DND Report
The first-ever Pakistan Minerals Summit 2023 themed ‘Dust to Development: Investment Opportunities in Pakistan’ concluded with a clear roadmap to enhance the capacity of the sector with the active support and investments of global players like Barrick Gold Corporation, reports DND News Agency from Islamabad.
The Summit that was planned under the initiatives taken collectively by the civil and military leadership of Pakistan is a part of showcasing Pakistan as an opportunity for foreign investors in the file of mining, agriculture, oil and gas, and tourism. Soon a tourism investment plan would also be unveiled under the Special Investment Facilitation Council (SIFC) which is a collaborative effort of civil and military leadership.
On July 31, 2023, the Parliament of Pakistan passed legislation for providing a constitutional role to the Pakistan Army in the sphere of the country’s development. The bill introduced certain amendments to Pakistan Army Act 1952. According to the newly-inserted Section 175-E, the army can carry out activities related to national development and advancement of national or strategic interests.
At the Summit held in Islamabad on Tuesday, it was committed by all stakeholders to ensure the prosperity and uplift of countrymen by harnessing the immense potential of mineral resources. The Pakistan Minerals Summit 2023 was jointly hosted by the Ministry of Petroleum and Barrick (Barrick Gold Corporation). It aimed to unlock Pakistan’s valuable mineral resources, propelling the Country towards rapid development.
In the Inaugural Session, Prime Minister Shahbaz Sharif, the Chief of Army Staff (COAS) General Syed Asim Munir, the President and Chief Executive Officer (CEO) of Barrick Gold Corporation Mark Bristow, the Minister of State for Petroleum Dr. Musadik Malik, and the Secretary Petroleum Division Muhammad Mahmood addressed the participants.
In his remarks at the Summit, Prime Minister Shahbaz Sharif said “We have trillions of dollars’ worth of natural resources, why can’t we convert our dust into gold?”
Army Chief General Asim Munir was of the view that an empowered workforce and the development of human capital was the must component for the development of any country.
The Federal Minister of Planning, Development, and Special Initiatives Ahsan Iqbal was of the opinion that Pakistan had to enhance its export base because Pakistan was consuming more dollars than it was earning.
Over 30 global investors attended the Summit for investing in already discovered 92 minerals sites and 4,000 mines that can offer employment to 300,000 people.
The Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar who is fighting hard to uplift the revenue base invited foreign companies to invest in the fields of agriculture, mining, and Information Technology.
The Vice Minister for Mining Affairs at the Saudi Ministry of Industry and Mineral Resources H.E Khalid Al Mudaifer while addressing the Summit stated that the Mining Sector of Pakistan was going to be a game-changer and Pakistan would be a true gateway to South Asia, Central Asia, and the Middle East soon.
It is pertinent to mention that over 30 global investors attended the Summit for investing in already discovered 92 minerals sites and 4,000 mines that can offer employment to 300,000 people.
The prime minister said that the Special Investment Facilitation Council is the combination of all the stakeholders to ensure the implementation of the projects for the speedy development of the entire Country.
The Chief of Army Staff (COAS) General Syed Asim Munir in his address to the Summit invited foreign investors to play their due role in exploring the hidden reserves of Pakistan and to fully utilize this potential as the Country is blessed with rich mineral resources.
“There are vast mining opportunities in our Country which will be realized through joint efforts,” he maintained. The Army Chief said that Pakistan’s first Mineral Summit lays down new rules for ease of doing business for domestic and foreign investors in Pakistan as mineral projects are keys to success.
General Syed Asim Munir assured a friendly and efficient investor system, promoting ease of doing business and avoiding unnecessary delays.
“We will ensure an investor-friendly system that avoids unnecessary delays and provides easy terms and conditions for business. There are vast mining opportunities in our country which will be realized through joint efforts,” he added.
The COAS highlighted the establishment of the Special Investment Facilitation Council (SIFC) as a collaborative effort of the government and all institutions, bringing various partners together. He said that it is our social responsibility to play our role in unison for the Country’s economy.
Pakistan has estimated reserves worth US$ 6 trillion of minerals, gold, copper, coal, and other precious metals
General Asim Munir appreciated the abundant beauty and resources of Pakistan, ranging from snow-capped mountains to vast deserts, coastlines, and plains. He emphasized that mineral projects are crucial for the Country’s development and progress.
Quoting from Surah Rahman, the Army Chief reminded the attendees of the blessings bestowed upon them by the Almighty. He encouraged a shared commitment that would elevate Pakistan to new heights and unlock its potential.
The COAS expressed gratitude to Barrick Gold CEO and President Mark Bristow, the Saudi Mining Minister Engineer Khalid bin Saleh Al Madifar, and other investors.
The Minister of State for Petroleum Dr. Musadik Malik while briefing investors claimed that Pakistan has estimated reserves worth US$ 6 trillion of minerals, gold, copper, coal, and other precious metals.
Musadik Malik invited foreign investors to invest in different sectors of Pakistan, particularly in the minerals and mining sector.
Dr. Musadik Malik said that Pakistan wanted to increase exports from US$ 1 billion to US$ 5 billion and employment in the mineral sector from 300,000 to 600,000 in the next few years.
