ISLAMABAD: Finance Minister Muhammad Aurangzeb has said that Pakistan’s blue economy can be a game-changer for the country’s economic growth and can open new doors for development.
While addressing the inaugural session of the Pakistan International Maritime Expo and Conference as the special guest virtually, Senator Muhammad Aurangzeb said that the government is committed to policy continuity, investment promotion and sustainable maritime development to transform the sector into a $100 billion economy by 2047.
He said that in the last two and a half years, Pakistan has made significant progress towards economic stability. Foreign exchange reserves have crossed $14.5 billion, inflation has come down to single digits and the value of the rupee has stabilized.
The Finance Minister said that the reduction in policy rates and the declaration of Pakistan’s economy as stable by global rating agencies are a manifestation of international confidence. The recent staff-level agreement with the IMF is a sign of confidence of global institutions in the government’s policies.
Muhammad Aurangzeb said that Pakistan is now at a stage where relations with traditional allies China, the US, Saudi Arabia and the UAE can be transformed into practical cooperation in the field of trade and investment.
He said that currently the share of the marine economy in the country’s GDP is only 0.4 to 0.5 percent or about one billion dollars, but it has immense potential, the target of transforming it into a $100 billion sector by 2047 is realistic and achievable.
Muhammad Aurangzeb said that the government is promoting value-added processing, cold chain infrastructure and world-class hygiene conditions in the fisheries and aquaculture sector so that seafood exports can be increased from the current $500 million to $2 billion in the next few years.
The Finance Minister assured that the government will ensure policy continuity so that long-term projects move forward smoothly.
The Finance Minister also emphasized on modern lines of up-gradation of Karachi, Qasim and Gwadar ports, digitalization, renewable energy projects such as tidal and offshore wind energy, and issuance of “Blue Bonds” through innovative financing channels.
Maritime biotechnology and regional cooperation can play a central role in Pakistan’s sustainable economic development. Blue economy, like emerging sectors such as artificial intelligence, digital infrastructure and minerals, can become a new driver of Pakistan’s growth.
The Finance Minister expressed his best wishes to the organizers and participants of the conference and hoped that the proposals emerging from this conference would be helpful in Pakistan’s maritime and economic development.
The Finance Minister appreciated the Pakistan Navy, the Ministry of Maritime Affairs and the National Institute of Maritime Affairs for organizing a world-class conference.