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Business Recorder
3 days ago
- Business
- Business Recorder
Pakistan's blue economy: an ocean of missed opportunity
Pakistan's coastal waters hold the key to a multi-billion-dollar economy; nonetheless, this potential remains largely untapped. The country's blue economy has yet to find a meaningful place in national economic planning. This lack of vision risks Pakistan forfeiting its rightful share of the global blue economy, which is expected to surpass USD3 trillion by 2030. According to the United Nations Development Programme (UNDP), Pakistan's blue economy contributes a meagre 0.4 percent to the national GDP's – an astonishingly low figure considering the country's 1,050-kilometre coastline and a 290,000 square kilometre Exclusive Economic Zone (EEZ). In stark contrast, other regional countries like Bangladesh and Iran have made significant strides in harnessing the wealth of their coastal resources. By leveraging its robust fisheries sector, Bangladesh shipbuilding and shipbreaking sectors generate thousands of jobs and significant export revenue, contributing meaningfully to the national economy. Similarly, Iran, with 30 ports along its coastline, handles 235 million tons of maritime traffic. It has dedicated USD 3.7 billion to develop and digitalise its commercial ports in 2025, upscaling its potential in maritime transport. With sturgeon farming, the Iran Fisheries Organisation has exported 18.5 tons of farmed caviar and 4,600 tons of sturgeon meat in 2023. Pakistan's poor maritime governance, underinvestment, and lack of integrated policy prevent it from securing a share in the global marine economy boom. Pakistan's blue economy crisis is mainly infrastructural, as indicated by its exclusion from the Logistics Performance Index. The country's strategic coastal position enables it to function as a regional transit hub through its three major ports: Port Qasim, Karachi Port, and Gwadar. Nonetheless, Port Qasim suffers from poor logistics operations and underused facilities, as its outdated infrastructure operates below 50percent of its maximum potential. Despite handling high traffic volumes, Karachi Port faces persistent congestion and limited expansion, operating below optimal capacity. Gwadar Port holds significant value but remains disconnected from Pakistan's industrial and energy networks. Pakistan needs to invest modernisation investments, improved logistics, and streamlined governance to maximise the potential of its ports to attain recognition as a leading maritime hub. Similarly, the fisheries sector of Pakistan is chronically underperforming. The country ranks 35th worldwide on the illegal, unreported, and unregulated (IUU) Fishing Risk Index because its waters continue to experience widespread IUU fishing activities. Moreover, post-harvest losses reach 35 percent because the sector lacks adequate cold storage facilities and is experiencing poor handling practices. The fish exports from Pakistan are 136,000 metric tonnes with a value of USD 400 million, despite having the potential to reach USD 2 billion. According to the World Bank, revenues would increase by 60 percent if Pakistan implements better port management along with regulatory reform and technological improvements. Beyond trade and fisheries, Pakistan's blue economy holds immense potential in Marine Renewable Energy. Pakistan's coastline, particularly the 17 major creeks of the Indus Delta, offers significant opportunities for tidal energy generation. The estimated power output from tidal energy projects in these regions amounts to 900 to 1,100 MW, offering a renewable solution for coastal energy. The EEZ of Pakistan holds potential for the development of offshore wind and wave energy projects. Yet these possibilities remain absent from Pakistan's primary energy policy. Pakistan also has considerable scope in seabed mining and blue bio-technology. Pakistan's EEZ holds vast offshore deposits of oil, gas, and minerals, awaiting extractions. The Indus and Makran offshore areas contain hydrocarbon resources, while Murray Ridge has potential for hard rock metallic minerals. Moreover, the blue bio-technology sector leverages marine bio-diversity to develop pharmaceuticals, dietary supplements and bio-based products, offering promising applications in disease treatment. The market for this industry worldwide will expand from USD 5.65 billion in 2024 to USD 10.54 billion by 2032 at a 7.15 percent annual growth rate. Pakistan, however, lacks a roadmap or institutions to support innovation in this field. The human cost of this inaction is also worth noting. Pakistan's coastal communities, particularly in Sindh and Baluchistan, face high rates of poverty, underemployment, and environmental vulnerability. A well-governed blue economy could offer diversemarine livelihoods, skills development, and employment in sectors ranging from aquaculture to eco-tourism. Instead, years of ad hoc planning have left these communities dependent on informal fishing practices, vulnerable to climate shocks, such as coastal erosion and salinization. In short, unlocking the blue economy's potential is not a matter of discovering new resources but managing existing ones more wisely. It requires investment in coastal infrastructure, digitised port logistics, vocational training for a marine workforce, and research collaboration with universities and international partners. The private sector must also be incentivised to invest in value-added industries like seafood processing, aquaculture, and sustainable tourism. With the right ecosystem, the blue economy could become a new engine for Pakistan's economic diversification, reducing reliance on remittances and traditional agriculture while aligning with the country's climate goals. Copyright Business Recorder, 2025
Hypebeast
19-05-2025
- Business
- Hypebeast
The World's Top 10 Highest Paid Athletes of 2025
Summary Forbes' annual list of the world's highest-paid athletes for 2025 showcases the titans who have conquered their sports and captivated global audiences, their earnings soaring from record-breaking performances, lucrative endorsements and savvy business ventures. This year's ranking is a testament to the diverse landscape of global sports. Familiar faces continue to dominate, their established legacies attracting massive sponsorship deals and commanding top salaries. The reigning champions of basketball, football (both American and global), and more highlights their on-field or on-court brilliance directly fueling their off-field earnings. Leading the pack isCristiano Ronaldoat $275 million USD, making $225 million USD on-field and $50 million USD off. Coming behind Ronaldo is the greatest shooter in the world,Stephen Currywith $156 million USD ($56 million USD on-field, $100 million USD off-field). The Golden State Warriors guard became the first NBA player to reach 4,000 career 3-pointers back in March. In third is UK'sTyson Furyrepresenting the boxing world with $146 million USD. Others after Fury include NFL's Dak Prescott, Lionel Messi, LeBron James, Juan Soto, Karim Benzema, Shohei Ohtani and Kevin Durant. The top 10 showing span across the NBA, NFL, MLB, Boxing, MLS and more. Notably, the top 10 does not include any women, demonstrating that there is still a lot to be done in pay equality in women's sports. The 2025 list also highlights the growing influence of emerging sports and the power of individual brand building. These athletes have cultivated massive social media followings, launched successful businesses, and strategically partnered with global brands, demonstrating that athletic prowess is just one piece of the financial pie. This list offers a fascinating glimpse into the intersection of sports, celebrity, and big business, showcasing the individuals who have truly hit the jackpot in the world of athletics. 1. Cristiano Ronaldo – $275 Million USD2. Stephen Curry – $156 Million USD3. Tyson Fury – $146 Million USD4. Dak Prescott – $137 Million USD5. Lionel Messi – $137 Million USD6. LeBron James – $133.8 Million USD7. Juan Soto – $114 Million USD8. Karim Benzema – $104 Million USD9. Shohei Ohtani – $102.5 Million USD10. Kevin Durant – $101.4 Million USD
Scoop
15-05-2025
- Business
- Scoop
APEC Forecasts 2.6% Growth In 2025, Urges Action To Eliminate Trade Policy Uncertainty
Issued by the APEC Policy Support Unit Jeju, Republic of Korea, 15 May 2025 Growth in the APEC region is expected to slow sharply in 2025, as escalating trade tensions and policy uncertainty weigh on investment and trade, according to a new economic report released by the APEC Policy Support Unit ahead of the Ministers Responsible of Trade Meeting in Jeju. While challenges persist, the report highlights an opportunity for member economies to strengthen cooperation and build resilience through structural reforms and open trade. Economic growth in the APEC region is forecast to moderate to 2.6 and 2.7 percent in 2025 and 2026, a sharp drop from the 3.6 percent growth recorded in 2024. This downward revision underscores the persistent weight of policy uncertainty on the regional economy, especially in areas such as trade and investment. The report also draws attention to mounting structural challenges. 'From tariff hikes and retaliatory measures to the suspension of trade facilitation procedures and the proliferation of non-tariff barriers, we are witnessing an environment that is not conducive to trade,' said Carlos Kuriyama, Director of the APEC Policy Support Unit. 'This uncertainty is hurting business confidence and leading many firms to delay investments and new product launches until the situation becomes more predictable,' Kuriyama added. The report shows that economic and trade activity across the 21 APEC member economies has slowed considerably. APEC's export volume is projected to grow by just 0.4 percent in 2025, while import volume is expected to rise by only 0.1 percent. This marks a steep decline from 2024, when export and import volumes grew by 5.7 percent and 4.3 percent, respectively. Kuriyama emphasized that rising protectionist moves and unfair trade practices—such as increased subsidies—have created an environment where firms are pausing decisions and holding back on cross-border activities. 'What worries us a lot is that all of these uncertainties could affect jobs,' he said. The report also notes that financial markets have reacted to the uncertainty. The global volatility index spiked to 52 points in April, more than triple the 2023–2024 average, while gold surged to USD3,200 per troy ounce in early May as investors fled to safe-haven assets. 'The global economic picture is highly fragile,' said Rhea C. Hernando, an analyst with the APEC Policy Support Unit. 'General government debt across APEC is projected to hit 110 percent of GDP through 2030. At the same time, we're confronting long-term demographic shifts, including a shrinking workforce and an ageing population. The fiscal and structural stress is real.' Adding to these concerns, the report highlights a rising wave of discriminatory non-tariff measures, in particular subsidies measures distorting trade. 'Fragmented and reactionary trade policies are becoming the norm,' said Glacer Vasquez, co-author of the report. 'While some economies pursue trade-facilitating reforms, these are often offset by inward-looking protectionist measures. This divergence is hampering regional cohesion.' Despite these headwinds, the report emphasizes that the current moment presents a critical opportunity for economies to work together. Kuriyama urged APEC economies to recommit to cooperation and stability. He noted that restoring confidence in trade requires not only easing tensions, but also expanding into new markets, strengthening supply chain resilience and improving transparency of trade rules and procedures. 'This is not the time to retreat behind borders. This is the time to double down on cooperation,' he concluded. 'Through collective action, APEC economies can navigate uncertainty and lay the groundwork for a more resilient, prosperous future.'
BusinessToday
13-05-2025
- Business
- BusinessToday
BNM's Move Could Inject Excitement In Lagging Banking Stocks
The Thursday's session saw the local bourse trade negatively, weighed down by Banking heavyweights — despite BNM keeping the overnight policy rate steady but flagging further downside risks amid uncertainties surrounding President Trump's trade policies. As for Wall Street, markets surged after President Trump announced a preliminary trade deal with the UK, reducing tariffs on cars and steel while expanding US exports on beef, ethanol, and machinery. The Dow rose over 250 points, with gains in Boeing and Deere. The Day AheadUS: With progress toward de-escalation of the trade war—President Trump announced a trade deal with the UK, signalling a potential rollback of tariffs on Chinese goods, risk-on sentiment emerged on Wall Street and was traded higher. Also, the market appears optimistic ahead of next week's US-China meeting in Switzerland. In the US, META presents trading opportunities, supported by its +16% YoY topline growth which exceeded analysts' forecasts, while the recovery in users and ads spending should support the share price going forward. In commodities, Brent crude oil edged higher toward USD63/bbl, while gold traded around USD3,316 zone. CPO prices hovered between RM3,800–3,900/MT. In view of the positive performance in the US, Malacca Securities expects the local bourse to rebound as the Bursa Finance index has risen 8% since the April 9 low, further supported by the 100bps cut in the Statutory Reserve Requirement,—which injected approximately RM19bn in liquidity into the banking system. Traders may look for trading opportunities in lagging banking stocks such as Alliance and AmBank. The house said it also noticed the AI theme has regained momentum following the potential revision of the Biden administration's chip restriction act. This could spur trading interest in the Construction, Utility, and Technology sectors. Related
