
Govt to build Rs3b aquaculture park
The federal government has decided to establish a state-of-the-art Aquaculture Park at Korangi Fish Harbour (KoFHAH), Karachi, under a public-private partnership framework aimed at boosting the country's blue economy through sustainable aquaculture.
The project is estimated to cost Rs3 billion. Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry announced the plan while chairing a high-level meeting on the development of the blue economy. The meeting was attended by Chairman Gwadar Port Authority (GPA) Noorul Haq Baloch, representatives from the Korangi Fish Harbour Authority (KoFHAH), the Marine Fisheries Department (MFD), and the Balochistan Chamber of Commerce and Industry.
The 120-acre aquaculture park is projected to produce between 360 and 1,200 tonnes of marine products annually, depending on the species cultivated and the farming systems used. Revenue potential is estimated between $720,000 and $7.2 million per year, influenced by species selection, market prices, and production intensity. Officials informed the meeting that land costs have been determined based on an extensive farming model, offering an affordable entry point for private investors.
Experts highlighted that Pakistan's coastal waters offer ideal conditions for aquaculture, making them highly suitable for farming a variety of marine species.
To fast-track the initiative, the martime minister directed the Korangi Fish Harbour Authority to submit a comprehensive execution report within 10 days.
Chaudhry also proposed replicating the aquaculture model in Balochistan, leveraging its vast coastal belt for sustainable marine farming.
In a move to improve coordination, the maritime minister ordered the relocation of the Marine Fisheries Department sub-office to the Gwadar Port Authority premises. This administrative shift is expected to streamline inter-agency collaboration and expedite decision-making in blue economy projects.
In a separate meeting, the federal minister reviewed progress on land allotment and the lease policy of Port Qasim Authority (PQA). Officials reported that the Survey of Pakistan has been tasked with identifying and demarcating PQA-owned land. It was also revealed that the PQA master plan is being revised in line with the broader feasibility study for the National Ports Master Plan, currently underway.
Chaudhry reiterated the government's commitment to promoting sustainable marine development, reiterating that investment in aquaculture and port infrastructure is essential for ensuring food security, increasing exports, and creating employment across coastal regions.
The series of meetings chaired by the maritime minister mark a significant step in the government's maritime development strategy, focused on harnessing the full potential of Pakistan's coastal resources through innovation, institutional coordination, and private sector participation.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Business Recorder
6 hours ago
- Business Recorder
Gulf markets steady amid mixed earnings, muted reaction to EU-US trade deal
Gulf equities were little changed in early trade on Tuesday as investors cautiously greeted a trade agreement between the U.S. and the European Union, while lacklustre second-quarter earnings weighed on sentiment. The weekend's framework trade deal, which European Commission President Ursula von der Leyen described as the best the bloc could get, will see the U.S. imposing a 15% import tariff on most EU goods. Initial relief over the deal - President Donald Trump had been threatening a 30% levy - quickly soured when set against the 1% to 2% tariff in place before Trump returned to the White House. Trump's tariff moves continue to raise concerns over global growth, with any slowdown in trade or consumption threatening energy demand and the fiscal stability of oil-dependent Gulf economies. Saudi Arabia's benchmark index eased 0.3%, pressured by a string of disappointing earnings across key sectors. Arabian Drilling plunged more than 9% after posting a sharp drop in second-quarter profit, well below analysts' expectations. The company also announced a suspension of cash dividend payments for 2025. Gulf stocks firm as markets brace for pivotal week Arabian Pipes fell 6.6% after missing quarterly estimates, while Jamjoom Pharmaceuticals dropped more than 3.5% as its shares began trading ex-dividend. Dubai's benchmark index rose 0.3% to hit a 17-1/2-year high, poised for a fifth consecutive session of gains. The rally was driven by a 2.4% jump in Emirates Central Cooling Systems, while Dubai Taxi Company climbed nearly 6% after its second-quarter results topped market expectations and it announced a higher half-year dividend than last year. The Abu Dhabi index was flat as mixed corporate earnings offset optimism from the previous week's strong performance that had been expected to sustain momentum. Aldar Properties slipped nearly 3% after announcing a marginal second-quarter revenue decline, despite reporting a record order backlog of 62.3 billion dirhams as of the end of June, while IHC-owned investment firm Multiply Group sank more than 4% as its second-quarter profit halved year-on-year. Qatar's benchmark index edged down 0.2%, as traders locked in profits following a recent rally, with most sectors trading in the red, led by a 1.4% decline in Qatar Islamic Bank.


Business Recorder
7 hours ago
- Business Recorder
Pakistan to expand shipping capacity by 600% in next three years
The Ministry of Maritime Affairs has launched a major initiative to expand and modernise the national shipping fleet as part of efforts to strengthen maritime infrastructure and reduce reliance on foreign vessels. Chairing the agreements' signing meeting, Muhammad Junaid Anwar Chaudhry, the maritime minister, said the initiative is designed not only to cut sea freight bills and conserve foreign exchange, but also to support climate-smart maritime practices by strengthening a cleaner, more efficient domestic fleet. Junaid said Pakistan plans to increase its shipping capacity by 600% over the next three years, with a focus on incorporating greener technologies and energy-efficient vessels into the state-owned fleet, read an official statement. Pakistan's PNSC partners with Chinese firm to explore maritime investments The Karachi Port Trust (KPT) and Port Qasim Authority (PQA) have signed separate agreements with the state-run Pakistan National Shipping Corporation (PNSC), pledging financial support for the fleet expansion plan. The agreements were signed by A. Abdullah Zaki, representing KPT's Transition Management Committee, and Rear Admiral (R) Syed Moazzam Ilyas HI(M), Chairman of PQA, with PNSC CEO Syed Jarar Haider Kazmi. According to the statement, the accords were finalised days after a high-level policy meeting chaired by Junaid Chaudhry, in which maritime stakeholders agreed to align fleet modernisation with environmental sustainability and national climate goals outlined by the prime minister's office. KPT and PQA officials stressed that modernising the fleet would not only conserve foreign exchange and enhance trade connectivity but also significantly lower the environmental cost of sea freight by minimising fuel consumption and enabling compliance with international emission standards. 'This initiative reflects our broader vision to modernise the maritime sector, boost operational efficiency, and introduce advanced technologies across all institutions,' Junaid said, adding that the government remains committed to transparency and merit-based decision-making.


Business Recorder
15 hours ago
- Business Recorder
APTMA seeks 200bps policy rate cut
ISLAMABAD: The All Pakistan Textile Mills Association (APTMA) has called on the State Bank of Monetary Policy Committee (MPC) to reduce the policy rate by 200 basis points from the current 11% to 9%. SBP's MPC is scheduled to hold a meeting on July 30, 2025 to review policy rates and there is speculation that a rate reduction will be in the range of 50-100 basis points. In a statement issued Monday, APTMA said, 'Maintaining the policy rate at 11% in the current economic environment results in a punitive real interest rate of 6%, one of the highest in the region. With inflation hovering around 5%, we urge the MPC to align the policy rate accordingly.' ABAD urges State Bank of Pakistan to reduce interest rate to single digit The Association pointed out that Pakistan's real interest rate significantly exceeds that of regional competitors, with India at 3.4% and China at 1.4%. APTMA warned that excessive monetary tightening is eroding the country's regional and global competitiveness, while also suppressing domestic industrial activity. 'Pakistani industries are already burdened with electricity tariffs of 12–14 cents per kWh substantially higher than the regional average of 5–9 cents and must also contend with financing costs that are nearly double those faced by regional competitors,' the statement noted. 'This, coupled with an alarming unemployment rate of 22% far higher than India's 4.2% and China's 4.6% renders the current monetary policy framework economically untenable.' APTMA further emphasized that the Federal Board of Revenue's 18% tax collection growth target is based on assumptions of expanding business activity that is being undermined by tight monetary conditions. 'The SBP's foreign exchange reserves have risen to $14.46 billion (as of July 18, 2025), but this increase is primarily driven by external borrowing rather than a boost in exports or productivity,' APTMA stated. 'Persistently high interest rates are aggravating Pakistan's debt burden, adding an estimated Rs3 trillion annually in domestic debt servicing.' The Association urged the MPC to reduce the policy rate to 9% and set a clear roadmap for lowering it further to 6% by December 31, 2025 arguing that 'these steps are essential to restore industrial competitiveness, support economic recovery, and generate employment. Pakistan has the capacity and potential for manufacturing and exports but it lacks a monetary policy aligned with national development goals.' APTMA stressed that a flexible monetary policy, paired with targeted fiscal and regulatory measures, could help address macroeconomic imbalances without stifling growth. 'The July 30 MPC decision is pivotal it will indicate whether the central bank is prepared to support economic expansion or continue a policy course that entrenches stagnation.' 'The business community calls on the MPC to prioritize productive enterprise over isolated inflation containment. We remain committed to working with all stakeholders to realize the shared goal of a dynamic and prosperous Pakistan,' the statement concluded. Copyright Business Recorder, 2025