Key Points:
- Maritime sector currently contributes only 0.4–0.5% of GDP (USD 1 billion) but holds vast potential to expand to USD 100 billion by 2047, aligning with Pakistan’s centennial development goals.
- Finance Minister highlights Pakistan’s macroeconomic recovery, citing stable exchange rates, foreign reserves exceeding USD 14 billion, and single-digit inflation.
- Minister notes global rating agencies have upgraded Pakistan’s outlook to “stable” after nearly three years.
- The recently concluded IMF staff-level agreement in Washington has strengthened confidence in Pakistan’s reform agenda.
KARACHI: Federal Finance Minister Senator Muhammad Aurangzeb has projected Pakistan’s blue economy to reach $100 billion by 2047, terming it a cornerstone of the country’s long-term growth strategy.
Addressing the Pakistan International Maritime Expo and Conference (PIMEC) virtually as chief guest, Aurangzeb highlighted the government’s focus on policy continuity, sustainable maritime development, and investment facilitation to unlock the sector’s full potential.
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb has termed the blue economy a “game changer” for Pakistan’s future growth, projecting its potential to reach USD 100 billion by 2047.
He reaffirmed the government’s commitment to policy continuity, investment facilitation, and sustainable maritime development.
The Minister made these remarks while delivering a virtual address as Chief Guest at the inaugural session of the Pakistan International Maritime Expo and Conference (PIMEC), held at the Expo Centre Karachi. The event was organised by the Pakistan Navy and the Ministry of Maritime Affairs.
Aurangzeb commended the organisers, including the National Institute of Maritime Affairs, for hosting a world-class conference, calling the blue economy a sector with immense potential to shape Pakistan’s economic future. He conveyed his greetings to delegates, speakers, and panellists, and expressed regret for being unable to attend the event in person due to official commitments in Islamabad.
The finance minister highlighted Pakistan’s recent macroeconomic progress, noting that the exchange rate remains stable, foreign exchange reserves have climbed above USD 14 billion—covering more than two and a half months of imports—and inflation has stayed within single digits, despite temporary disruptions caused by recent floods.
He also pointed out that the policy rate has been adjusted in line with easing inflation, while all three major global credit rating agencies have upgraded Pakistan’s outlook to “stable” after nearly three years, reflecting renewed international confidence.
Aurangzeb added that the recently concluded International Monetary Fund (IMF) staff-level agreement in Washington has further reinforced trust in Pakistan’s economic reforms and fiscal management.
He said Pakistan is now in a strong position to leverage its partnerships with China, the United States, Saudi Arabia, and the UAE, aiming to shift from government-to-government cooperation toward increased trade and investment flows.
Turning to the maritime sector, Aurangzeb noted that the blue economy currently contributes only 0.4–0.5% of GDP (around USD 1 billion) but possesses vast untapped potential.
He endorsed the Ministry of Maritime Affairs’ vision of transforming this into a USD 100 billion sector by 2047, aligning with Pakistan’s centennial milestone and long-term goal of becoming a USD 3 trillion economy.
He identified fisheries and aquaculture as key growth areas, emphasising value-added processing, modern cold-chain logistics, and international-standard hygiene practices. Under the National Fisheries and Aquaculture Policy, developed in partnership with the Food and Agriculture Organization (FAO), seafood exports—currently around USD 500 million—could rise to USD 2 billion within the next three to four years, he added.
The Minister also underscored the importance of modernising and digitising port operations at Karachi, Port Qasim, and Gwadar to enhance regional trade connectivity in line with global best practices.
He further highlighted opportunities in renewable energy, including tidal and offshore wind power, and advocated for innovative financing instruments such as blue bonds and blended financing to fund sustainable maritime development.
The Minister said emerging areas like marine biotechnology and regional collaboration could unlock additional growth avenues, adding that the integration of blue economy principles is central to Pakistan’s broader economic transformation agenda.
He described the blue economy as a transformative driver of sustainable growth, comparable in potential to frontier sectors such as artificial intelligence, digital infrastructure, and mineral development.
Concluding his remarks, he expressed appreciation to the organisers of PIMEC for their efforts and voiced confidence that the conference would yield valuable insights to advance Pakistan’s maritime and economic development.
