(MENAFN) Pakistan’s Finance and Revenue Minister, Muhammad Aurangzeb, stated on Tuesday that the nation is actively fostering a blue economy for sustainable progress, underlining the sector’s significant potential to reshape the country’s economic landscape.

"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 remarked during a seminar on the blue economy.

Aurangzeb noted that the maritime sector presently contributes only about 0.4 to 0.5 percent to the national gross domestic product, roughly equating to 1 billion dollars, while stressing that the area offers substantial opportunities for growth.

Highlighting the need for modernization and digital transformation of port operations, he emphasized that Port Qasim and Gwadar Port should be upgraded to meet international standards, enhancing regional trade linkages.

The minister also pointed to the untapped potential of renewable energy initiatives, such as tidal and offshore wind power projects.

He suggested exploring innovative financing approaches, including blue bonds and blended financing, to support sustainable development and conservation efforts.

"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," Aurangzeb added.

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