Finance Minister Muhammad Aurangzeb on Tuesday described the “blue” economy as a game changer for Pakistan’s growth, stressing it has the potential to reach $100 billion by 2047 and significantly contribute to the national GDP.
In a virtual address to the inaugural session of the Pakistan International Maritime Expo and Conference in Karachi, he commended the Pakistan Navy, the Ministry of Maritime Affairs, and the National Institute of Maritime Affairs for hosting a world-class conference on the blue economy. Greeting the participants, he regretted his inability to attend the event in person due to official engagements in Islamabad.
The minister highlighted the significant progress Pakistan has achieved in recent years toward 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 and inflation remains in the single digits despite a temporary uptick after this year’s floods. He said the policy rate was declining in line with inflation, adding all three leading global rating agencies have upgraded Pakistan’s outlook to “stable” after nearly three years, reflecting global confidence in the country’s economic policies.
Referring to Pakistan’s engagement with the International Monetary Fund (IMF), Aurangzeb said the recently concluded staff-level agreement in Washington had further strengthened global confidence in the government’s reform agenda and macroeconomic management. He said Pakistan is currently in a favorable position to leverage its longstanding relationships with key partners, including China, the United States, and Gulf states such as Saudi Arabia and the U.A.E., to shift from government-to-government arrangements toward greater trade and investment flows, supporting sustainable economic growth.
On the blue economy, the minister said the maritime sector currently contributes only around 0.4-0.5% to the national GDP, approximately $1 billion, but holds vast potential for expansion. He endorsed the Maritime Affairs Ministry’s vision of achieving a $100 billion blue economy by 2047, coinciding with Pakistan’s 100th anniversary and the broader national ambition of becoming a $3 trillion economy. He described this goal as both ambitious and achievable, supported by a clear and robust roadmap.
Aurangzeb underlined the importance of enhancing fisheries and aquaculture through value-added processing, modern cold-chain logistics and international-standard hygiene practices. He expressed confidence that Pakistan’s seafood exports, currently around $500 million, could feasibly increase to $2 billion within the next three to four years under the National Fisheries and Aquaculture Policy, developed in strategic partnership with the Food and Agriculture Organization. He vowed the government was committed to policy consistency and continuity to achieve such initiatives.
The minister also emphasized the modernization and digitization of port operations at Karachi, Port Qasim and Gwadar, aligning them with global best practices to strengthen regional trade connectivity. He highlighted the potential of renewable energy projects, including tidal and offshore wind generation, and the need to explore innovative financing mechanisms such as blue bonds and blended financing to fund sustainable development and conservation initiatives. He said marine biotechnology and regional collaboration presented further avenues for growth, with the ultimate objective of integrating blue economy principles into Pakistan’s national economic transformation agenda.
Senator Aurangzeb described the blue economy as a transformative sector with far-reaching implications for Pakistan’s sustainable growth trajectory, comparable in its potential to emerging areas such as artificial intelligence, digital infrastructure, and the minerals and mining sectors.
Concluding his remarks, he thanked the organizers for inviting him to address the conference and extended best wishes to all participants for a productive and insightful exchange of ideas. He expressed confidence that the deliberations at the Conference would provide valuable input toward advancing Pakistan’s maritime and economic development.