Pak-China Fisheries Business Conference strengthens bilateral ties with investment opportunities

China Economic News

Beijing: The inaugural Pakistan-China Fisheries Business Conference took place in Qingdao marking a significant milestone in economic collaboration between the two countries.

The event gathered key representatives from both public and private sectors, launching a major business-to-business (B2B) initiative to promote investment in Pakistan’s fisheries sector, China Economic News (CEN) reported on Wednesday.

In his opening address, Pakistan’s Ambassador to China, Khalil Hashmi, expressed gratitude to the Ministry of Commerce of China (MOFCOM), the Municipal Government of Qingdao, and the Qingdao Oceanic Bureau for their support in organizing the conference.

He described the gathering as a crucial step in strengthening economic ties and enhancing bilateral trade, focusing on leveraging Pakistan’s rich marine resources, extensive inland freshwater systems, and strategic location to drive growth in fisheries, aquaculture, and food processing.

“The fisheries industry contributes nearly 1% to Pakistan’s GDP, with 64% of seafood production from marine fishing and 36% from inland sources. As marine stocks deplete, we are shifting focus to aquaculture, which grew at 15% from 2000 to 2018,” he noted.

The Ambassador highlighted ongoing government efforts, including a pilot project in Punjab launched in 2019 that is expanding to Sindh and Balochistan, aiming to increase aquaculture farms from 3,500 to 10,600 by 2024.

Under the “Blue Transformation” initiative, Pakistan seeks to develop its fisheries sector on an industrial scale and establish sustainable partnerships with Chinese companies. “We aim to enhance our capacity to produce, process, and export high-quality seafood, benefiting both our economy and China’s food security,” he added.

Mian Saeed Ahmed Fareed, CEO of Legend International PTV Ltd and vice chairman of the Pakistan Fisheries Export Association, remarked that China is the largest importer of Pakistani seafood, with around 60% of exports going to China. “We need to enhance B2B collaboration with China to facilitate our growth in seafood,” he said.

Wang Zihai, Honorary Investment Counselor and Deputy Director General of the Pakistan (China) Economic Cooperation Centre (PECC), noted that this partnership could position Pakistan as a key player in global seafood markets, particularly as China’s demand for processed seafood rises.

He emphasized that Pakistan’s connectivity through the China-Pakistan Economic Corridor (CPEC) makes it an ideal hub for seafood export.

This event is the first of six conferences planned through early next year to foster increased investment from China into Pakistan’s fisheries industry.