Pakistan’s economy has been in dire straits and is currently standing on the verge of bankruptcy. There is also an uncertainty when it will get a bailout package for the International Monetary Fund (IMF). But in the midst of a grave Pakistani economic crisis of the country, there is a hidden treasure which can revive its economic prospects and pull millions of people out of abject poverty.
Blue economy has the potential emerge as its trump card and help restore its economy to good old days. It also has the potential to ring in social transformation and economic prosperity of the nation,
What is Blue Economy
Blue Economy comprises of shipping, maritime, agriculture, fisheries and tourism sectors apart from energy i.e. oil, gas and renewable energy.
It is a sustained , specialized water resource management that covers all coastal activities and ocean related industries and services can increase the revenue of any country manifold. The coastline of the country extends upto 1050 kilometers and Exclusive Economic Zone is about three lakh square Kilometers and it can generate income upto 100 billion dollars. However at present only one billion dollars are being created and most of it comes from fisheries , coastal tourism and marine revenue.
Experts have pointed that Pakistan’s potential is restricted by absence of modern industries such as energy and minerals. However on the other hand ,other countries are earning billions of dollars from this sector itself.
Due to recent floods in Pakistan , a food crisis had arisen , which can be alleviated by fish farming. Experts have pointed out that two billion dollar revenue can be generated from fisheries sector, but at present sea food exports are only worth $450 million.
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Way behind India and Bangladesh
Experts have come to a conclusion that Pakistan never paid attention to the marine potential which exists in Arabian Sea and Indus river and it can export its marine products to Middle East, Africa and other countries. The Maritime economy of Pakistan contributes $300 million to its GDP, whereupon India generates $6 billion and Bangladesh $5.6 billion.
Gwadar Port can be the fulcrum of Pakistan Economy’s revival
Gwadar Port which will be built under China-Pakistan Economic Corridor (CPEC), has the potential to revive Pakistan’s economy, when it becomes operational. Blue economy also has the potential to revive its geo-strategic and geo economic situation and can help Pakistan stake its claim on the High Table among comity of nations in multilateral Forums.
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