Reformed maritime business strategies will impact related business sectors such as tourism, airlines, fisheries, and shipping and emerging sectors such as biotechnology and ocean energy.
Dr. Sehrish Qayyum
Economic activity in the ocean is expanding rapidly, driven primarily by changes in global demography, economic growth, trade, rising income levels, climate changes, environment index, and technology. Looking to 2030, many ocean-based industries have the potential to outperform the growth of the global economy, both in terms of value-added services, employment, as well as opportunities they offer.
These industries include offshore wind, tidal, and wave energy; offshore aquaculture; cruise tourism; maritime surveillance, and marine biotechnology. The projections suggest that between 2010 and 2030 on a “business-as-usual” scenario basis, the ocean economy could more than double its contribution to global value-added services and products, reaching over US$3 trillion by the end of the decade.
The increased pace of marine activities and development is titled as ‘Blue Acceleration’ by marine business experts. Strong growth is expected in marine aquaculture, offshore wind energy, fish processing, shipbuilding, and repair within a decade. Investing in an ocean economy makes economic sense as it will employ approximately 40 million full-time equivalent jobs in a business-as-usual scenario. Even Small Island Developing States (SIDS) through their exclusive economic zones (EEZs) control some 30% of all oceans and seas.
For example, Saint Lucia has a marine reserve the size of Germany, while Tuvalu has an EEZ 27,000 times its land mass. The combined EEZs of Mauritius and Seychelles represent an area bigger than India. The purpose of referring to these facets is to prospect options for economic growth and investment under collaborative joint ventures among littoral and far-off states. Joint ventures may serve in climate actions by utilizing vast volatile spaces for business as per targets set in COP26.
Pakistan is an important littoral state of the Western Indian Ocean and is following global trends of blue acceleration. The country is blessed with a 1000 Km long coastline from Sir Creek to Jiwani and EEZ & continental shelf covering an area of 290,000 sq km i.e., larger than the combined area of two provinces i.e., Sindh and Khyber Pakhtunkhwa (KPK).
Pakistan’s coastal belt and the extended maritime zone are replete with living and non-living oceanic resources such as hydrocarbons, minerals, renewable energy, and biotechnology options. Pakistan is continuously seeking international collaborations to create a perfect blend of indigenous and foreign technologies to expand and strengthen its activities. For this purpose, the first Pakistan International Maritime Expo & Conference (PIMEC) in February 2023 offers an ideal platform to uplink with major industrial and business sectors for economic transformation.
PIMEC 2023 is the premier maritime exhibition in the Asian subcontinent focusing on the maritime sector and industry. It assures sustainable growth and prosperity as the platform aims to gather stakeholders from diverse maritime industries for hydrocarbon extraction, coastal development, shipping, and port infrastructure, fisheries, marine tourism, offshore renewable energy, aquaculture, seabed mining, marine biotechnology, etc. This exhibition will showcase Pakistan’s complete maritime potential to focus on human well-being, social equity, and economic growth.
With run-away climate change and a global economy still reeling from the impacts of the COVID-19 pandemic, investments by littoral nations in their ocean economies also strengthen their resilience to external shocks. But with limited resources, they cannot do it alone.
The business community, both local and international are critical partners. National economic growth is intimately tied to the success of ocean economy strategies by governments. Reformed maritime business strategies will impact related business sectors such as tourism, airlines, fisheries and shipping and emerging sectors such as biotechnology and ocean energy.
Pioneering efforts by Pakistan Navy – PIMEC 2023 will bring together governments and business representatives to seek solutions for current challenges i.e., financing and technology constraints in expanding the ocean economy. Furthermore, the forum will spur a new generation of ocean economy partnerships between the global business community and governments ahead of the fourth United Nations Conference in 2024. PIMEC 2023 is not about business as usual but demonstrates that the significance of ocean resources is not a zero-sum game. Conserving the ocean protects marine life and generates economic growth for maritime states and business communities alike.
The exhibition is a market appeal to expand the existing market with face-to-face interactions and sharing of interest. Focusing on maximum impact by highlighting unique facts of each project, resources, and untapped areas will open the potential door for investment in Pakistan. In terms of PIMEC 2023 outcomes, the development of specialized ‘Maritime Business and Technology Zones’ (MBTZs) along the coastline will increase employment options, reserving investments, and will materialize the idea of economic uplink with regional and international business sectors.
Businessmen attached to marine resources and industry are welcome to make this up-to-the-minute step of the Pakistan Navy successful. They can attract their links and relations from the industry and field to host stalls of their best product i.e., marine gemstones, sea shells, food items, and industrial products along with oil and resource extractors from deep sea areas. It is PN’s initiative to win by joining hearts and hands in a conducive environment.
The writer is an Assistant Professor at Maritime Centre of Excellence, Pakistan Navy War College, Lahore. She is a member of the International Studies Association (ISA), USA.
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