INVESTING IN BLUE ECONOMY: PARALLEL OPTIONS FOR ECONOMIC GROWTH
Keywords:Blue Economy, Continental Shelf, Exclusive Economic Zone, Sustainable Development Goals, Oceanic Resources
Blue Economy is an emerging investment sector as land divides, but sea connects. Human existence is inherently associated with oceans, as 40% of the world's population lives within 100 km of the coast. Growing population and increasing food and energy demands coupled with diminishing land resources have persistently compelled nations to explore alternate means for sustenance and economic development. Since oceans promise both these opportunities, Blue Economy is increasingly emerging as a new hope for tomorrow. The United Nations Conference on Sustainable Development in 2012, Rio+20, laid the foundation for the Blue Economy to evolve as a viable and sustainable economic model. Potential apart, judicious utilisation of marine resources under enabling environment through sustained policies, requisite investment, effective implementation and regulatory mechanisms is the key to gain economic dividends and providing a livelihood to millions. Although the national maritime and shipping policy was proposed in 2001 and presented in 2021, significant changes and shifts could be implemented in Pakistan's maritime sector. Above all, security management and counter-terrorism efforts are necessary to attract foreign investors to Pakistan. For this purpose, the Qualitative research method through a descriptive-exploratory approach recommends transforming existing maritime sectors by utilising marine resources in sync with policy and organisational reforms.
Qayyum, Sehrish and Abdur Rehman (2022) “Investing in Blue Economy: Parallel Options for Economic Growth” ISSRA Papers. 14: 32-49.