Untapped economic opportunity has clear potential to generate USD100bn annually: FPCCI

Karachi, Pakistan - Saquib Fayyaz Magoon, Senior Vice President of the Federation of Pakistan Chamber of Commerce and Industry (FPCCI), has highlighted the immense economic potential of Pakistan's blue economy, estimating it to generate over USD 100 billion per year. Speaking at a grand flag-hoisting ceremony in Federation House, Mangoon emphasized that Pakistan's nearly 1,000-kilometre coastline, extensive Exclusive Economic Zone (EEZ), and strategically located ports present an unprecedented opportunity for economic development.

Currently contributing only 0.4 percent to the nation's GDP, the maritime sector has the capacity to skyrocket to USD 100 billion annually with appropriate planning and investment. Mangoon stressed the importance of expanding the blue economy beyond traditional fishing, encompassing shipping, ports, logistics, fisheries and aquaculture, shipbuilding and repair, maritime tourism, offshore energy, and marine technology.

He called for increased collaboration between the Pakistan Navy and the business community, proposing public-private partnerships and joint ventures. Vice Admiral Faisal Amin, in his remarks, underscored the potential of Pakistan's maritime resources to drive economic growth, employment, and investment, while Director ISPR Sindh Brigadier Yaqoob Awan emphasized the significance of national unity, determination, and resilience in building a strong and secure Pakistan.