PAKISTAN’S BLUE ECONOMY POTENTIAL, CHALLENGES AND PROSPECTS

Abstract

Water and oceans have tremendous value for inhabitation and carry great potential for trade and economic connectivity. The sea-trade has been an ancient activity to build economic power of the state. Pakistan has a coastline of over 1000 km, along with 290,000 sq.km extended Exclusive Economic Zone with abundance of marine, fisheries, mineral, and energy resources that can generate additional revenues. Moreover, Pakistan’s geo-oceanic position provides tremendous opportunities of the sea-based activities such as transportation, tourism, shipbuilding, port facilities, and renewable energy. Based on these factors, 2020 was declared as the ‘Year of Blue Economy of Pakistan.’ Also, there are new strategies being conceived by the great powers to harness the potential of sea-based economy. However, along with opportunities, there are problems too; therefore, this paper endeavors to highlight the challenges and prospects of Blue Economy for Pakistan and gives policy recommendations as a way forward.