Pakistan has gained access to Russia’s huge $3 billion seafood import market. Authorities approved 16 local seafood processing plants to start exporting their products. This marks a big win for the country’s fisheries sector.
Muhammad Junaid Anwar Chaudhry announced the breakthrough. He called it a historic step that came after hard diplomatic and technical work.
Pakistan ready to send first seafood shipments to Russia.
This development creates a whole new market for the seafood produced in Pakistan. Until now, Pakistani seafood was exported mostly to China, the Gulf region, Southeast Asia, Europe, and the US. But now, with the inclusion of Russia, Pakistan will have yet another market for its produce.
Pakistan generates revenue worth $500 million annually through its seafood export business. But now that Russia is in the picture, this amount can rise very quickly. The experts predict that the initial gain would be at least $300 million.
Exports expected to rise sharply in coming years.
Over a period of time, the value of seafood exports could go up to $800 million annually. This newfound business prospect is well-timed for Pakistan, given its attempts to earn additional money from alternative markets.
This development received positive feedback from exporters and business leaders in Pakistan. It offers them a great deal of opportunity to boost their business while working to meet Russian standards.
The challenges that will come during this process must be taken into consideration, but there are many benefits associated with this as well. The public and private sector will join hands to capitalize on this opportunity. Perhaps they will secure more such contracts in the coming years.
