Nawaz Sharif to Advise Government on Budget and Inflation

ISLAMABAD – Pakistan’s fish and fisheries product exports have surpassed the $500 million mark for the first time, a record achievement reached in the first eleven months of the current fiscal year, Maritime Affairs Minister Junaid Anwar Chaudhry announced Saturday. The minister attributed the historic high primarily to the opening of the Russian market, calling it a landmark achievement for the nation’s maritime sector and blue economy.

Currently, 16 Pakistani companies are authorized to export seafood to Russia. Minister Chaudhry expressed confidence that this new access could pave the way for entry into other Eurasian Economic Union markets. He estimated that annual seafood exports could climb to $800 million, with initial exports to Russia alone projected to contribute approximately $300 million.

Frozen fish was the leading export category, supported by a diverse product mix including shrimps, prawns, crabs, sardines, and fish meal. China remains the largest market for Pakistani seafood, accounting for nearly 59% of total exports. Thailand is the second-largest destination, importing $31.3 million worth of processed shrimps and prawns. Pakistan also exports to the UAE, Malaysia, Japan, the EU, Saudi Arabia, and the United States, recently securing a four-year extension for US market access after complying with the Marine Mammal Protection Act.

To further boost the sector, the government has announced a major infrastructure plan to establish a 100-acre seafood processing and export zone at the Korangi Fisheries Harbour Authority. The project, estimated to cost between $60-80 million, will feature 20-25 large-scale processing units, value-addition facilities, and export-grade packaging capabilities.

The new zone will be equipped with advanced cold storage and blast-freezing facilities, as well as ice plants with a daily production capacity of up to 100 tonnes. Mr. Chaudhry noted that exports will utilize sea, air, and land routes, highlighting the cost-effective opportunities presented by overland corridors to Central Asia to meet rising demand in Kazakhstan, Uzbekistan, and Turkmenistan.

ISLAMABAD – Pakistan Muslim League-Nawaz (PML-N) leader Nawaz Sharif is set to provide the government with proposals for controlling inflation and providing public relief in the upcoming budget. Finance Minister Muhammad Aurangzeb, along with other federal ministers, is scheduled to brief the former prime minister on the matter. In a recent meeting, Mr. Sharif emphasized that controlling rising prices is the top priority, stating it is essential to bring economic stability to the public.