Pakistan PM Shehbaz Sharif pushes for growth in blue economy

Dubai: Pakistan Prime Minister Shehbaz Sharif is pushing for growth in the blue economy sector, dubbing it the country’s “new economic frontier.”

Sharif unveiled these plans at the soft launch of the 2nd edition of the Pakistan International Maritime Expo & Conference (PIMEC). While the official exhibition will take place later this year, this event served as a precursor to what the public can expect.

Blue economy, often also referred to as ocean economy, is an umbrella term that refers to all economic activities associated with the marine environment. Some examples of possible opportunities in this sector include maritime shipping and marine tourism.

PIMEC has also highlighted specific uses that could benefit Pakistan specifically. This includes a range of projects like fisheries, desalination, marine biotechnology, renewable energy and more.

Pakistan has a coastline of nearly 1,000 kilometres, providing ample space for environmental and economic expeditions. Sharif recognises this potential, stating: “The blue economy is the new frontier of Pakistan’s economic resurgence with power to generate wealth, drive trade and sustainable growth and transform coastal livelihoods. Global blue economy is valued in trillions of dollars and for Pakistan tapping even a fraction of this economy could be a real game-changer.”

While there is still room to utilise Pakistan’s full marine potential, the country already engages in some important marine activities.

For instance, in terms of sustainable blue economic activities, Pakistan is home to some of the largest mangrove reserves, with an anticipated annual value of around $20 million according to PIMEC data.

Previously, the country has participated in offshore oil and gas exploration conducted by the Oil and Gas Development Corporation (OGDC), alongside international partners at the KEKRA-1 site off the coast of Pakistan.

Historically, Pakistan also used to lead the shipbreaking industries in the 1970s. Currently, the nation is ranked third in the industry falling behind Bangladesh and India. With a shift towards blue economy projects, the revival of this industry has great potential to contribute more than $10 million to Pakistan’s GDP, according to PIMEC.

PIMEC is scheduled to take place in Karachi’s expo centre from November 3 to 6, with exhibitors expected from around the world. The event is spearheaded by the Pakistan Navy and the Ministry of Maritime Affairs.

Mariam Khan is a trainee journalist at Gulf News