Ayesha Mudassar

Pakistan needs to utilise its ocean resources prudently and wisely, particularly during the current circumstances when the country is facing economic crunch, experts say. Sustainable Development Policy Institute (SDPI) Executive Director Dr Abid Qaiyum Suleri said while talking to WealthPK that the concept of a blue economy gained the global spotlight in 2015 when the UN incorporated it as Goal 14 in the sustainable development goals (SDGs), which focuses on life below water.

Blue economy incorporates a wide range of economic activities ranging from traditional ones like fisheries, aquaculture, and coastal and marine tourism to more contemporary ones like bio-prospecting, seabed mining, and coastal renewable energy. “Blue economy gives a cushion of around $2.3 trillion per year to the global economy and over three billion people depend on blue resources for their livelihoods,” Dr Abid said.

According to the World Bank, the blue economy is defined as sustainable use of seas, oceans, and marine resources for improving livelihoods, creating more employment opportunities, and strengthening economic growth. Elaborating on the enormous potential in the blue resources, Dr Mahmood Khalid, Research Economist at Pakistan Institute of Development Economics (PIDE), told WealthPK that countries worldwide are transforming their economic interests from land resources to water resources.

“Pakistan also has vast potential for blue resources in the shape of virgin beaches, tuna fish, minerals, and seaports. With a coastal area of 1,050km, including the continental shelf, the country has an extended exclusive economic zone,” he said. However, the opportunities and potential of the sea are largely untapped, mainly due to sea blindness.

“We are incurring tremendous damage by pushing waste and garbage into the oceans, which results in pollution and destruction of our blue resources,” Dr Mahmood said. Furthermore, he said, Pakistan lags behind in terms of technology, research, and education. “Similarly, underinvestment in critical infrastructure including ports, hotels and tourism facilities, water storage, and drainage infrastructure has added to the burden,” he mentioned.

He said robust measures are required to promote and strengthen the blue resources. Ahad Nazir, Head of the Centre for Private Sector Engagement at SDPI, proposed several steps to encourage the blue economy. These include a proper institutional and accounting framework, installation of the latest digital technologies, availability of easy credit, enhancing public-private partnership, and rapid sustainable development of ports.

“Besides, we need to create awareness regarding the blue potential for the optimal and effective exploration of resources. As the country is witnessing low growth, twin deficits, poor revenue collection, circular debt, and high debt accumulation, our blue resources can prove as a panacea for the country’s staggering economy,” he added.

Credit: Independent News Pakistan-WealthPk