Utilizing Pakistan's Blue Economy for Economic Transformation.

Byline: Faryal Shahid

The blue economy is a rapidly growing sector that has the potential to contribute significantly to Pakistan's economic recovery. Over the past few years, Pakistan's economic crisis has aggravated immensely. A country home to 220 million people has experienced stagnant growth, skyrocketing inflation, rupee depreciation, shrinking foreign reserves, and severe disruption of demand-supply chains. As per the State Bank of Pakistan's statistics, during the first 11 months of the fiscal year 2022-23, the total debt of Pakistan amplified from 11.13-58.962 trillion PKR. All this has highlighted the need for an alternative economic strategy to generate employment, assure food security, and encourage economic progress. In this scenario, reliance on the blue economy emerges as the most suitable way forward.

The World Bank defines the blue economy as the "sustainable use of the ocean's resources to benefit economic growth, livelihoods, and ocean's ecological health."It is undeniable that oceans play a significant role in global trade and commerce. They facilitate the transportation of goods and services throughout the globe. According to World Bank research in 2018, the blue economy contributes 3-6 trillion USD (3%) to global GDP. It is also said that if it were a country, the ocean economy would rank seventh globally. Unfortunately, the blue economy sector of Pakistan is largely untapped.

This naturally-gifted country comprises a long coastline stretching over 1,000 km, which hosts diverse marine resources. The country's waters are home to the world's sixth-largest delta, the Indus Delta, mangrove forests, Karachi Port, Bin Qasim Port, and Gwadar Port. The Indus Delta is a vast and intricate ecosystem with various flora and fauna. Millions of Pakistanis are reliant on this delta for freshwater. The busiest and most important commercial gateway in Pakistan is Karachi Port. Oil and gas supplies are exported from the deep-water port of Bin Qasim.

In addition, Gwadar Port, a rather recently-constructed port on the Arabian Sea, is anticipated to significantly impact the China-Pakistan Economic Corridor's growth. These natural resources (fisheries, fossil fuels, etc.), and infrastructural advantages, provide Pakistan with an incredible opportunity to milk the benefits of the blue economy. Another potential benefit of developing the blue sector is employment. With 6.42% population being unemployed, advancing the blue economy sector would...