Latest news with #MaritimeAffairs
Arab News
05-08-2025
- Business
- Arab News
Pakistan's Gwadar port, Chinese company ink agreement for industrial, commercial agreements
KARACHI: Chinese company Xinning Enterprise and the Gwadar Port Authority (GPA) have signed an agreement to stimulate industrial and commercial investments at the port and its free zone, Pakistan's maritime affairs ministry said on Tuesday. Gwadar city is situated along the Arabian Sea and lies at the heart of the China-Pakistan Economic Corridor (CPEC), under which Beijing has funneled tens of billions of dollars into massive transport, energy and infrastructure projects in Pakistan. Pakistani officials have said Gwadar's geostrategic position as the shortest trade route to the Gulf and Central Asia highlights its port's potential to become a regional transshipment hub. 'China's Xinning Enterprise has signed a Letter of Intent (LoI) with Gwadar Port Authority (GPA) to stimulate major industrial and commercial investments at Gwadar Port and its Free Zone, underscoring Gwadar's growing role as a key regional hub for trade and economic activity,' the statement said. The statement said these ventures include developing Gwadar port as a regional transshipment center, launching new industrial projects, optimizing existing facilities within the Gwadar Free Zone and relocating industries. Pakistan's Maritime Affairs Minister lauded the partnership as a 'significant milestone' in strengthening Gwadar's strategic importance. 'He highlighted Xinning Enterprise's potential to boost the port's throughput, attract foreign investment, and contribute to the broader economic development of the region,' the statement said. Chaudhry reaffirmed the government's commitment to transforming Gwadar into a global maritime gateway and industrial powerhouse, the ministry added. He stressed that collaborations with reputable international enterprises will accelerate Pakistan's maritime and economic ambitions. As cash-strapped Pakistan recovers from a macroeconomic crisis with the help of a $7 billion International Monetary Fund deal, Islamabad has been looking to capitalize on its geostrategic location to boost transit trade and foreign investment for a sustainable economic recovery. Prime Minister Shehbaz Sharif's government has eyed increased trade and investment deals with regional allies such as the Gulf countries and Central Asian Republics since Pakistan came close to defaulting on its debt in 2023.
Arab News
19-07-2025
- Business
- Arab News
Pakistan plans to build $10.5 million aquaculture park to promote seafood exports
KARACHI: Pakistan is planning to build Rs3 billion ($10.5 million) aquaculture park in the southern port city of Karachi, Maritime Affairs Minister Junaid Anwar Chaudhry announced on Saturday, amid efforts to strengthen the country's blue economy. According to the World Bank, the blue economy is defined as sustainable use of ocean resources for economic growth, improving livelihoods and creating jobs, while preserving the ocean ecosystem health. Pakistan has been pushing to modernize its port infrastructure and expand its role in regional trade by improving cargo handling, digitalizing port operations and encouraging public-private partnerships. Speaking at a meeting to review progress on blue economy, Chaudhry said this new aquaculture park will be built on 120 acres and directed the Qur'angi Fish Harbor Authority to submit its report within 10 days. 'Pakistani coastal waters are very suitable for aquaculture,' he said in a statement shared by the maritime affairs ministry. 'The project will be built under a public-private partnership and the park will boost seafood exports. Pakistan's fish and fish preparation exports reached $465.4 million in the outgoing fiscal year that ended in June, according to official data. The exports were up 13.4 percent from $410.3 million in the previous year. Authorities are currently trying to enhance the potential of Pakistan's fisheries, logistics and marine services while reducing environmental harm. 'Investment in aquaculture and port infrastructure is essential for national development,' Chaudhry told representatives of Gwadar Port, Qur'angi Fish Harbor, Marine Fisheries and Balochistan Chambers of Commerce and Industry at the meeting. 'The same aquaculture model will be implemented in Balochistan as well.' In May, the Pakistani government announced the creation of a new Maritime Chamber of Commerce and Industry (MCCI), saying it would serve as a specialized platform for uniting stakeholders from across the maritime spectrum to pursue greener policies and long-term economic resilience. 'This chamber will not only support investment and innovation in the maritime sector but also prioritize sustainability at ports, promote green technologies and foster carbon reduction strategies,' Chaudhry said at the time.
Arab News
09-07-2025
- Business
- Arab News
Pakistan launches new fisheries policy, eyeing $10 billion from sector
KARACHI: Pakistan's government launched its 10-year national fisheries and aquaculture policy on Wednesday, with a senior official saying that better management and value addition could help the fisheries sector generate up to $10 billion in value. Pakistan has the potential to become a major player in the global fisheries markets with over 1,050 kilometers of coastline along the Arabian Sea and vast inland water resources. However, its fisheries sector remains largely undertapped due to poor regulations and issues such as overfishing, contributing only 0.5 percent to the country's GDP. Pakistan's Maritime Affairs Minister Junaid Anwar Chaudhry launched the 10-year National Fisheries and Aquaculture Policy 2025–2035 at a workshop in Islamabad. 'With better management and value addition, the [fisheries] sector could generate up to $10 billion in value,' Maritime Affairs Minister Secretary Zaffar Ali Shah said at the workshop. Shah said despite Pakistan's long coastline, the fisheries sector has failed to achieve its potential, saying that while it remains a vital source of livelihood, it faces serious issues like overfishing and poor regulation. 'He noted that the newly introduced national policy aims to resolve these challenges through coordinated planning,' the maritime affairs ministry said. Chaudhry said the policy focuses on cross-cutting priorities such as climate resilience, environmental protection, child safety, gender inclusion, labor rights and the adoption of modern technologies. The minister said that the policy's success depended on sustained commitment, effective coordination and active engagement from all stakeholders. 'He said this policy represents a major milestone for not just the ministry but for all institutions, communities and stakeholders committed to the future of Pakistan's blue economy,' the maritime affairs ministry said. The workshop, organized by the maritime affairs ministry, also featured several panel discussions, including sessions on governance and incentives for the fisheries and aquaculture sectors, strategies for the development and management of aquaculture in Pakistan, and the implementation framework and cross-cutting themes of the national policy. Pakistan reported an increase of over 20 percent in its seafood exports during the last fiscal year, reiterating its commitment to bolster its blue economy. The South Asian country hopes to achieve sustainable economic growth driven largely by exports.
Arab News
07-07-2025
- Business
- Arab News
Pakistan says seafood exports surged by 20.5% in FY25 to reach $489.2 million
KARACHI: Pakistan's seafood exports rose by 20.5% during the last fiscal year, with China and Thailand among largest buyers, the maritime affairs ministry said on Monday, noting that Pakistan's products were becoming increasingly attractive for international buyers. Pakistan has the potential to become a major exporter of seafood as it possesses a coastline of more than 1,000 kilometers along the Arabian Sea and is also home to several species such as shrimp, tuna, mackerel and crab. Pakistan's maritime affairs ministry released its annual report on seafood exports for the fiscal year 2024-25 on Monday, attributing the surge to the government's policies and regulations. 'Pakistan's seafood exports have increased by 20.5% reaching $489.2 million [in FY2024-25],' the ministry said in a statement. 'China and Thailand are the largest buyers of Pakistani seafood.' The report added that fish meal, shrimp, crab, mackerel and jellyfish were among the key export items in the seafood category during the last fiscal year. 'Institutional reforms and sustainable measures are beginning to show positive results,' Maritime Affairs Ministry Junaid Anwar Chaudhry was quoted as saying in the report. He said exploring new international markets and improving Pakistan's seafood export infrastructure are among the government's top priorities, adding that modern regulations, monitoring and certification systems boosted exports. 'We are strengthening ties with the private sector to promote exports,' Chaudhry said. 'Pakistan's seafood products are becoming increasingly attractive to international buyers.' Pakistan's maritime affairs ministry said last week it was eyeing a $200 million boost for the tuna sector from global quota allocations and regulatory reforms. It shared that the Indian Ocean Tuna Commission has issued Islamabad a new tuna fishing quota of 25,000 metric tons, which comprises 15,000 tons of Yellowfin Tuna and 10,000 tons of Skipjack Tuna. 'With international prices for these tuna species ranging between $5 and $7 per kilogram, and potentially higher with value-added processing, the economic potential is enormous,' the ministry had said. The development takes place amid the government's announcement that it is pursuing sustainable economic growth driven by exports and long-term fiscal reforms. Pakistan has been trying to escape a prolonged economic crisis that has drained its resources and triggered a balance of payments crisis for the country.
Arab News
06-07-2025
- Business
- Arab News
Pakistan eyes $200 million from tuna exports under new fishing quota
ISLAMABAD: Pakistan's Maritime Affairs Minister Muhammad Junaid Anwar Chaudhry said this week that the government is eyeing a $200 million boost for the country's tuna sector, after securing a new fishing quota from the Indian Ocean Tuna Commission (IOTC). Pakistan's Maritime Affairs Ministry said in a press release on Saturday that the IOTC has issued Islamabad a new tuna fishing quota of 25,000 metric tons, which comprises 15,000 tons of Yellowfin Tuna and 10,000 tons of Skipjack Tuna. The IOTC is an intergovernmental body comprising 30 member states, established under the United Nations Food and Agriculture Organization (FAO). Its mandate is to manage tuna and related species in the Indian Ocean by promoting sustainable use through scientific research, quota distribution, and regulatory frameworks. 'This is a landmark achievement that promises significant foreign exchange earnings,' Chaudhry was quoted as saying by the ministry on Saturday. 'With international prices for these tuna species ranging between $5 and $7 per kilogram, and potentially higher with value-added processing, the economic potential is enormous.' The minister described the development as a 'turning point' for the country's tuna sector. He noted that though Pakistan currently catches more than 45,000 metric tons of tuna each year, much of it has been escaping the formal economy due to unregulated operations. Chaudhry said to realize the potential of tuna fish as an economic resource, the government has undertaken reforms such as introducing the National Fisheries and Aquaculture Policy. He said the policy is aimed at unifying fragmented regulatory frameworks while promoting environmentally sound and revenue-generating fishing techniques. 'This policy framework supports Pakistan's obligations under international climate and marine conservation agreements,' the minister said. Chaudhry said destructive fishing methods such as gillnetting and trawling are being phased out, with the government replacing them with more selective and environmentally friendly longlining techniques. 'This transition reduces bycatch and supports ocean health in the face of climate-driven stressors such as warming waters and changing migration patterns,' he said. He said the government has undertaken reforms such as the revision of certification and testing fees for seafood exports, resulting in a revenue increase from Rs48 million [$168,960] to Rs250 million [$880,000]. Finance Minister Muhammad Aurangzeb has repeatedly spoken of the government's intentions to put Pakistan on the path to sustainable economic progress through exports. The South Asian country hopes to increase its exports to escape a prolonged macroeconomic crisis that decreased its foreign exchange reserves and weakened its national currency, especially in 2023, before the government undertook fiscal reforms.
