Untapped economic opportunity has clear potential to generate USD100bn annually: FPCCI

Saquib Fayyaz Magoon, Senior Vice President of the Federation of Pakistan Chamber of Commerce and Industry, told a flag-hoisting ceremony in Karachi that the country's blue economy remains largely unexploited. According to Business Recorder, he said that developing maritime resources effectively could generate more than USD 100 billion each year. The event at Federation House marked Pakistan's 79th Independence Day and drew military officers, officials and business leaders.

Magoon characterised the sector as one of the largest untapped opportunities available to the country, pointing to a coastline of nearly 1,000 kilometres, an extensive Exclusive Economic Zone and strategically placed ports. He noted that the maritime economy accounts for roughly 0.4 percent of GDP, and argued that proper planning and investment could raise its contribution well beyond that. He insisted the sector should not stop at fishing, placing shipping, logistics, aquaculture, shipbuilding, tourism at sea, offshore energy along with marine technology within the blue economy.

Magoon called for greater public-private partnerships and joint ventures among the FPCCI, the navy, the Ministry of Maritime Affairs and universities. Vice Admiral Faisal Amin, Commander Coast, welcomed the focus on the blue economy and said closer ties between the navy and business could build maritime industries. Brigadier Yaqoob Awan, Director ISPR Sindh, described the business community as an important pillar of economic strength, adding that a secure country needs a strong economy.