Blue economy offers path to growth, says Ishaq Dar

Deputy Prime Minister and Foreign Minister Ishaq Dar on Thursday highlighted Pakistan's blue economy as a key driver of national growth, pointing to opportunities in fisheries, maritime trade, and offshore resource exploration, including petroleum and gas.

Addressing the International Maritime Business and Finance Conference, Dar said efforts are underway to modernise Pakistan's fisheries and shipbreaking industries through the Special Investment Facilitation Council (SIFC) by integrating advanced technologies.

The government has removed sales tax on fisheries processing plants and seeds to further stimulate the sector, he told attendees.

Highlighting the global significance of oceans, which support 85% of global trade, Dar underscored the investment potential of Pakistan's ports. He described the Arabian Sea as Pakistan's "fifth neighbour," highlighting its importance for trade, coastal tourism, aquaculture, biotechnology, energy, and health.

Pakistan is transforming its ports into regional and international trade hubs, aiming for green trans-shipment efficiency, he said. The introduction of a maritime single window has further enhanced port operations.

Dar reaffirmed Pakistan's commitment to environmental protection in the maritime industry, seeking support from the International Maritime Organisation (IMO) to establish the country as a hub for shipbreaking.

Citing the devastating impacts of climate change, such as the 2022 flash floods, Dar highlighted the government's focus on low-carbon alternative fuels and green corridors.

The deputy prime minister also mentioned the government's broader reform efforts, including outsourcing major airports and privatising airlines, with several investors showing interest in Pakistan's ports.

IMO Secretary-General Arsenio Antonio Dominguez Velasco, also speaking at the conference, praised Pakistan's potential in trade, shipbuilding, and recycling. He stressed the importance of digitalisation for improving port safety and efficiency and invited Pakistan to participate in future IMO projects related to safety and environmental protection.