Islamabad, Sep 12: Opportunities ranging from fisheries and marine trade to the exploitation of offshore resources like petroleum and gas, Pakistan’s blue economy has the potential to become a driving force for national prosperity and resilience, according to Deputy Prime Minister and Foreign Minister Ishaq Dar, who made this statement on Thursday.
The deputy prime minister stated that efforts were being made under the Special Investment Facilitation Council (SIFC) to increase Pakistan’s stake in the blue economy at the International Maritime Business and Finance Conference, which was held here. Use cutting-edge technologies to revolutionize the shipbreaking and fishing industries.
He informed the assembly that sales tax on fisheries processing facilities and fisheries seeds had already been eliminated by the administration. Speaking about the substantial investment prospects the nation’s ports provide, he stated that the oceans maintain over 85% of world trade and are essential to achieving the sustainable development agenda.
According to Dar, Pakistan, being a marine country, saw the Arabian Sea as its fifth neighbor and an essential part of its strategic and economic framework. Due to its strategic location and geopolitical advantages, Pakistan has enormous trading potential with regions that offer prospects in the fields of aquaculture, biotechnology, energy, health, and coastal tourism.
According to him, Pakistan is turning its ports into centers for both domestic and international trade as well as effective green transshipment because a maritime single window is in place to improve port productivity.
In order to establish Pakistan as a center for the shipbreaking business, the deputy prime minister stated that Pakistan was dedicated to promoting environmental preservation in the marine sector and had applied for cooperation from the International marine Organization (IMO).
Despite Pakistan’s negligible carbon emissions, the deputy prime minister emphasized the effects of climate change on the nation, citing the 2022 flash floods as an example. The government is dedicated to developing green corridors and low-carbon alternative fuels.
He informed the audience that while the government was implementing a number of reformative initiatives, such as privatizing airlines and outsourcing significant airports, there were numerous investors in the queue for the port sector as well.
He emphasized the situation in Gaza, where Israel’s brutality persisted despite resolutions approved by the UN Security Council and General Assembly, and warned that the system would collapse if the international processes failed to function.
The IMO Secretary-General, Arsenio Antonio Dominguez Velasco, had earlier stated in his speech that Pakistan has enormous potential for trade, shipbuilding, recycling, and labor force.According to him, digitalization is essential for enabling new operating systems and technologies and improving connection.
In addition to enhancing port operations and safety. Additionally, he extended an invitation to Pakistan to participate in IMO safety and environmental protection projects in the future.
