Ayesha Mudassar

Countries worldwide are increasingly recognizing the potential of blue economy and transforming their economic interests towards it for financial stability and development, Dr. Abid Q. Suleri, Executive Director Sustainable Development Policy Institute (SDPI), told WealthPK. Dr Abid said the blue economy incorporates a wide range of economic activities from traditional ones like fisheries, aquaculture, and coastal tourism to more contemporary ones like bio-prospecting, seabed mining, and coastal renewable energy. Furthermore, he said the blue economy provides a cushion of approximately $2.3 trillion a year to the global economy and over three billion people depend on the oceanic resources for their livelihood. Dr. Shahzad Ali Gill, Assistant Professor of Public Administration at the Islamia University of Bahawalpur, told WealthPK that Pakistan has a vast potential for blue resources in shape of virgin beaches, tuna fish, minerals, and seaports.

With a coastal area of 1050km, including the continental shelf, the country has an extended Exclusive Economic Zone. “Pakistan's blue resources offer immense potential for economic development, job creation, and improved livelihoods. However, the opportunities and potential of the sea remain largely untapped mainly due to sea blindness. We are incurring a colossal damage to the phenomenon by dumping the waste and garbage into the oceans, which have detrimental effects on the marine ecosystems, biodiversity, and the overall health of the oceans,” he added. Moreover, Pakistan lags behind in terms of technology advancements, and research capabilities related to the blue economy.

Likewise, inadequate investment in critical infrastructure has hindered sustainable use of the oceanic resources. This includes infrastructure related to ports, hotels & tourism facilities, water storage, and drainage, Dr. Shahzad said. Talking about the required robust measures to strengthen the blue resources, Eng. Ahad Nazir, Head of the Centre for Private Sector Engagement at SDPI, proposed establishing a proper institutional and accounting framework for effective governance and management of resources. “Moreover, installation of the latest digital technologies, availability of easy credit, enhanced public-private partnerships, and rapid sustainable development of the ports is also necessary. Besides, we need to create awareness regarding the blue potential for the optimal and effective exploration of resources,” he said.

Credit: INP-WealthPk