Untapped economic opportunity has clear potential to generate USD100bn annually: FPCCI
KARACHI: Saquib Fayyaz Magoon Senior Vice President the Federation of Pakistan Chamber of Commerce and Industry (FPCCI) has said Pakistan’s blue economy represents a largely untapped economic opportunity, with the country having the potential to generate more than USD 100 billion annually by effectively developing its vast maritime resources.
Addressing a grand flag-hoisting ceremony to mark Pakistan’s 79th Independence Day at Federation House Karachi, Mangoon described Pakistan’s maritime sector as one of the country’s largest untapped economic opportunities.
The ceremony was attended by Vice Admiral Faisal Amin, Commander Coast, Hilal-e-Imtiaz as the chief guest, while Director/Sector Commander ISPR Sindh Brigadier Yaqoob Awan was the guest of honour. The ceremony was also attended by Special Guests of Honour Bashir Jan Muhammad, Aqeel Karim Dhedhi and Chairman HEC Sindh Dr Tariq Rafi. The programme was co-hosted by FPCCI Vice Presidents Asif Sakhi, Asif Inam and Aman Piracha.
Prominent business leaders including former President FPCCI Zubair Tufail, Shabbir Hassan Mansha Former Vice President FPCCI, Hamza Yaqoob Tabani, Khalid Tawab, Siddiq Sheikh, Danish Aman, Nazli Abid Nisar, Sahibzadi Maheen Khan, Farida Qureshi and Shahid Ali Khan, along with a large number of other business leaders and members of the business community, attended the event.
In his welcome address, Saquib Fayyaz Mangoon said the nation must recognise the true value of freedom and sovereignty. He also paid tribute to Field Marshal Syed Asim Munir and the Pakistan Armed Forces for their courage, sacrifices and commitment to defending the country’s sovereignty and territorial integrity. He said the sacrifices of the nation’s martyrs and Ghazis would always remain a source of pride for the entire nation.
Highlighting the potential of the blue economy, Mangoon described Pakistan’s maritime sector as one of the country’s largest untapped economic opportunities. He said Pakistan’s nearly 1,000-kilometre coastline, extensive Exclusive Economic Zone (EEZ) and strategically located ports offered enormous potential for economic development.
He said the maritime economy currently contributed around 0.4 percent to Pakistan’s GDP, but with proper planning and investment, the country had the potential to generate more than USD100 billion annually from its blue economy.
Mangoon stressed that the blue economy should not be limited to traditional fishing. It should encompass shipping, ports and logistics, fisheries and aquaculture, shipbuilding and ship repair, maritime tourism, offshore energy and marine technology.
He called for stronger cooperation between the Pakistan Navy and the business community and proposed greater public-private partnerships and joint ventures involving FPCCI, the Pakistan Navy, the Ministry of Maritime Affairs, universities and the private sector.
He said while the armed forces defended Pakistan’s geographical borders, the business community had a key role in strengthening the country’s economic frontiers.
In his brief remarks, Vice Admiral Faisal Amin appreciating the special focus on the blue economy, he said Pakistan’s vast maritime potential could create significant opportunities for economic growth, investment and employment.
He stressed the need for stronger cooperation between the Pakistan Navy and the business community to promote maritime industries, encourage joint ventures and fully utilise the economic potential of Pakistan’s seas. He said a secure maritime environment and a strong economy were fundamental to building a strong Pakistan.
Director ISPR Sindh Brigadier Yaqoob Awan paying tribute to Pakistan’s martyrs and Ghazis, he emphasised the importance of national unity, determination, resilience and collective responsibility in strengthening the country.
He described the business community as an important pillar of Pakistan’s economic strength and said a strong economy was essential for a strong and secure Pakistan. He also appreciated the discussion on the blue economy, saying Pakistan’s vast maritime resources and strategic location offered tremendous opportunities for investment, employment and economic development.
He urged all segments of society to work together in accordance with the principles of unity, faith and discipline to make Pakistan stronger, prosperous and self-reliant.
Copyright Business Recorder, 2026