and eTradeConnect have successfully completed the proof of concept facilitated by PwC, with banks and ocean carriers.
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