Pakistan must tap blue economy for sustainable growth: Iftikhar Malik
APP
LAHORE: SAARC Chamber of Commerce and Industry former President Iftikhar Ali Malik has said that Pakistan can generate billions of dollars annually by fully leveraging its vast blue economy potential, rooted in a 1,000-kilometer-long coastline, strategic access to the Arabian Sea, and three major commercial ports.
In a statement issued here on Sunday, he said Pakistan’s geographical location positions it as a key player in both regional and global maritime economies. “At a time of economic challenges, harnessing the blue economy is no longer optional, it is a strategic imperative,” he asserted. With strong political will, regional collaboration, and visionary leadership, the country can transform its maritime assets into a major driver of national development and economic sovereignty. He stressed the need for a comprehensive national maritime strategy, enhanced marine scientific research, and the strengthening of institutions like the Pakistan National Shipping Corporation and the Ministry of Maritime Affairs. Improved maritime security and international cooperation, particularly through initiatives such as the China-Pakistan Economic Corridor (CPEC), can further accelerate progress in this vital sector.
He said that a well-developed blue economy could contribute billions to Pakistan’s GDP, generate millions of jobs, and promote inclusive development in coastal regions, especially in Balochistan and Sindh. He added that modernizing the fishing industry with upgraded storage, processing, and export infrastructure could significantly boost foreign exchange earnings. Additionally, the promotion of marine tourism, protection of coastal ecosystems, and expansion of public-private partnerships in ports and shipping can reshape Pakistan’s economic future.
He said that the blue economy encompasses a diverse range of ocean-related industries, including coastal tourism, shipbuilding, offshore energy, and marine biotechnology. Pakistan’s Exclusive Economic Zone (EEZ), covering approximately 290,000 square kilometers, holds rich reserves of marine resources, minerals, and hydrocarbons, most of which remain untapped due to insufficient investment, limited research, and outdated infrastructure. “Pakistan holds immense yet underutilized potential in its maritime domain. Fully developing the blue economy is essential for long-term, sustainable economic growth and national prosperity,” he remarked.
