Pakistan Navy chief Admiral Shahid Karimullah says Pakistan would soon finalize a $750 million loan agreement for construction of four frigates with Chinese collaboration. "After the agreement is finalized the first frigate will be with us after four years and all the four machines will be with the Pakistan Navy in 13 years," Karimullah told the reporters. "We have asked for preferential loan for this contract because the commercial loan which China offers carries a high mark-up," the naval chief said. Karimullah said the Pakistan navy is constructing fast attack missile boats and coastal boats in which many countries like the United Arab Emirates (UAE), Qatar and Nigeria have shown a lot of interest. The naval chief said Pakistan's defense industry has grown at a rapid pace, adding that the Pakistan navy is not far behind. "It is striving towards self-reliance and today we are constructing Agosta 90b submarines, the pride of the Pakistan navy," Karimullah said. The naval chief said two Agosta submarines have already been completed while third is under construction. On completion with latest modifications, it will have more under water endurance, he added. Karimullah said that the missile boats are an improved version of the one made 5 years earlier and also weapon-wise more effective. He said the Pakistan navy cannot go entirely on their own for the construction of advanced units of latest technology and will need to have the support of the private sector, which is very essential. About the maritime sector, the naval chief said Pakistan oceanic limits have big potential for hydrocarbons and fisheries, but major aim is to achieve economic progress and the government of Pakistan has taken a good decision by separating Port and Shipping from the Communication Ministry and it will bring a lot of improvement in the maritime sector.
