ISLAMABAD:The speakers here on Thursday underlined the need to boost blue economy through reformative measures including new policy initiatives, infrastructure reforms and incentives.
Addressing to the launching ceremony of a report titled “Pathways to a Sustainable Blue Economy: Role of Financial Institutions”, they were of the view that the blue economy had immense untapped potential which needed to exploited through out-of-box solutions.
The ceremony was jointly organized jointly by Sustainable Development Policy Institute (SDPI) and Bank of Punjab (BoP).
In his opening remarks, President of the Bank of Punjab (BoP) Zafar Masud called for tax exemption, capacity building training on fish preservation for local fisherman and incentives for the investors to boost the blue economy. He said that blue economy offered poverty-stricken communities livelihood opportunities, but yet it remained under-explored by policy makers. He further said that importance of blue economy was evident from the fact ‘life below water’ incorporated in Sustainable Development Goals.
‘Blue economy contributes 0.45 percent to GDP which is $ 1 billion and 0.2 percent of GDP is contributed by marine fisheries which is over-exploited,” he said, adding that Pakistan’s maritime sector confronted with governance issues, poor technology, marine pollution, and destruction of mangroves. He pointed out that $5 billion could be generated annually through coastal and marine tourism.
SDPI Executive Director Dr Abid Qaiyum Suleri said that blue economy had immense untapped potential which required out-of-box solutions. Only adding a port without a port city will not add anything substantial to the economy, he added.
He further proposed to develop marine tourism and reduce fossil-fuel based transport through in-land freight by adding sea liners and insurance covers in the sector something India had already achieved.
Former Chairman of Gwadar Port, Rear Admiral Muhammad Ehsan Saeed said that Karachi and Port Qasim were adequate to meet the future needs for next 25 years. He suggested developing maritime tourism in Astola to kick start marine tourism.
Kamran Farooq Ansari, Joint Secretary, Ministry of Maritime Affairs said that post 18th amendment, maritime functions were dispersed to provinces, causing lack of consensus of policies and initiatives. He said that the Ministry of Maritime Affairs was proactively devising policies to promote the sector.