What Is Blue Economy? The Blue Economy is a new concept which encourages better stewardship of the ocean and its resources. It highlights the close ties between the ocean, climate change and the wellbeing of the population. It is also highlighted by the United Nations SDG 14 ‘life below water’. The blue economy model aims
What Is Blue Economy?
The Blue Economy is a new concept which encourages better stewardship of the ocean and its resources. It highlights the close ties between the ocean, climate change and the wellbeing of the population. It is also highlighted by the United Nations SDG 14 ‘life below water’.
The blue economy model aims for the improvement of human wellbeing along with social equity while reducing environmental risks and ecological scarcities. It provides protection and development for blue resources such as carbon sequestration and coastal resilience to help vulnerable countries mitigate the effects of climate change.
Blue Economy Potential for Pakistan
Pakistan’s maritime sector has huge potential for growth. The geo-strategic location puts Pakistan in a pivotal position in changing the dynamics of the Indian Ocean. If given the opportunity, Pakistan can convert its sea zone into an epicenter of blue economy in the South Asian region.
Economic experts have evaluated that if the blue resources are correctly utilized, it can create many job opportunities for Pakistanis. The open sea provides an opportunity for free, unhindered trade and access to many countries.
Addressing the International Maritime Conference 2021, Dr. Moeed Yusuf stated that Pakistan’s annual revenue from the blue economy is only $450 million while it has the potential to reach $ 100 Billion.
Fishery plays a very vital role in boosting agriculture and food economy of a country. Pakistan’s coastal areas are rich in marine life. Pakistan’s fish export is currently between $250-300 million per annum. By providing proper equipment, training and hygiene protocols, the fishery industry has the potential to grow to $ 2 billion annually.
Pakistan presently has only one shipping yard at Gaddani. With the construction of a new shipyard at Gwadar and the shipping services provided by China Ocean Shipping Company, Pakistan can effectively develop its marine transportation Sector. This will create industries such as ship-making, ship-breaking, seafaring and minerals and offshore basins which will add value to the ports but will also generate economic opportunities along with employment.
Pakistan can also explore deep water oil drilling, which is not a new concept, however is a concept that is yet to be explored in the country. Oil will always remain a dominant energy source for decades to come and the Ocean contains a lot of potential for renewable energy such as through tidal waves and salinity gradients.
Biotechnology is another market that Pakistan can work on. The global market for marine biotechnology processes and products was $2.8 billion in 2012 and has grown further. Marine biotechnology also has the potential to address such as sustainable food supplies, human health and environmental remediation.
The China Pakistan Economic Corridor (CPEC) Project is also going to play an important role in the growth of the Blue Economy in Pakistan. The importance of the maritime sector shall be multiplied considering the fact that the main routes that shall be utilized are the Gwadar Port and the Chinese Kashgar.
Challenges for Pakistan
Some challenges that Pakistan faces are Piracy and Armed Robberies. Both of these crimes affect the flow of trade and naval security. It also affects Pakistan’s standing in the international community which in turn causes a hesitation towards creating trading relations with the country.
Along with this, there have also been territorial disputes with India which hinder the growth of the blue economy in Pakistan. Fishermen from both the countries, in a bid to get better fish, cross tidal borders. This results in their arrest. The main reason behind this is that the Sir Creek border line is claimed by both the countries however the territories are not specified.
Pakistan needs a deep-sea fishing policy. The absence of a policy, Pakistan’s blue economy is unable to attract investors. The Government of Pakistan can work on a revised edition of the Maritime Policy and Strategy. The Pakistan Merchant Shipping Ordinance 2001 should also be revised as it was expired in 2020. Effective monitoring and control over fishing activities should also be done.
Some requirements of the blue economy include new ports, shipyards as well as infrastructure. Pakistan’s weak economy is currently weak and is unable to cater to the requirements therefore ocean resources are not used up to their potential.
Conclusion
Maintaining and exploring resources of the Ocean and bringing great benefits for Pakistan. Pakistan needs to work towards a framework that regulates the use of its blue resources. The framework should also discuss safeguarding methods regarding ocean resources such as mechanisms to eliminate pollution and waste disposal management. Pakistan also needs to spend on its ports, ships and workers as this will bring in great economic benefits for the country. Pakistan needs to understand the value of marine and coastal ecosystems and needs
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