Islamabad: The Ministry of Maritime Affairs has embarked on an ambitious initiative to develop a comprehensive Blue Economy Policy aimed at unlocking Pakistan’s maritime sector, potentially generating over $100 billion annually. Federal Minister Muhammad Junaid Anwar Chaudhry, leading a high-level meeting, urged expedited policy formulation, emphasizing its significance in seizing economic opportunities for the nation.

Minister Chaudhry underscored the collaborative approach, involving a wide range of stakeholders from government entities to industry experts and academic institutions, to create an effective policy framework. Highlighting the current contribution of $1 billion annually to the GDP, he pointed out the substantial untapped potential in Pakistan’s blue economy.

The blue economy, focusing on sustainable ocean resource use, offers avenues for economic growth, job creation, and ecosystem preservation. Pakistan’s current revenues primarily stem from fisheries, coastal tourism, and maritime trade, with seafood exports and maritime tourism contributing significantly.

Chaudhry outlined potential revenue streams from sectors like shipping, fisheries, aquaculture, and tourism, along with renewable ocean energy projects and ship recycling. He noted the global blue economy’s annual contribution of $1.5 trillion, contrasting Pakistan’s smaller share despite its strategic location.

The minister identified structural challenges in the maritime sector, such as fragmented governance, outdated technologies, and marine pollution. He emphasized the need for a policy aligned with Pakistan’s Vision 2035 and Sustainable Development Goals, positioning oceans as a key economic driver.

With consultations already underway, a draft policy is anticipated soon, detailing actionable strategies and reforms. The Ministry of Maritime Affairs calls on stakeholders to engage in shaping this pivotal policy, which aims to bolster Pakistan’s sustainable economic future and enhance its ocean-based industries.