KARACHI: Pakistan is setting a confident course to unlock the vast economic potential of its maritime territory, often called the ‘Blue Economy’. Vice Admiral Muhammad Faisal Abbasi has announced that the upcoming Pakistan International Maritime Expo and Conference (PIMEC) will be crucial in achieving this goal.
Speaking at a press conference at the Expo Center Karachi, Vice Admiral Abbasi stated that the second edition of the conference, running from November 3rd to 6th, will host delegations from 44 different countries, demonstrating its global success. He thanked the Sindh government for its cooperation and noted that the mega-expo will also provide significant benefits to local investors.
During the conference, the Vice Admiral also acknowledged a critical challenge: marine pollution. “For a long time, we kept our eyes closed to marine pollution, which was a mistake,” he admitted, clarifying that federal and provincial governments are now working together to fix this issue.
He urged the business community to turn towards maritime trade, stating, “We don’t have to do much in the sea; Allah has already gifted us with so much.”
Discussing future projects, he stressed the nation’s need for another shipyard, as no new ones have been built since the Karachi Shipyard. He also revealed a major discovery: joint oil and gas surveys conducted by the Pakistan Navy and China have confirmed massive reserves off the Makran coast and other locations.
According to the Vice Admiral, these reserves are estimated to be worth approximately $16 billion, and major countries are already bidding for exploration rights.
