Pakistan focuses on blue economy for economic growth with SIFC support

KARACHI: The Special Investment Facilitation Council (SIFC) is prioritising the blue economy as a key strategy for Pakistan’s economic development.

In collaboration with the SIFC, the Pakistani government is exploring ways to enhance the economy through sustainable utilisation of maritime resources under the blue economy framework.

To promote economic growth, the Columbia Conference on Logistics 2024 was held in Karachi. The blue economy involves the sustainable use of ocean resources to drive economic development, improve economic conditions, and create job opportunities.

Currently, Pakistan’s contribution to the global blue economy stands at a mere 0.25 per cent, the lowest in the global export market.

To improve its economic standing, Pakistan should leverage the blue economy through Special Economic Zones. Challenges such as traditional fishing methods, illegal fishing, corruption, and deteriorating infrastructure are hindering the development of the blue economy.

With SIFC’s support, there is an urgent need for Pakistan to modernise and enhance its fishing sector by adopting advanced technologies and equipment. Additionally, to combat corruption in the maritime sector, Pakistan has partnered with Denmark’s Maritime Anti-Corruption Network.

Through SIFC’s collaboration, Pakistan can also advance its efforts in modern energy, maritime transport, and tourism under the blue economy initiative.

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