CPEC can accelerate blue economy growth: PCJCCI

LAHORE, Jun 09 (APP): Pakistan China Joint Chamber of Commerce and Industry (PCJCCI) Commercial Ambassador Adeel Munawar said on Tuesday that China-Pakistan Economic Corridor (CPEC) can accelerate blue economy growth and regional economic transformation.

Sharing his views in a think-tank session here at PCJCCI Secretariat, he added that maritime stability and regional peace are fundamental prerequisites for the growth of the blue economy. He emphasized, the CPEC as the flagship project of the Belt and Road Initiative (BRI), possesses all the characteristics necessary to drive regional economic transformation and sustainable development.

Adeel Munawar remarked that the future of global prosperity lies in cooperation and peace rather than confrontation. He noted that Pakistan is actively advancing initiatives related to the blue economy to enhance livelihoods, create new economic opportunities, and ensure the sustainable management of marine resources while preserving the health of coastal and marine ecosystems.

He highlighted that Pakistan offers the shortest and most efficient trade route for China and the Central Asian Republics through Gwadar Port, strengthening regional connectivity and trade integration. He observed that Pakistan’s Indus Delta region holds significant untapped potential in terms of hydrocarbon reserves, presenting promising opportunities for future investment and energy security.

Adeel Munawar noted that a joint expedition conducted by Pakistan Navy’s Hydrographical Department and the China Geological Survey in 2019 revealed highly encouraging prospects within Pakistan’s Exclusive Economic Zone (EEZ), indicating the presence of substantial oil and gas reserves in the Indus Delta region. He added that the third survey is expected to be conducted this year, which could facilitate future drilling activities and the eventual extraction of hydrocarbon resources.

PCJCCI Commercial Ambassador said that oceans and coastal resources have gained renewed global significance as strategic reservoirs of food, minerals, and energy. He stated that Pakistan’s coastal belt is exceptionally rich in biodiversity and economic potential. The country’s continental shelf contains valuable mineral resources, including magnesium, cobalt, and nickel, while also possessing considerable gas hydrate reserves that could contribute to long-term energy sustainability and economic growth.