LAHORE, Jul 19 (APP): Pakistan Furniture Council (PFC) Chief Executive Officer (CEO), Mian Kashif Ashfaq said that Pakistan could earn billions of dollars in foreign exchange by effectively harnessing the vast untapped potential of its blue economy.
Chairing a meeting of the PFC Board of Directors here on Sunday, he said Pakistan’s maritime economy remained one of the country’s most underutilized economic assets despite its strategic location at the crossroads of South Asia, Central Asia and the Middle East, a coastline stretching over 1000 kilometers along the Arabian Sea and three major commercial ports, Karachi Port, Port Qasim and Gwadar Port.
He said sectors including fisheries, shipping, logistics, shipbuilding and port services had immense potential to become major drivers of exports, employment and industrial growth if backed by consistent policies and greater investment.
Mian Kashif Ashfaq stressed the need for structural reforms, value addition and enhanced private-sector participation to unlock the full potential of maritime industries.
He said the blue economy, encompassing fisheries, ports, shipping, coastal tourism, offshore energy, marine biotechnology and maritime services, could emerge as one of Pakistan’s strongest long-term engines of economic growth if supported by coherent industrial and trade policies.
However, he noted that its contribution to the national GDP remained modest compared with countries that had successfully integrated maritime industries into their export-led growth strategies.
Highlighting the strategic significance of the maritime sector, he said Gwadar’s location near key international sea routes, Karachi’s role as the country’s principal commercial gateway and Port Qasim’s industrial connectivity offered Pakistan an opportunity to develop into a regional logistics and transshipment hub.
He added that the evolving trade corridors linking Central Asia, western China and the Gulf region further strengthened Pakistan’s prospects of expanding its maritime economy and enhancing regional trade connectivity.
