Manzar Naqvi
KARACHI: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb has described the blue economy as a potential “game changer” for Pakistan’s future growth, projecting that the sector could contribute up to USD 100 billion to the national economy by 2047, provided that the country ensures policy consistency, investment facilitation, and sustainable maritime development.
Addressing the inaugural session of the Pakistan International Maritime Expo and Conference (PIMEC) virtually as the Chief Guest, Senator Aurangzeb lauded the Pakistan Navy, the Ministry of Maritime Affairs, and the National Institute of Maritime Affairs for organizing what he called a “world-class forum” dedicated to unlocking Pakistan’s maritime potential.
The minister said the government had stabilized the macroeconomic environment and was now ready to expand growth through long-term reforms. “We are moving in the right direction,” Aurangzeb said, noting that the recent IMF staff-level agreement in Washington and upgraded ratings by major international agencies reflected growing global confidence in Pakistan’s reform and stabilization agenda.
He emphasized that Pakistan must now transition from “government-to-government arrangements” toward trade and investment-led growth, leveraging partnerships with China, the United States, and Gulf countries, particularly Saudi Arabia and the UAE.
Focusing on the blue economy, Senator Aurangzeb pointed out that Pakistan’s maritime sector currently contributes just 0.4 to 0.5 percent of GDP – approximately USD 1 billion – despite vast untapped potential. He endorsed the Ministry of Maritime Affairs’ roadmap to transform the sector into a USD 100 billion blue economy by 2047, coinciding with Pakistan’s 100th anniversary and its broader vision of becoming a USD 3 trillion economy.
“This is an ambitious yet achievable goal,” he said. “With a clear strategy and consistent policies, Pakistan can unlock enormous economic potential from its coastal and marine assets.”
The finance minister highlighted the need to enhance fisheries and aquaculture through modern cold-chain logistics, value-added processing, and international-standard hygiene practices. He expressed optimism that Pakistan’s seafood exports, currently around USD 500 million, could rise to USD 2 billion within the next three to four years under the National Fisheries and Aquaculture Policy, developed in collaboration with the Food and Agriculture Organization (FAO).
He also underscored the importance of modernizing and digitizing port operations at Karachi, Port Qasim, and Gwadar, aligning them with global best practices to improve regional trade and logistics connectivity.
Aurangzeb further called for exploring renewable energy projects, including tidal and offshore wind power, and emphasized the potential of introducing blue bonds and other innovative financing mechanisms to fund marine development and conservation projects.
“Pakistan’s blue economy is not just about the sea – it’s about the future of our economy, our environment, and our people,” the minister remarked. He added that marine biotechnology and regional collaboration would play a key role in expanding Pakistan’s maritime footprint and integrating the sector into the country’s national development agenda.
Senator Aurangzeb likened the potential of the blue economy to other emerging fields such as artificial intelligence, minerals, and digital infrastructure, describing it as a transformative sector capable of reshaping Pakistan’s sustainable growth trajectory.
Concluding his remarks, the finance minister expressed confidence that the deliberations at PIMEC would help shape a coherent national approach toward maritime development. “This sector can define the next century of Pakistan’s progress,” he said. “The blue economy is not just an opportunity – it is our obligation to future generations.”
The Pakistan International Maritime Expo and Conference (PIMEC) is being held at the Karachi Expo Centre, jointly organized by the Pakistan Navy and the Ministry of Maritime Affairs, attracting local and international delegates, policymakers, and industry experts to discuss sustainable development of Pakistan’s maritime resources and infrastructure.
