Syed Marwan Shah

Pakistan can strengthen its economy and create job opportunities by taking advantage of the vast maritime spaces, WealthPK reports.

Pakistan has a seafront of about 1,050 kilometres along the Makran Coast with a larger exclusive economic zone and continental shelf.

Babar Ali Bhatti, a maritime specialist at Maritimes Study Forum, told WealthPK that maritime spaces provide plenty of opportunities for strengthening the country’s economy. He said that by taking advantage of ocean-based living and non-living resources, Pakistan could avail much-needed economic opportunities and create jobs for the well-being of the people.

“There is a gradual emergence of the blue economy in national maritime thinking. The seas offer a number of opportunities for economic development. The government should focus on the untapped maritime potential of the country and transition it from a brown economy to a blue economy,” he said.

Baber Ali said that 70% of the earth’s surface is covered by oceans. By volume and value, approximately 91% of trade is carried through the seas. “The oceans are a rich source of living and non-living resources. Oceans supply 32% of hydrocarbons besides wind, wave, tidal, thermal and biomass energy,” he added.

Pakistan needs to develop a comprehensive maritime policy and strategy by increasing maritime awareness and knowledge among policymakers and the public besides encouraging public-private partnerships to engage in the maritime industry.

The development of Pakistan’s blue economy may face a number of challenges. However, Pakistan should boost its economy while developing maritime infrastructure, offshore resource development technology, strong fisheries and marine leisure. Building and operating economically profitable industries requires all the necessary financial and technological support.

According to estimates, these offshore oil fields will produce nearly 34% of the total crude oil in the country.

Using ocean resources to improve livelihoods, create jobs and stimulate economic growth could produce a global profit of around $24 trillion per year, although the world only receives up to $500 billion from the blue economy at present, according to the data available with WealthPK.

Credit : Independent News Pakistan-WealthPk