Business

Steps underway to boost blue economy

World needs to stop irresponsible exploitation of oceans: PCJCCI

Our Correspondent November 08, 2023

It was suggested that the two nations should cooperate in the blue economy and promote tourism through a ferry service. Photo: file

LAHORE:

Maritime stability and regional peace are essential for the prosperity of blue economy, remarked Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI) President Moazzam Ghurki, as it provides livelihood to the dwellers of coastal areas.

Speaking at a think tank session at the PCJCCI Secretariat, Ghurki stressed “our future depends on global peace rather than confrontation; Pakistan is taking effective steps for the blue economy to ensure improved livelihoods while preserving the ocean ecosystem.”

He expressed satisfaction that Pakistan was heading towards a sustainable blue economy by giving importance to food security related to oceans. For the blue economy to thrive, he said, the world needed to bring an end to the irresponsible exploitation of oceans.

“Pakistan is becoming a geo-economic hub with the Belt and Road Initiative and China-Pakistan Economic Corridor (CPEC) project,” he said.

Sharing his views, PCJCCI Senior Vice President Fang Yulong pointed out that Pakistan provided the shortest route for the Central Asian states and China for the import and export of goods through Gwadar.

Read Pakistan-China partnership: bridging nations, building communities

“Pakistan’s Indus Delta region offers huge oil and gas reserves. A joint expedition to explore hydrocarbon resources was undertaken by Pakistan Navy’s Hydrographical Department and China Geological Survey in 2019 and the survey revealed a ‘highly promising’ picture of Pakistan’s Exclusive Economic Zones with the presence of huge reservoirs of oil and gas,” he said.

Fang added that a third survey was expected this year, which was likely to pave the way for drilling and subsequent extraction of hydrocarbons.

PCJCCI VP Hamza Khalid said that high seas had gained renewed focus owing to being the huge reservoirs of food, minerals and hydrocarbons.

Published in The Express Tribune, November 8^th, 2023.

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