Maritime industry’s role in world economy highlighted

Maritime industry’s role in world economy highlighted
September 28, 2018

KARACHI - The World Maritime Day is celebrated every year to highlight the contribution of international maritime industry to the world economy and focus on the importance of shipping safety, maritime security and marine environment.

In today's globalized world, maritime trade plays a pivotal role as it supports, transforms and connects societies worldwide. Scope and scale of maritime trade, which accounts for around 80% of global trade by volume and 70% by value, is testimony to the same.

In his message on World Maritime Day, Admiral Zafar Mahmood Abbasi, Chief of the Naval Staff, emphasized that the prosperity of many countries is closely related to the seaborne trade. The dependence on the free passage of goods through oceans holds the key for trade oriented economic structure. For Pakistan, maritime trade is the back bone of our economy as over 95 % of our international trade is transported through seas. With the renewed impetus on maritime sector through CPEC and Gwadar Port, the maritime trade of Pakistan will increase manifold as the corridor is destined to provide regional connectivity. While we realize the significance of maritime trade for our country, our reliance on international shipping and huge spending of foreign exchange on freight charges is indicative of dire need to reinvigorate our shipping industry.

The Naval Chief reiterated that Pakistan Navy pledges its full support towards development of maritime sector in general and shipping sector in particular. We believe it will be a step towards attaining self sufficiency, sustainable economic growth and will facilitate international trade. There is a need of profound and cumulative efforts by all stakeholders to achieve sustainable development through Blue Economy.

more...https://nation.com.pk/28-Sep-2018/maritime-industry-s-role-in-world-econ...