Pakistan can earn billions of dollars by exploiting its $6 trillion minerals deposits

LAHORE  -   SAARC Chamber of Commerce and Industry’s former president Iftikhar Ali Malik Tuesday said Pakistan can comfortably fetch billions of dollars foreign exchange by fully exploiting its minerals wealth estimated at $6 trillions dollars.

 

Talking here to delegation of industrialists led by Taimur Ali, he said this immense wealth, if effectively harnessed, has the potential to transform the country’s economic landscape. Currently, Pakistan’s mining sector is underdeveloped, contributing only a small fraction to the national GDP. To unlock this potential, several strategic measures need to be implemented. He said investment in geological surveys and exploration activities is crucial. Comprehensive mapping of mineral resources can attract both domestic and international investors. Pakistan can benefit from collaborations with countries that have advanced mining technologies and expertise, such as Australia and Canada. By creating a favorable investment climate, the government can encourage multinational companies to invest in the exploration and extraction of minerals, he added.

 

He said developing infrastructure is vital for the mining sector’s growth. Efficient transportation networks, including roads and railways, are necessary to transport minerals from remote mining sites to processing facilities and export hubs. Investing in power generation and distribution infrastructure is also crucial, as mining operations are energy-intensive. Public-private partnerships can play a significant role in developing this infrastructure.

 

Iftikhar Ali Malik said building a skilled workforce is essential. Establishing training centers and vocational institutes focused on mining-related skills can equip the local population with the necessary expertise. This not only creates job opportunities but also reduces dependency on foreign labor. He said the government must ensure that the benefits of mining are equitably distributed. Revenue generated from mining should be reinvested in local communities, improving healthcare, education, and overall living standards. By adopting these strategies, Pakistan can fully exploit its mineral wealth, driving economic growth and improving the livelihoods of its citizens.

 

Leader of the delegation Taimur Malik was of the view that regulatory reforms are essential. The existing legal and regulatory framework governing the mining sector needs to be streamlined to ensure transparency and efficiency. Simplifying the process for obtaining mining licenses and ensuring clear property rights can significantly reduce bureaucratic hurdles. Additionally, implementing stringent environmental and labor standards will ensure sustainable and ethical mining practices, making the sector more attractive to responsible investors, he concluded. 

https://www.nation.com.pk/17-Jul-2024/pakistan-can-earn-billions-of-dollars-by-exploiting-its-dollar-6-trillion-minerals-deposits