Daily Times

Earth is frequently referred to as “the blue planet” because around 70 percent of its surface is covered by water. The ocean is the backbone of the global economy, sustaining some 3.5 billion people whose livelihoods depend on it. Considering how vital the ocean is, the idea of the “blue economy” becomes significant.

The concept of the “blue economy,” as introduced by Gunter Pauli, emphasizes the sustainable use of ocean resources without harming the environment. This idea first emerged during the United Nations Conference on Sustainable Development in Rio de Janeiro in 2012. A 2015 research by The Economist Intelligence Unit defined the blue economy as the sustainable use of marine resources to boost economic growth, raise living standards, provide employment, and preserve the health of marine ecosystems.

The importance of the ocean to human life and economic stability makes it imperative to implement policies that guarantee the responsible use of these resources. The blue economy offers a framework for striking this balance, enabling nations to protect the ocean’s ecosystems while utilising its potential.

Pakistan is a major Indian Ocean maritime country with a long coastline of approximately 1,050 km and an Exclusive Economic Zone (EEZ) spanning around 240,000 square kilometres. Pakistan has a significant opportunity to develop its blue economy, and focusing on this sector could be crucial for revitalizing its struggling economy.

Bangladesh and Pakistan want to create a “Blue Economy Corridor” that will boost maritime trade and encourage sustainable fishing and aquaculture.

Bangladesh and Pakistan are starting a new partnership to jointly develop their marine resources. They want to create a “Blue Economy Corridor” that will boost maritime trade and encourage sustainable fishing and aquaculture. The preservation of the environment is the main goal of this corridor, which will benefit both countries’ economies.

According to research, the blue economy encompasses several industries, including tourism, shipping, renewable energy, aquaculture, and fisheries. The potential for Pakistan’s coastline tourist industry to reach $4 billion annually is currently only at $0.3 billion. In a similar vein, the fishing business has the potential to grow significantly and reach an annual value of over $2 billion with the right investment and sustainable methods. In addition, Pakistan’s enormous mangrove ecosystems, some of the biggest in the world, represent a significant untapped economic resource.

The economic benefits of collaborative initiatives between Pakistan and Bangladesh are enormous. According to a World Bank report, these projects can generate long-term employment opportunities, especially in coastal areas that often face high unemployment rates. Both nations can boost economic growth and raise local populations’ standards of living by promoting sustainable practices.

A comprehensive strategy that incorporates infrastructure upgrades and policy reforms is necessary to realise this potential. In this endeavour, the establishment of a collaborative maritime research centre between Bangladesh and Pakistan may be crucial. Such an institution would not only promote sustainable practices but also facilitate knowledge sharing and innovation in the management of maritime resources.

Furthermore, protecting marine resources from illicit activities like poaching and piracy requires Pakistan and Bangladesh to strengthen their security cooperation. In addition to promoting cooperation and confidence, bolstering security measures will allow both countries to efficiently manage their maritime assets.

The establishment of environmentally friendly maritime lanes can improve trade between both countries. Pakistan and Bangladesh may lessen marine pollution and take advantage of the growing demand for environment-friendly shipping options worldwide by establishing themselves as pioneers in green maritime logistics. According to the International Maritime Organisation, the region’s economic potential can be greatly increased by using sustainable shipping methods.

The growth of tourism along the shores of the Bay of Bengal provides an additional avenue for economic development. Both nations can establish a mutually beneficial situation that strengthens local economies without compromising ecological integrity by encouraging tourism while maintaining environmental protection. This well-rounded strategy might boost their economies by drawing tourists from both domestic and foreign countries.

A fantastic chance to strengthen Pakistan’s blue economy is presented by the China-Pakistan Economic Corridor (CPEC). CPEC has a lot of potential for maritime development even though it is frequently associated with more conventional forms of economic expansion, like as trade and infrastructure. CPEC has the potential to assist Pakistan in harnessing its underutilised marine resources by fostering maritime collaborations and strengthening regional ties.

By utilising initiatives like the China-Pakistan Economic Corridor (CPEC) and cultivating regional partnerships with Bangladesh, Pakistan may leverage its wealth of maritime resources as a foundation for sustained economic growth. Both nations are at the forefront of sustainable maritime practices in the region thanks to their strategic focus on the blue economy, which also addresses pressing economic challenges. To ensure a healthy maritime environment for future generations, they must prioritise sustainability in addition to economic development as they embark on this collaborative journey.

The writer is a freelance Content Writer & Columnist. She can be reached at: rakhshandamehtabgmail.com