The 1100 TEU Container Ship Project has been revived due to the efforts of Special Investment Facilitation Council (SIFC), reported 24NewsHD TV channel on Saturday.
This is an important milestone in cargo shipbuilding which involves collaboration between Pakistan Navy, Karachi Shipyard and Pakistan National Shipping Corporation (PNSC).
Under this project, Karachi Shipyard will locally construct its first major commercial cargo ship after forty years.
This 24.75-million-dollar contract provides an opportunity to build ships at a cost lower than international market rates.
This is a key step towards reducing dependence on foreign shipping companies and promoting Pakistan's economic self-sufficiency.
Reporter Ahmad Mansoor