ISLAMABAD: Finance Minister Muhammad Aurangzeb has identified Pakistan’s maritime sector as a future economic powerhouse, unveiling an ambitious vision to transform the “blue economy” into a $100 billion industry by 2047.
Addressing the Pakistan International Maritime Expo and Conference virtually, the minister declared the government’s unwavering commitment to policy continuity and investment promotion to achieve this goal. He cited the nation’s significant progress toward economic stability, including foreign reserves exceeding $14.5 billion, single-digit inflation, and a stable currency, as the foundation for this growth.
Aurangzeb highlighted strong international confidence in Pakistan’s economy, evidenced by a staff-level agreement with the IMF and positive assessments from global rating agencies. He emphasized that Pakistan is now poised to convert its strong relationships with allies like China, Saudi Arabia, and the UAE into practical trade and investment partnerships.
With the maritime economy currently contributing a mere 0.4% to GDP, the minister outlined a comprehensive strategy for its expansion. Key initiatives include modernizing the fisheries sector with value-added processing and cold chains to boost seafood exports from $500 million to $2 billion. The plan also involves upgrading major ports in Karachi, Qasim, and Gwadar, investing in renewable ocean energy, and exploring innovative financing through “blue bonds.” Aurangzeb assured that consistent government policies would provide the stability needed for these long-term projects to succeed.
Last month Pakistan and Turkey have decided to enhance their collaboration in the maritime sector, focusing on joint ventures in shipbuilding, shipping operations, and ship recycling.
The agreement was reached during a meeting between Pakistan’s Federal Minister for Maritime Affairs, Junaid Anwar Chaudhry, and Turkey’s Minister of Transport. The discussions covered a wide range of opportunities for bilateral cooperation.
Minister Chaudhry invited Turkish businesses to invest in the development of Gwadar port, which he described as being transformed into a modern maritime hub. He also highlighted Pakistan’s potential in the fishing industry, noting the country has a significant quota for tuna fish.
In a move to further deepen engagement, the Pakistani minister announced that Pakistan will host an international maritime conference within the next three months.
Last month Pakistan and Turkey have pledged to expand their economic and strategic partnership, with a special focus on trade, energy, and defense cooperation.
The agreement was reached during the 16th session of the Pakistan-Turkey Joint Ministerial Commission, co-chaired by Pakistan’s Federal Minister for Commerce, Jam Kamal, and Turkey’s Minister of Defense.
In his address, Minister Jam Kamal highlighted the deep, long-standing friendship between the two nations and stressed the need to further strengthen trade relations. A key outcome was the mutual decision to fast-track the implementation of the Trade in Goods Agreement to boost bilateral trade.
