Pakistan committed to promote blue economy: FM

Foreign Minister Shah Mahmood Qureshi on Monday said recognizing the importance of world's oceans as global public commodity, Pakistan was committed to promote the prudent use of marine resources for socio-economic development, while ensuring environmental sustainability.

"We are ready to cooperate and collaborate with other friendly nations and partners around the world, to realize this goal for mutual benefit of the entire humanity," the Foreign Minister said addressing at the International Maritime Conference titled 'Development of Blue Economy under a Secure and Sustainable Environment. The Foreign Minister said to bring blue economy to the center of national economic development paradigm, there was need to create awareness among all stakeholders about its potential economic, social and environmental benefits, and to create an enabling ecosystem to help attract investments in related sectors.

He said as part of economic diplomacy initiatives, the Ministry of Foreign Affairs and Pakistan's Missions abroad, in collaboration with the concerned ministries, had been actively engaged in attracting investments to the maritime sector. He stressed the need for concerted efforts to strengthen partnerships and collaboration among businesses, academia, research institutions, and social and environmental organizations to unlock new opportunities.

The Foreign Minister said the idea of blue economy recognized the seas and oceans as drivers of socio-economic development and encompassed diverse fields from renewable energy to fisheries, coastal tourism, waste management, maritime transport, ocean engineering and climate change. He termed the sustainable blue economy as critical for reaping the socioeconomic benefits for current and future generations with its global value estimated to be over US$ 24 trillion.

Qureshi said the Indian Ocean was the world's third-largest water body, while retaining its significance for global security, it represented an increasingly important avenue for global trade.

He said the Indian Ocean hosted international maritime traffic that included half of the world's containerized cargo, one-third of its bulk cargo, and two-thirds of its oil shipments. He said the Indian Ocean offered promising potential for mutual cooperation and collaboration, however pointed that geostrategic competition and the pursuit of military dominance by some States had gravely jeopardized that potential.

"In particular, India's belligerent and aggressive policies currently driven by an extremist Hindutva ideology - pose an immediate and pervasive threat to international and regional peace and security," he said.