Conference for leveraging rich marine resources

Launches major B2B initiative to foster investment in Pakistan's fisheries sector

QINGDAO:

The inaugural Pakistan-China Fisheries Business Conference took place in Qingdao on October 29, marking a significant milestone in economic collaboration between the two countries.

The event brought together key representatives from both public and private sectors, which launched a major business-to-business (B2B) initiative to promote investment in Pakistan's fisheries sector.

In his opening address, Pakistan's Ambassador to China Khalil Hashmi described the gathering as a crucial step in strengthening economic ties and enhancing bilateral trade, with a focus on leveraging Pakistan's rich marine resources, extensive inland freshwater systems and strategic location to drive growth in fisheries, aquaculture and food processing.

"The fisheries industry contributes nearly 1% to Pakistan's GDP (gross domestic product), with 64% of seafood production coming from marine fishing and 36% from inland sources. As marine stocks deplete, we are shifting focus to aquaculture, which grew 15% from 2000 to 2018," he noted.

The ambassador highlighted the ongoing government efforts, including a pilot project in Punjab launched in 2019 that is expanding to Sindh and Balochistan, aiming to increase aquaculture farms from 3,500 to 10,600 by 2024.

Under the Blue Transformation initiative, Pakistan seeks to develop its fisheries sector on an industrial scale and establish sustainable partnerships with Chinese companies. "We aim to enhance our capacity to produce, process and export high-quality seafood, benefiting both our economy and China's food security," he added.

Legend International Ltd CEO and Pakistan Fisheries Export Association Vice Chairman Mian Saeed Ahmed Fareed remarked that China is the largest importer of Pakistani seafood, accounting for around 60% of exports. "We need to enhance B2B collaboration with China to facilitate our growth in seafood," he said.

Honorary Investment Counsellor and Pakistan (China) Economic Cooperation Centre Deputy Director General Wang Zihai noted that this partnership could position Pakistan as a key player in global seafood markets, particularly as China's demand for processed seafood rises.

He emphasised that Pakistan's connectivity through the China-Pakistan Economic Corridor (CPEC) makes it an ideal hub for seafood export.

This event is the first of six conferences planned through early next year to foster increased investment from China in Pakistan's fisheries industry.