The maritime sector is crucial for the history, economy, and culture of 54 coastal and island nations with lower and lower-middle income levels, offering significant potential for economic growth. However, this potential is hindered by challenges such as overfishing, pollution, habitat degradation, invasive species, and climate change. Approximately 35% of fish stocks are overexploited, while 5 to 12 million metric tons of plastic enter our oceans annually. Ocean acidification and low-oxygen zones threaten vital ecosystems like coral reefs and mangroves. The ocean economy, valued at around USD 2.3 trillion annually, remains underperforming, with the socioeconomic costs of mismanagement estimated at nearly USD 1 trillion each year. Over three billion people depend on the ocean for their livelihoods and food security.
Oceans support biodiversity and regulate climate, making them essential to our planet’s well-being. The Blue Economy offers a transformative opportunity for sustainable resource utilisation, allowing nations to balance economic growth with environmental stewardship. For countries like Pakistan, adopting this approach is crucial in addressing challenges such as climate change, overfishing and marine pollution.
Research indicates that a fully realised Blue Economy could contribute up to USD 3 trillion annually by 2030, which is about 3% of global GDP. Transitioning to sustainable fisheries alone could generate up to USD 175 billion per year, significantly enhancing food security and economic resilience. The Blue Economy is projected to create over 30 million jobs globally.
Pakistan is well-positioned to leverage its extensive coastline and rich maritime resources through initiatives like Gwadar Port development and mangrove restoration. However, developing countries face barriers such as limited capacity and weak governance that hinder the realisation of their Blue Economy potential.
The National Institute of Maritime Affairs (NIMA) is hosting the International Maritime Symposium on October 9, 2024, focusing on “Realisation of the Blue Economy through Sustainable Development Goals.” This symposium will provide a platform for dialogue on navigating challenges while capitalising on opportunities within the Blue Economy. We invite stakeholders to engage in this critical discussion as we aim to harness maritime potential for sustainable economic growth. Together, we can ensure our oceans thrive alongside our economies.
