CPEC to act as catalyst to boost economy, says naval chief

ISLAMABAD: Highlighting the importance of China Pakistan Economic Corridor (CPEC) the Chief of the Naval Staff Admiral Zafar Mahmood Abbasi has said that it will act as a catalyst to boost Pakistan’s economy.

On the invitation of President Korangi Association of Trade and Industry (KATI), Chief of the Naval Staff Admiral Zafar Mahmood Abbasi visited Association Head Office at Karachi. The visit was aimed to apprise business community regarding country's blue economic potentials and to encourage them to play their role in development of maritime sector.

Addressing the representatives of business community, chief of the Naval Staff highlighted the role of economic security in overall security construct of the country. He emphasised that robust and strong national economy is a fundamental driver for national security.

While underscoring the strategic importance of the oceans and the maritime domain for progress and prosperity of the nations, the naval chief said that our geostrategic location, at the cross-road of world energy routes offers us a unique opportunity to achieve economic affluence by initiating economic activities in maritime domain.

Pakistan has huge maritime potentials and there is a dire need to explore and tap these resources by boosting local industry and creating opportunities of undertaking joint ventures, he added.

President KATI lauded the role and efforts of Pakistan Navy in making Sea Lanes of Communication safe and defence of sea frontier. He further acknowledged Pakistan Navy's initiatives to enhance maritime awareness in the country. He specifically praised PN's efforts in undertaking socio-economic uplift projects which include establishment of schools/colleges, hospitals, job opportunities for local populace etc in the coastal areas of Pakistan. He assured requisite participation of business community in development of country's maritime sector.

On this occasion, director Maritime Policy and Research also briefed the members of KATI regarding the role and functions of Pakistan Navy. The presentation also focused on potential and opportunities to develop national economy through maritime sector.