Pakistan Unveils $3 Billion Aquaculture Park at Karachi's Korangi Fish Harbour

Strategic Insights -

Pakistan has taken a significant step towards bolstering its blue economy with the unveiling of a $3 billion aquaculture park at Karachi's Korangi Fish Harbour. The 120-acre facility, touted to generate an annual production of 360 to 1,200 tons of seafood and rake in between $720,000 and $7.2 million in yearly revenue, marks a significant push in marine development. The project, operating under a public-private partnership model, aims to attract private investment with land costs structured to facilitate this.

Key Takeaways:

  • The $3 billion aquaculture park at Karachi's Korangi Fish Harbour is expected to generate an annual production of 360 to 1,200 tons of seafood.
  • The facility is projected to rake in between $720,000 and $7.2 million in yearly revenue.
  • The project will operate under a public-private partnership model, with land costs structured to attract private investment.
  • Representatives from the Gwadar Port Authority, Korangi Fish Harbour Authority, Marine Fisheries Department, and the Balochistan Chamber of Commerce and Industry attended the high-level meeting on sustainable marine development.
  • The Korangi Fish Harbour Authority has been mandated to submit a detailed implementation plan within 10 days.
  • The Minister proposed replicating the aquaculture park model in Balochistan, utilizing its extensive coastline for sustainable marine cultivation.
  • The relocation of the Marine Fisheries Department sub-office to the Gwadar Port Authority was ordered to enhance inter-agency coordination and accelerate decision-making.
  • Federal Maritime Affairs Minister Muhammad Junaid Anwar Chaudhry emphasized the government's commitment to fostering sustainable marine expansion.

Statistics:

  • The aquaculture park is expected to generate an annual production of 360 to 1,200 tons of seafood.
  • The facility is projected to rake in between $720,000 and $7.2 million in yearly revenue.
  • The project will cover an area of 120 acres.
  • The public-private partnership model aims to attract private investment with land costs structured to facilitate this.
  • The Korangi Fish Harbour Authority has 10 days to submit a detailed implementation plan.

Sources:

  • "Federal Maritime Affairs Minister Muhammad Junaid Anwar Chaudhry".
  • "Gwadar Port Authority (GPA)".
  • "Korangi Fish Harbour Authority (KoFHAH)".
  • "Marine Fisheries Department (MFD)".
  • "Balochistan Chamber of Commerce and Industry".