Federal Minister for Finance Muhammad Aurangzeb has described the blue economy as a “game changer” for Pakistan, emphasizing its potential to reach $100 billion by 2047. He also reaffirmed the government’s commitment to policy continuity in this sector.
He made these remarks during his virtual address at the opening session of the Pakistan International Maritime Expo & Conference (PIMEC), held at the Expo Centre Karachi under the auspices of the Pakistan Navy and the Ministry of Maritime Affairs.
In his address, Aurangzeb highlighted Pakistan’s significant progress in restoring macroeconomic stability over the past few years. He noted that the exchange rate has remained stable, and foreign exchange reserves have grown enough to cover more than 1.5 to 2 months of imports, now exceeding $14 billion. He added that the policy rate has been reduced in line with improvements in inflation, and after nearly three years, all three major global credit rating agencies have upgraded Pakistan’s outlook to “stable,” reflecting renewed international confidence in the country’s economic direction.
He acknowledged that while inflation temporarily increased due to recent floods, it remains within single digits. He further stated that after two and a half years, all three rating agencies are aligned in both ratings and outlook, signaling a stable economic trajectory for Pakistan.
The finance minister said that the recent staff-level agreement reached in Washington further strengthens global confidence in Pakistan’s reform agenda and macroeconomic management. “We are in a good position because several positive factors are coming together,” he remarked.
Aurangzeb stressed the importance of strengthening Pakistan’s long-term relationships with major partners—including China, the United States, and Gulf countries, particularly Saudi Arabia and the UAE—to accelerate trade and investment flows beyond government-level engagements.
He pointed out that the maritime sector currently contributes only 0.4% to 0.5% of GDP—around $1 billion—but holds vast potential for expansion. He endorsed the Ministry of Maritime Affairs’ vision of transforming it into a $100 billion blue economy by 2047, in alignment with Pakistan’s centennial year and the broader national aspiration of becoming a $3 trillion economy. He described the target as ambitious yet highly achievable with a clear, well-defined roadmap.
Aurangzeb also highlighted the importance of upgrading fisheries and aquaculture through value-added processing, modern cold-chain logistics, and international-standard hygiene practices.
He stated that Pakistan’s seafood exports—currently around $500 million—can easily reach $2 billion in the next three to four years under the National Fisheries & Aquaculture Policy, developed in partnership with the Food and Agriculture Organization (FAO). He assured that the government is fully committed to ensuring consistency and stability in policies.
The finance minister also emphasized the modernization and digitization of port operations in Karachi, Port Qasim, and Gwadar to align them with global best practices and strengthen regional trade connectivity.
