Ayesha Saba

The Planning Ministry's recent initiative to establish new units dedicated to the creative and blue economy is a pivotal step towards sustainable development and economic transformation in Pakistan. These sectors, often overlooked in the traditional economic planning, are now being recognized for their immense potential to drive growth, create jobs, and foster innovation. Talking with WealthPK, Jawad Akhtar, Senior Consultant Marine Public Policy and Advisor Maritime Affairs, Ministry of Planning, Development and Special Initiatives, emphasized the importance of diversifying Pakistan's economic base. "The creative and blue economies represent the untapped resources that can significantly contribute to our GDP. By investing in these areas, we are not only broadening our economic activities but also promoting a more inclusive and sustainable growth model," he stated. He stressed, "It is the need of the hour to frame a comprehensive marine policy that must include each and every sector of the blue economy to ensure optimal use of marine resources, rather than sticking to few ordinances and regulations.

This will require all the stakeholders' input; the stakeholders having the responsibility of governance is of core importance to kick-start the blue economy development." He further maintained that the appointment of an appropriate leadership in key maritime institutions, such as ports and shipping authorities, was crucial for effective governance. "Lack of synchronization and consistency in policies at the national level has been a significant challenge. Three years ago, a shipping policy was introduced, promising incentives and tax relief for shipping. However, when the finance bill was passed, the government imposed 17% to 18% taxes, again leading to frequent changes in policies and discouraging investors from engaging in the sector," he lamented. He said, "Addressing governance and policy challenges in Pakistan's blue economy is vital for unlocking its potential. Reforms in leadership, policy coherence, regulations, and infrastructure management can enable Pakistan to harness its maritime resources for sustainable economic growth and national progress."

According to Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal, "The blue economy holds immense potential for Pakistan, given our extensive coastline and marine resources. Through sustainable practices and innovative policies, we aim to unlock the economic potential of our oceans while ensuring environmental protection and social inclusion." The Ministry of Planning and Development will soon launch detailed action plans for both units, outlining specific projects, timelines, and expected outcomes. Stakeholders from across Pakistan are encouraged to engage with these initiatives to maximize their impact and contribute to the nation's economic transformation. The establishment of these units aligns with the 5Es National Economic Transformation Plan, which emphasizes export promotion, environment, energy, education, and employment. By integrating creative and blue economies into this strategic framework, the government aims to create a diversified economic base that can withstand global economic shifts and foster long-term sustainable development.

Credit: INP-WealthPk