Islamabad, Aug 24: The ‘Blue Economy’ is being given priority by the Special Investment Facilitation Council (SIFC) in an effort to strengthen Pakistan’s economy. A logistics conference was convened in Karachi to deliberate on the Blue Economy’s prospects for fostering economic growth.
The term “blue economy” describes the sustainable use of marine resources to boost the economy, enhance quality of life, and create jobs. Pakistan’s current share in the global export market is among the lowest, contributing only 0.25% to the Blue Economy.
Experts advise Pakistan to improve its economic performance by utilizing “Special Economic Zones” to capitalize on the Blue Economy. Nevertheless, obstacles like antiquated fishing techniques, illicit fishing, corruption, and inadequate infrastructure impede the development of the Blue Economy.
Pakistan must modernize its fishing industry by implementing the newest machinery and technology with SIFC’s assistance. To fight corruption in the marine industry, the nation has teamed up with Denmark’s marine Anti-Corruption Network.
Through the Blue Economy project, SIFC’s cooperation can also assist Pakistan in promoting tourism, maritime transportation, and modern energy.
