Federal Minister for Maritime Affairs Ali Zaidi on Friday announced new shipping policy, under which incentives have been provided to private shipping companies.

Addressing a news conference along with Advisor on Commerce Abdul Razzak Dawood in Islamabad on Friday, he said the government wants to involve private sector in the shipping business.

The minister said the vessel registered in Pakistan will be exempted from custom duty, income tax and sales tax till 2030.

He said the Pakistani flag carrier vessel will also have first berthing right at the port.

The minister hoped that three to four shipping companies will soon buy vessels in the country, adding that the new sipping policy will also facilitate fishermen.