July 31, 2023 (MLN): Pakistan will hold its first-ever mineral summit “Pakistan Minerals Summit” tomorrow in Islamabad with an aim to explore and capitalize on the vast potential of the minerals industry, Minister of State for Petroleum Dr. Musadik Malik stated while addressing a news conference today.

The theme for the summit is “Dust to Development: Investment Opportunities in Pakistan”, which aims to showcase the tremendous mineral riches the country offers today and create a roadmap for tapping into them with the help of international investors, mining industry giants, corporate leaders, and government stakeholders.

Dr. Musadik Malik announced a new policy for mining and mineral exploration in the country, aimed at three main goals.

He said under this revolution, we will first initiate the mining process and later turn to smelting, and at the end, we will go towards making value-added goods and elements, for which the government will establish small industrial units in Balochistan and an industrial zone in Gwadar.

To achieve these goals, the government will set up small industrial units in Balochistan and an industrial zone in Gwadar.

He highlighted the huge potential Pakistan has for mineral development, with a mineral shell worth $6.1 trillion.

Musadik Malik said the government will also streamline the implementation of the development projects by eliminating red-tapism and creating a "Red Tape to Red Carpet" approach.

The Minister of State announced that new legislation would be made to harmonize the laws pertaining to mine and mineral development.

He also promised to initiate the deregulation of the mining process and uphold the highest standards of health, safety, and environmental protection.

Musadik Malik said the policy will be implemented through a one-window operation under the Special Investment Facilitation Council (SIFC).

The political and military leadership of the country is committed to bringing mineral revolution and welcoming foreign investors, he noted.

To note, this development comes just a month after Pakistan established the Special Investment Facilitation Council (SIFC), with a focus on investment and privatization in Defense, Agriculture, Minerals, Information Technology and Telecommunication, and Energy sectors.

Copyright Mettis Link News 

Posted on: 2023-07-31T16:16:52+05:00