Federal Minister for Finance and Revenue Muhammad Aurangzeb on Tuesday described the blue economy as a “game changer” for Pakistan’s economic future, projecting its potential to reach $100 billion by 2047.

Delivering a virtual address as chief guest at the inaugural session of the Pakistan International Maritime Expo & Conference (PIMEC), held at the Expo Centre Karachi, Aurangzeb reaffirmed the government’s commitment to policy continuity, investment facilitation, and sustainable maritime development.

Commending the Pakistan Navy, the Ministry of Maritime Affairs, and the National Institute of Maritime Affairs for organizing the world-class conference, Aurangzeb said the blue economy holds “immense potential to become a game changer for Pakistan’s economic future.”

He extended greetings to all delegates, speakers, and panellists, expressing regret for being unable to attend in person due to official engagements in Islamabad.

Economic stability, improved investor confidence

Highlighting recent macroeconomic progress, the finance minister noted that Pakistan’s exchange rate has remained stable, foreign exchange reserves exceed $14 billion (covering more than two and a half months of imports), and inflation remains in single digits, despite a temporary rise after this year’s floods.

He added that the policy rate has declined in line with easing inflation, while global rating agencies have upgraded Pakistan’s outlook to “stable” after nearly three years — a sign of renewed international confidence in the country’s economic direction.

IMF agreement strengthens global trust

Referring to Pakistan’s engagement with the International Monetary Fund (IMF), Aurangzeb said the recent staff-level agreement in Washington had further strengthened global trust in the government’s reform agenda and macroeconomic management.

He emphasized that Pakistan is now well-positioned to leverage partnerships with China, the United States, and Gulf countries — particularly Saudi Arabia and the UAE — to move from government-to-government cooperation toward increased trade and investment flows, fostering sustainable long-term growth.

From $1bn to $100bn: Vision for maritime growth

Turning to the maritime sector, Aurangzeb observed that it currently contributes only 0.4 to 0.5% of GDP (about $1 billion) but holds vast untapped potential.

He endorsed the Ministry of Maritime Affairs’ vision to expand this into a $100 billion blue economy by 2047, coinciding with Pakistan’s 100th anniversary and the national ambition of becoming a $3 trillion economy. He described the goal as “ambitious yet achievable”, supported by a clear roadmap.

Boosting fisheries, aquaculture exports

The minister underscored the need to enhance fisheries and aquaculture through value-added processing, cold-chain logistics, and international-standard hygiene practices.

He projected that seafood exports, currently around $500 million, could rise to $2 billion within three to four years under the National Fisheries and Aquaculture Policy, developed in collaboration with the Food and Agriculture Organization (FAO).

He assured stakeholders that the government is committed to policy consistency and continuity to ensure such initiatives achieve full implementation.

Aurangzeb stressed the importance of modernising and digitising port operations at Karachi, Port Qasim, and Gwadar, aligning them with global best practices to boost regional trade connectivity.

He also highlighted opportunities in renewable energy, including tidal and offshore wind projects, and called for exploring innovative financing mechanisms such as blue bonds and blended finance to support sustainable maritime development.

Additionally, he mentioned marine biotechnology and regional collaboration as new growth frontiers that could integrate blue economy principles into Pakistan’s broader national transformation agenda.

Blue economy comparable to emerging tech sectors

Aurangzeb described the blue economy as a transformative sector, comparable in its long-term potential to artificial intelligence, digital infrastructure, and mineral development, adding that it could redefine Pakistan’s sustainable growth trajectory.

Concluding his remarks, he thanked the conference organisers for the invitation and expressed hope that PIMEC’s deliberations would generate valuable insights to advance Pakistan’s maritime and economic development goals.