Karachi Shipyard not to be privatised

A statement made by Rear Admiral Iftikhar Rao, managing director of the Karachi Shipyard in Pakistan, said that the yard would not be privatised and it would continue its operational activities under the control of the defence ministry.

He told that, for the time being, the government has provided funds to run the affairs of the shipyard, which he said would be repaid in the next three to four year’s time after making its earnings from new projects to be undertaken in the near future.

Referring to the restructuring plans of the shipyard, he said that the government would soon provide loans for this purpose to enhance its working potential. The reformation plan would enable the organisation to formulate future strategies and develop submarines, frigates and ships, which would be sold worldwide. He claimed that the shipyard has the capability to develop spare parts of submarines, frigates and ships; as the transfer of technology during the preparation of Augusta frigate in Pakistan has enabled the organisation to make tremendous progress in this regard.

He said an agreement would soon be signed with Germany and France to sell them locally made submarine and ship spare parts.