ISLAMABAD, Nov. 4 (Xinhua) -- Pakistan's Minister for Finance and Revenue Muhammad Aurangzeb said on Tuesday that the country has been promoting a blue economy for sustainable development, highlighting the sector's immense potential to become a game changer for Pakistan's economic future.
"With a potential to reach 100 billion U.S. dollars by 2047, Pakistan is committed to policy continuity, investment facilitation and sustainable maritime development to boost the blue economy," the minister said while addressing a seminar on blue economy.
He said that the maritime sector currently contributes only around 0.4 to 0.5 percent to the national gross domestic product, approximately 1 billion dollars, adding that the sector holds vast potential for expansion.
Emphasizing the modernization and digitization of port operations, Aurangzeb said that the country's Port Qasim and Gwadar Port need to be aligned with global best practices to strengthen regional trade connectivity.
The potential of renewable energy projects, including tidal and offshore wind generation, will be exploited, he said, adding that innovative financing mechanisms, such as blue bonds and blended financing to fund sustainable development and conservation initiatives, should be explored.
"Marine biotechnology and regional collaboration present further avenues for growth, with the ultimate objective of integrating blue economy principles into Pakistan's national economic transformation agenda," the minister said.
