'Blue economy can reach $100b by 2047'

Federal Minister for Finance Muhammad Aurangzeb has described the blue economy as a game changer for Pakistan's future growth, underscoring its potential to reach $100 billion by 2047.

He made these remarks whilst delivering a virtual address at the inaugural session of the Pakistan International Maritime Expo & Conference (PIMEC), organised at the Expo Centre Karachi.

According to an official statement issued on Tuesday, the minister noted that the maritime sector currently contributes only around 0.4% to 0.5% to the national GDP, approximately $1 billion, but holds vast potential for expansion. He endorsed the Ministry of Maritime Affairs' vision of developing this into a $100 billion blue economy by 2047, coinciding with Pakistan's 100th anniversary and the broader national ambition of becoming a $3 trillion economy.

Aurangzeb highlighted the significant progress Pakistan has achieved in recent years towards restoring macroeconomic stability. He noted that the exchange rate has remained stable, foreign exchange reserves have risen to cover more than two and a half months of imports, over $14 billion, and inflation continues to remain in single digits. He also pointed out that the policy rate has come down in line with improving inflation.