THE PAKISTAN DEVELOPMENT REVIEW
Policy Insights to Maritime Economy in Pakistan (Policy)
The term “Blue Economy” originated in 2012 from the Rio+20 Conference of the United Nations on Sustainable Development and Growth. Given the vastness of oceanic resources, the blue economy has been touted as the panacea for all economic woes of less developed coastal countries. It basically refers to leveraging the coastal and marine resources for economic benefits, emphasising sustainable economic growth and environmental conservation.
United Nations 2030 Agenda for Sustainable development directly linked sustainable economic growth and Blue Economy via SDG 14. World Bank defines Blue Economy as: “Sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystem.” Due to its international obligations for SDGs, Pakistan has integrated SDGs into its domestic development agenda, which implies that Pakistan is cognizant of the blue potential.