ISLAMABAD — Pakistan has embarked on a strategic initiative to draw robust investments into its mines and minerals sector, extending invitations to representatives from nations such as the United States, Saudi Arabia, and China. This effort commenced with the inauguration of a summit on Tuesday, one that Pakistani officials anticipate will result in a substantial influx of investment capital.
The Pakistan Minerals Investment Forum has been convened with the objective of highlighting the country’s abundant reserves of copper, gold, lithium, and other precious resources. By doing so, it aims to revitalize a sector that has long been overlooked.
Prime Minister Shehbaz Sharif addressed the forum attendees, emphasizing that Pakistan harbors mineral reserves valued in the trillions of dollars. Sharif expressed that foreign investment in this pivotal sector could assist in alleviating the nation’s enduring financial crisis and provide a means to reduce its dependency on vast foreign loans.
Sharif stipulated that while Pakistan welcomes foreign investment, it will not allow the export of raw minerals. Instead, the government expects international companies to process these materials domestically and subsequently export the finished products.
Several significant agreements were forged during the summit, including one with the Canadian company Barrick Gold, which already holds a 50% ownership stake in the Reko Diq gold mine, located in the southwestern province of Balochistan.
In a preceding statement, Deputy Prime Minister Ishaq Dar outlined incentives being offered to prospective investors. Although specific details were sparse, he highlighted efforts to align regulatory frameworks with competitive fiscal terms.
General Asim Munir, Pakistan’s influential army chief, assured foreign investors and companies that the military is committed to ensuring a comprehensive security framework. He pledged proactive measures to safeguard their interests, thereby reinforcing investor confidence.
Balochistan, home to one of the largest global deposits of copper and gold located in the district of Reko Diq, presents both opportunities and challenges. The region, which has experienced a resurgence in attacks by Baloch separatists, continues to be a focal point for resource exploration.
As Pakistan’s largest, yet sparsely populated, province, Balochistan is predominantly inhabited by the ethnic Baloch minority. Many in the community feel marginalized and assert that they are subjected to discrimination and exploitation by the central government.
Although Pakistani authorities claim to have subdued the local insurgency, the banned Baloch Liberation Army has remained active, with attacks as recent as the past month. The group primarily targets security personnel and foreigners, particularly Chinese nationals involved with Beijing’s extensive Belt and Road Initiative. The BLA demands the cessation of Chinese-funded projects and calls for the departure of Chinese workers from Pakistan.