Pakistan-China Fisheries Business Conference offers investment opportunities and opens avenues of growth for Pakistan’s fisheries sector.
The inaugural Pakistan-China Fisheries Business Conference was held in Qingdao on October 29th, representing a significant advancement in economic collaboration between the two nations. The conference attracted key representatives from both the public and private sectors, initiating a substantial business-to-business (B2B) initiative aimed at boosting investment in Pakistan’s fisheries sector.
In his opening remarks, Khalil Hashmi, Pakistan’s Ambassador to China, expressed appreciation for the support from the Ministry of Commerce of China (MOFCOM), the Municipal Government of Qingdao, and the Qingdao Oceanic Bureau in organizing the event. He characterized the conference as a vital step in reinforcing economic relations and enhancing bilateral trade by capitalizing on Pakistan’s abundant marine resources, extensive inland freshwater systems, and strategic geographic location to stimulate growth in fisheries, aquaculture, and food processing.
The Ambassador pointed out that the fisheries sector accounts for nearly 1% of Pakistan’s GDP, with 64% of seafood produced from marine fishing and 36% from inland sources. He highlighted the industry’s shift towards aquaculture in response to depleting marine stocks, noting a growth rate of 15% from 2000 to 2018. He also mentioned ongoing government initiatives, including a pilot project launched in Punjab in 2019, which is expanding into Sindh and Balochistan, with the goal of increasing aquaculture farms from 3,500 to 10,600 by 2024.
Through the “Blue Transformation” initiative, Pakistan aims to develop its fisheries sector on an industrial scale and forge sustainable partnerships with Chinese firms. He stated, “Our goal is to improve our capacity to produce, process, and export high-quality seafood, benefiting both our economy and China’s food security.”
Main Saeed Ahmed Fareed, CEO of Legend International PTV Ltd and vice chairman of the Pakistan Fisheries Export Association, also noted that China is the largest importer of Pakistani seafood, accounting for around 60% of exports. He emphasized the need to enhance B2B collaboration with China to support the growth of the seafood sector.
Wang Zihai, Honorary Investment Counselor and Deputy Director General of the Pakistan (China) Economic Cooperation Centre (PECC), further remarked that this collaboration could establish Pakistan as a significant player in the global seafood market, especially given the rising demand for processed seafood in China. He highlighted that Pakistan’s connectivity via the China-Pakistan Economic Corridor (CPEC) positions it as an ideal hub for seafood exports.
Lastly, this event marks the first of six conferences planned through early next year to encourage increased investment from China in Pakistan’s fisheries industry.
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