It is pleasing to read about a report in the press that a South Korean Company will provide a US$ one billion credit on soft terms to the first shipping company in the private sector, TRI-STAR SHIPPING. This is a very commendable example of the confidence of foreigners in Pakistan.

It is also a boost to the involvement of the private sector in such sectors as shipping. This speaks volumes of the efforts being made by the private sector to instil confidence in the foreign investors. It is something the moribund PNSC has not been able to achieve all these years.

It is worth mentioning here that this will be the second largest private sector investment directly or indirectly in Pakistan. The HUBCO project is, of course, the largest so far. Special credit goes to the dynamic Boss of Tri-Star who is the wunderkind of Pakistan?s shipping fraternity. Mr. Masood Baghpatee is determined to make his shipping lines the showpiece of private sector excellence.

It is hoped that the government will go all out to afford maximum facilities to the South Koreans and the management of Tri-Star Shipping so that this deal is consummated to the prosperous advantage of this country. It is also desired that the bottlenecks and the red-tape is swiftly eliminated so that the opportunity does not go down the proverbial drain and that the country does not miss the chance to progress in the field of shipping.

Furthermore, after the successful finalization of this deal, it is hoped that the government will nominate Mr. Baghpatee for an award at the investiture ceremony so that it can be an added incentive to the business community. The President of FPCCI is also requested to name Mr Baghpatee as the Businessman of the Year.

There is then this prayer that very soon Pakistan will not have to depend on the foreign vessels to carry goods to and from the nation’s ports. Millions of dollars so saved can be spent on the social betterment of Pakistan. It is also suggested to Tri-Star and the South Koreans to formulate a program where most of the money is re-invested in Pakistan rather than being repatriated to South Korea. This, then, will be a second boon to the economy.

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