By Muhammad Mudassar ISLAMABAD, Jan. 31 (INP-WealthPK): Blue economy or blue growth – similar to a green economy – is an emerging concept that encourages sustainable use and preservation of ocean resources for economic growth, improved livelihoods, and jobs while significantly reducing environmental risks and ecological scarcities. This fast-emerging concept has accomplished a huge success in a short period of time and many countries have made significant headway towards this end. Ocean-oriented activities like fisheries, maritime transport, and tourism fall in the domain of the blue economy. Pakistan – a South Asian country endowed with a coastal area of 1,050 kilometers dotted with exclusive economic zones, and a 50,000 sq km shelf area – has a massive potential to benefit from the blue economy. Experts believe that Pakistan can create millions of job opportunities if it turns to the sea in an organized way to extract its riches. According to the Maritime Study Forum, a Pakistan-based platform for stakeholders in generating policy-oriented discourse on national, regional, and global maritime affairs domains, Pakistan’s current maritime tourism stands at $50,000 per annum despite having a potential of $5 billion per annum. The gross marine product (GMP) of Pakistan in 2020 is 1526.9 million USD (242.78 billion PKR). Construction and extension of Gwadar Port and Gwadar city have further enhanced the scope of Pakistan's blue economy as a key player in the Indian Ocean region. In Pakistan, blue economy sectors, including shipbreaking, tourism, mangrove forest, fishery, ports, and shipping, have a vital role to improve economic growth, employment generation, food supply, and energy generation. Globally, the tourism is one of the fast-growing industries and closely linked to social, economic, and environmental sustainability. Currently, the global tourism industry makes $8.8 trillion economies contributing 10.4 percent to the global GDP. But Pakistan is contributing hardly 2.7 percent to the GDP despite having a huge potential for tourism with many inland and coastal destinations. Pakistan’s tourism industry stands at $20 billion according to the World Travel and Tourism Council, a UK-based forum for the travel and tourism industry. Institute of Space Technology, Islamabad, a public university located in Islamabad under the administration of the Space and Upper Atmosphere Research Commission, has adopted satellite assessment (GIS approach) and calculated that the 1463.59 sq km (146359 ha) area is covered by mangroves in Pakistan, offering an opportunity for promotion of tourism. Globally, mangroves tourism has attracted the world in recent years due to recreation activities including fishing, wildlife viewing experience, and boating. The total economic value of the mangroves ecosystem in Pakistan is 870 million USD (Maritime Study Forum report) (https://www.maritimestudyforum.org/wp-content/uploads/2021/01/Mission-Possible-Web.pdf). According to the Journal of Marine Policy (https://www.mangrovealliance.org/wp-content/uploads/2019/06/Spalding-and-Parrett-19-Mangrove-tourism-Mar-Pol.pdf), mangrove tourism attracts ten to hundred million visitors per annum and can earn billions of dollars’ worth of revenue. The graph.1 illustrates how the area covered by mangroves is increasing from 1990 to 2020 in Pakistan. Graph.1: Pakistan - National scale mangrove area covered with five-year intervals (1990-2020) Source: Institute of Space Technology, Islamabad (IST) Ninety-five percent of Pakistan’s trade is done through the sea. According to the Pakistan Bureau of Statistics, Pakistan's seafood export was around $383 million in July-May (2020-21) against the export of $372 million in July-May (2019-20). Pakistan’s seafood industry has the potential of $2 billion export per annum. According to Food and Agriculture Organization, total fish production in Pakistan by all sources in 2018 was 771,608 tons. World Bank South Asia Regional Director for Infrastructure Guangzhe Chen said that CPEC is bound to boost the maritime sector of Pakistan. Chen also offered to Federal Minister for Maritime Affairs Ali Haider Zaidi the bank’s help to improve the efficiency of ports and logistics of Pakistan. In 2019, the Government of Pakistan paid special attention to the shipping sector by making amendments to the “Merchant Marine Policy, 2001”. These amendments will be valid till 2030. Moreover, the government announced the year 2020 as a year of the blue economy. The amended policy gives a lot of incentives like no federal tax (Income tax, sale tax, customs duty) to the Pakistani ship owning companies till 2030, acceptance of freight charges in Pakistani rupees along with US dollars, and other fiscal benefits. Pakistan needs to focus on the marine sector more and identify and address the issues and challenges. The country also needs to identify the economic potential of the blue economy that can push its economy towards blue growth by earning handsome foreign exchange.