TEXT: Blue Economy refers to the sustainable and integrated development of economic sectors in healthy oceans. It entails the sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystems.
Given that it is at its nascent stage, the concept of Blue Economy is not well understood and is fragmented into a number of different Blue sectors, including but not limited to ports& shipping, blue carbon, fisheries and coastal & marine tourismetc.
Given the geographical and territorial strategic advantage Pakistan is blessed with, we have not been able to harness the true potential that Blue Economy affords to Pakistan.
Currently Blue Economy contributes less than 0.5% to Pakistan’s GDP in 2022, making it one of the smallest contributors to the GDP. In comparison about 10% (US$1.5 trillion) of China's GDP is contributed by its blue economy sectors, whereas the USA reaped around 4% of its GDP (US$361 Billion) in 2022 from its high potential Blue sectors. Unfortunately, Pakistan’s Blue Economy share to GDP remains one of the lowest in the region.
Notwithstanding, the scenario affords a great opportunity for Pakistan in particular, and for the world in general to push sustainable development, while enhancing climate resilience. This is a prime opportunity and time to sustainably invest in Pakistan’s Blue Economy sectors and profit out of the rich marine resources in a sustainable manner.
In this context, the capture fisheries, coastal & marine tourism, ports & shipping, and blue carbon sectors have immense potential for Pakistan. For example, by just accessing Europeans markets for fisheries exports can significantly contribute to Pakistan’s economic growth.
Furthermore, the efficient utilization of Pakistan’s port land is another opportunity to apply international best practices to set up relevant industries in the area to contribute to the national GDP.
This is also a wakeup call to the different Ministries within the Government of Pakistan to focus their efforts and attention on to the Blue Economy sectors as a priority for economic growth.
Much has been invested in traditional industries and services sectors, such agriculture, textile etc. with an over exploitation of land resources and consequential impacts on the environment. There is now opportunity to relieve the land resources from this burden and enhance climate resilience in the process, by sustainable development of coastal and marine resources.
The Pakistan International Maritime Expo & Conference (PIMEC) 2023 has come at a most opportune time, albeit a little late. One would have wished that this event would have been held a decade back and Pakistan would have taken strategic advantage of the coming together of exhibitors, policy makers, scientist, practitioners etc. and utilize the recommendations made through the objectives of PIMEC. Nonetheless, the time is ripe given the difficult economic situation faced by the country.
There is significant opportunity to take advantage of the Blue Economy sectors to propel the country forward for greater sustainable economic growth. Within the Blue sectors, the government of Pakistan has majorly been occupied and focused on ports & shipping, and fisheries.
However, now is the time to reap benefits from other blue sectors as well and to enhance diversification of Pakistan’s economy to enhance our economic and climate resilience.
At the Ministry of Maritime Affairs, we look forward to enhancing the Blue Economy development agenda of Pakistan, to establish it as an engine of economic growth in the years to come, and through the PIMEC invite stakeholders to work with MoMA to achieve this dream.
Copyright Business Recorder, 2023
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