Pakistan will promote local processing instead of exporting raw minerals: Prime Minister

Summary: Prime Minister Shehbaz Sharif, while addressing the Pakistan Minerals Forum, has assured full cooperation and equal opportunities to domestic and foreign investors for investment in the minerals sector. He said that the government will ensure transparency in the licensing and contracting process, while instead of exporting raw minerals, processing and value addition will be promoted in the country.

ISLAMABAD: Prime Minister Shehbaz Sharif has assured all necessary facilities and support to domestic and foreign investors to promote investment in Pakistan’s minerals sector, saying that the government will work closely with all relevant institutions to protect the interests and security of investors.

Addressing the Pakistan Minerals Forum in Islamabad, the Prime Minister said that the federal and provincial governments will adopt a joint strategy for the development of mineral resources and their full utilization. The government considers the protection of investors as its responsibility and all stakeholders will work as a team in this regard.

He said that the trust and cooperation of the local population is of fundamental importance for the success of mineral projects. The government is responsible for ensuring the security of manpower, assets and supply routes, while reliable infrastructure of electricity, water and communication is also essential for investment.

According to the Prime Minister, Pakistan’s goal is not just to extract raw minerals and export them abroad, but to process them in the country and deliver them to global markets in the form of finished products. This strategy will promote local industries, create employment opportunities and increase the share of value addition in the country’s economy.

Shahbaz Sharif said that investors in the minerals sector will be provided with equal opportunities, fair participation and continuity in policies. Government procedures are being simplified to meet the expectations of investors, while transparency will be ensured in the issuance of licenses and agreements.

He assured investors that pending investment files will be processed expeditiously so that unnecessary delays in projects can be avoided.

The Prime Minister said that the process of sending Pakistan’s valuable mineral resources abroad in raw form must be stopped and these resources must be used for the needs of local industries, especially the downstream industry.

Referring to the Reko Diq project, he said that it is among the largest untapped reserves of copper and gold in the world. The project, which has been stalled for two decades, is now moving towards practical completion and operational phase.

Shahbaz Sharif also termed the establishment of the National Mineral Data Center and the digitization of geological records as important developments. According to him, this initiative will provide authentic information about mineral resources, which will help investors make better decisions.

The Prime Minister said that the young generation of Pakistan is educated, talented and determined and it will be provided with opportunities to play an effective role in the development of the minerals sector.

Citing the prediction of Goldman Sachs, he said that Pakistan has the potential to become the sixth largest economy in the world by 2075, however, he said that the country can join the major global economies even before this target.

The Prime Minister expressed his determination that the government will use mineral resources for the country’s economic development, industrial expansion and increase exports, while coordination will continue at the federal and provincial levels to provide a conducive environment for investors.