‘Blue economy policy to tap $100bn’

Islamabad:Ministry of Maritime Affairs has initiated the development of a comprehensive Blue Economy Policy to unlock the full potential of Pakistan’s maritime sector to generate over $100 billion annually.

Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry, chairing a meeting directed the ministry to accelerate the policy development process and emphasised the importance of timely and inclusive policy formation highlighting the economic opportunities the blue economy presents for Pakistan. He said that all stakeholders including relevant ministries, provincial governments, industry experts and academic institutions will be consulted to ensure a collaborative, effective policy framework. Blue economy is a sustainable use of ocean and marine resources to promote economic growth, improve livelihoods, create jobs and maintain environmental sustainability while preserving the health of ocean ecosystems.

The blue economy is no longer a concept of the future, it is a priority for today, said Mr Chaudhry adding that Pakistan’s contribution currently is around $1 billion annually, which accounts for just 0.4% of the national GDP with the potential to generate over $100 billion annually if fully optimised. This revenue is primarily derived from fisheries, coastal tourism and maritime trade. Notably, seafood exports contribute roughly $450 million, while maritime tourism generates about $300 million each year, he said. He estimated potential revenues of $8–10 billion from shipping, $7–8 billion from fisheries, $10 billion from aquaculture and $5–6 billion from maritime tourism. Additional income could be realised through renewable ocean energy projects, ship recycling and by transforming traditional ports into sustainable, environmentally friendly “green ports,” he opined

The Minister said globally, the blue economy contributes approximately $1.5 trillion annually, encompassing a wide range of sectors such as fisheries, shipping, tourism, offshore energy and marine biotechnology while Pakistan is generating a much smaller share relative to its neighbours.