Maritime stability essential: PCJCCI

LAHORE: Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI) said that maritime stability and regional peace is essential for the blue economy to prosper, and CPEC being the pilot project of the Belt and Road Initiative, has all the markers of being a stimulant for regional economic transformation.

PCJCCI President Moazzam Ghurki during a think tank session held at PCJCCI Secretariat said that our future depends upon global peace rather than confrontation, Pakistan is taking effective steps on blue economy for improved livelihoods, while preserving the health of the marine ecosystem.

PCJCCI Senior Vice President Fang Yulong said that Pakistan provides the shortest route for the Central Asian States and China to import and export their goods through Gwadar. Pakistan’s Indus Delta region offers huge oil and gas reserves.

He said that a joint expedition to explore hydrocarbon resources was conducted by Pakistan Navy’s Hydrographical Department and China Geological Survey in 2019 and the survey revealed a ‘highly promising’ picture of Pakistan’s exclusive economic zones with presence of huge reservoirs of oil and gas in the Indus Delta region.

The third survey is expected this year, which is likely to pave the way for drilling and subsequent extraction of the hydrocarbons.

PCJCCI Vice President Hamza Khalid observed that seas have gained renewed focus owing to being huge reservoirs of food, minerals and hydrocarbons. Pakistan’s coastal areas are incredibly rich in biodiversity and productivity. Our Continental shelf has enormous reservoirs of magnesium, cobalt and nickel, while it also contains tremendous amounts of gas hydrates.