November 07, 2023 (MLN): Maritime stability and regional peace are essential for the blue economy to prosper, Pakistan China Joint Chamber of Commerce and Industry (PCJCCI) President, Moazzam Ghurki said during a think tank session at PCJCCI Secretariat on Tuesday, as APP reported.
"Our future depends upon global peace rather than confrontation, Pakistan is taking effective steps on the blue economy for improved livelihoods while preserving the health of the ocean ecosystem," he added.
He expressed satisfaction that Pakistan was heading towards a sustainable blue economy by giving importance to food security related to oceans.
He was of the view that for the blue economy to thrive, the world needs to put an end to the irresponsible exploitation of oceans.
Pakistan is becoming a geo-economic hub with the Belt and Road Initiative and China Pakistan Economic Corridor project.
PCJCCI Senior Vice President Fang Yulong shared his views by saying that Pakistan provides the shortest route for the Central Asian States and China to import and export their goods through Gwadar.
Pakistan’s Indus Delta region offers huge oil and gas reserves.
He said that a joint expedition to explore hydrocarbon resources was conducted by the Pakistan Navy’s Hydrographical Department and China Geological Survey in 2019 and the survey revealed a ‘highly promising’ picture of Pakistan’s exclusive economic zones with the presence of huge reservoirs of oil and gas in the Indus Delta region.
He added that a third survey is expected this year, which is likely to pave the way for drilling and subsequent extraction of the hydrocarbons.
Hamza Khalid, the joint chamber's vice president, said that seas have gained renewed focus owing to being huge reservoirs of food, minerals, and hydrocarbons.
Pakistan's coastal areas are incredibly rich in biodiversity and productivity. "Our continental shelf has enormous reservoirs of magnesium, cobalt and nickel while it also contains tremendous amounts of gas hydrates," he maintained.
Salahuddin Hanif, Secretary General PCJCCI, said while highlighting the importance of the CPEC, that the CPEC is the pilot project of the Belt and Road Initiative and has all the markers of being a stimulant for regional economic transformation.
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Posted on: 2023-11-07T17:11:50+05:00
