100 billion dollar income every year
Blue economy i.e. sustainable and specialized water resource management that covers all coastal activities. Ocean-related industries and services that can increase the revenue of any country manifold. Blue economy includes shipping, maritime, agriculture, fisheries and tourism sectors apart from energy i.e. oil, gas and renewable energy.
The country’s coast line extends up to 1050 kilometers and the Exclusive Economic Zone is about three lakh square kilometers. According to the economic experts of Pakistan, there is so much potential in the blue economy that it can generate income up to 100 billion dollars. But at present only one billion dollars are being created. Most of this amount comes from fisheries, coastal tourism and marine revenue.
Its potential is restricted by the absence of modern industries such as energy and minerals. On the other hand, other countries are earning billions of dollars from this sector. Due to the floods in Pakistan last year, a food crisis has arisen. But the coastal areas of the country can be used for fish farming. According to experts, fisheries worth about two billion dollars can be done here. But at present seafood exports are only worth $450 million.
Behind India and Bangladesh
Many believe that Pakistan never paid attention to the capabilities present in the Arabian Sea and the Indus River. While the domestic, Chinese and Indian markets are flooded with their products. The geographical location of the country is such that it is surrounded by the Arabian Sea, bordered by India in the east and Iran and Afghanistan in the west.
From this place Pakistan can export to Middle East, Africa and other countries. This will only benefit the economy. According to an estimate, Maritime tourism contributes $300 million to the GDP. On the other hand, India is getting revenue of $6 billion from this and $5.6 billion from Bangladesh and it is clear that Pakistan is far behind these countries.
condition can improve
The Gwadar port to be built under the China-Pakistan Economic Corridor (CPEC) will present huge possibilities to Pakistan when fully operational. According to the experts of Pakistan, the whole world is currently dependent on the blue economy and its resources. According to experts, Pakistan is currently facing a huge economic crisis. In the circumstances, it is very important to use the diversity of the economy to bring it back on track. He says that blue economy is the sector which can improve the financial condition of Pakistan. Apart from this, the geo-strategic and geo-economic situation can also be strengthened.