The Pakistan's Untapped Blue Economy Potential

Abstract

Oceans, no doubt have a great significance in human history. In early ages, the human connectivity across unattached landmass was only possible via oceans. In the era of globalization, the importance of oceans has further increased. The blue economy is an emerging concept. In a short period of time, it has accomplished great success. The blue economy is an ocean-oriented sustainable use of ocean resources for economic growth - improving livelihood and creating job opportunities. The blue economy includes many activities including fisheries, maritime transport and tourism. Oceans contribute nearly US$1.5 trillion annually to the world's economy. The world’s approximately 90% trade takes place via oceans and 350 million jobs across the world are linked to fisheries. It is prognosticated that by 2025, the world's 34% of crude oil production will come from oceans. Pakistan has a massive potential of the blue economy, having a coastal area of 1,050km Makran coastal belt with Exclusive Economic Zone (EEZ) and continental shelf. Under the China-Pakistan Economic Corridor (CPEC), the blue economy of Pakistan is expected to be flourishing. Pakistan needs to diversify and concentrate on the blue economy to create job opportunities in fisheries, aquaculture, shipping, tourism and energy production. Pakistan on account of its coastal areas has massive potential to discover the blue economy by promoting renewable energy, maritime transport, and tourism. Pakistan has to learn lessons from the countries that have made headway in the blue economy.