ISLAMABAD: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb has described the blue economy as a game changer for Pakistan’s future growth, underscoring its potential to reach USD 100 billion by 2047 and reaffirming the government’s commitment to policy continuity, investment facilitation, and sustainable maritime development.
He made this statement while delivering a virtual address on Tuesday as the Chief Guest at the inaugural session of the Pakistan International Maritime Expo & Conference (PIMEC), organised at the Expo Centre Karachi by the Pakistan Navy and the Ministry of Maritime Affairs.
In his remarks, the Minister commended the Pakistan Navy, the Ministry of Maritime Affairs, and the National Institute of Maritime Affairs for hosting a world-class conference on the blue economy, describing it as a sector that holds immense potential to become a game changer for Pakistan’s economic future.
He extended his greetings to the distinguished delegates, speakers and panellists, and expressed his regret for being unable to attend the event in person due to official engagements in Islamabad.
Senator Aurangzeb highlighted the significant progress Pakistan has achieved in recent years toward restoring macroeconomic stability. He noted that the exchange rate has remained stable, foreign exchange reserves have risen to cover more than two and a half months of imports – over USD 14 billion – and inflation continues to remain in single digits, despite a temporary uptick following this year’s floods.
He also pointed out that the policy rate has come down in line with improving inflation, while all three leading global rating agencies have upgraded Pakistan’s outlook to stable after nearly three years, reflecting international confidence in the direction of the country’s economic policies.
Referring to Pakistan’s engagement with the International Monetary Fund, the Minister said that the recently concluded staff-level agreement in Washington further strengthens global confidence in the government’s reform agenda and macroeconomic management. He remarked that Pakistan is currently in a favourable position to leverage its longstanding relationships with key partners including China, the United States, and the Gulf countries particularly Saudi Arabia and the UAE to shift from government-to-government arrangements toward greater trade and investment flows, thereby supporting sustainable economic growth.
Turning to the blue economy, Senator Aurangzeb observed that the maritime sector currently contributes only around 0.4 to 0.5 percent to the national GDP – approximately USD 1 billion – but holds vast potential for expansion.
He endorsed the Ministry of Maritime Affairs’ vision of developing this into a USD 100 billion blue economy by 2047, coinciding with Pakistan’s 100th anniversary and the broader national ambition of becoming a USD 3 trillion economy. He described this goal as both ambitious and achievable, supported by a clear and robust roadmap.
The Minister underlined the importance of enhancing fisheries and aquaculture through value-added processing, modern cold-chain logistics and international-standard hygiene practices. He expressed confidence that Pakistan’s seafood exports, currently around USD 500 million, could feasibly increase to USD 2 billion within the next three to four years under the National Fisheries and Aquaculture Policy, which has been developed in strategic partnership with the Food and Agriculture Organization (FAO). He assured that the government remains firmly committed to ensuring policy consistency and continuity to see such initiatives through their full cycle.
Senator Aurangzeb further emphasised the modernisation and digitisation of port operations at Karachi, Port Qasim and Gwadar, aligning them with global best practices to strengthen regional trade connectivity.
He also highlighted the potential of renewable energy projects, including tidal and offshore wind generation, and the need to explore innovative financing mechanisms such as blue bonds and blended financing to fund sustainable development and conservation initiatives.
He added that *marine biotechnology and regional collaboration present further avenues for growth, with the ultimate objective of integrating blue economy principles into Pakistan’s national economic transformation agenda.
The Finance Minister described the blue economy as a transformative sector with far-reaching implications for Pakistan’s sustainable growth trajectory, comparable in its potential to emerging areas such as artificial intelligence, digital infrastructure, and the minerals and mining sectors.
Concluding his remarks, he expressed gratitude to the organisers for inviting him to address the conference and extended best wishes to all participants for a productive and insightful exchange of ideas. He expressed confidence that the deliberations at PIMEC would provide valuable input toward advancing Pakistan’s maritime and economic development.
Copyright Business Recorder, 2025
