PCJCCI highlights importance of maritime stability, regional peace for blue economy

LAHORE: Moazzam Ghurki, President Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI) said that maritime stability and regional peace is essential for the blue economy prosper during a think tank session held at PCJCCI Secretariat.

President PCJCCI said that our future depends upon global peace rather than confrontation, Pakistan is taking effective steps on blue economy for improved livelihoods while preserving the health of the ocean ecosystem.

He expressed satisfaction that Pakistan is heading towards a sustainable blue economy by giving importance to food security related to oceans. He further said for blue economy to thrive, the world needs to bring an end to irresponsible exploitation of oceans. Pakistan is becoming a geo-economic hub with the Belt and Road Initiative and China-Pakistan Economic Corridor project.

Fang Yulong, Senior Vice President (PCJCCI) 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 Pakistan Navy’s Hydrographical Department and China Geological Survey in 2019 and the survey revealed “highly promising” picture of Pakistan’s exclusive economic zones with presence of huge reservoirs of oil and gas in the Indus Delta region. He added that third survey is expected this year, which is likely to pave the way for drilling and subsequent extraction of the hydrocarbons.

Hamza Khalid, Vice President PCJCCI said that seas have gained renewed focus owing to being huge reservoirs of food, minerals and hydrocarbons. Pakistan 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.

Salahuddin Hanif, Secretary General PCJCCI said while highlighting the importance of CPEC, that CPEC being the pilot project of the Belt and Road Initiative has all the markers of being a stimulant for regional economic transformation.

Copyright Business Recorder, 2023