The Special Investment Facilitation Council (SIFC) is prioritizing the 'Blue Economy' to improve Pakistan's economic situation. A conference on logistics was held in Karachi to discuss the potential of the Blue Economy for economic development.
Blue Economy refers to the sustainable use of marine resources for economic growth, improved livelihoods, and job creation. Pakistan currently contributes only 0.25% to the global Blue Economy, which is among the lowest in the world export market.
Experts suggest that Pakistan should leverage its Blue Economy through 'Special Economic Zones' to enhance its economic performance. However, challenges such as traditional fishing methods, illegal fishing, corruption, and poor infrastructure hinder the growth of the Blue Economy.
With SIFC's support, Pakistan needs to modernize its fishing sector by adopting the latest technology and equipment. The country has partnered with Denmark's Maritime Anti-Corruption Network to combat corruption in the maritime sector.
SIFC's collaboration can also help Pakistan promote modern energy, maritime transport, and tourism through the Blue Economy initiative.
