ISLAMABAD: Pakistan’s Chief of the Army Staff Gen. Syed Asim Munir on Tuesday said foreign investors will play an “integral part” in helping the country tap its vast mineral riches estimated at $6 trillion while Prime Minister Shehbaz Sharif called for following in the footsteps of countries in the Middle East in developing mineral wealth.
The two leaders were addressing Pakistan’s first summit on minerals in Islamabad. The event was attended by foreign investors, diplomats, and other notable figures.
The summit was organized by the Special Investment Facilitation Council which was established in June to attract foreign investment. The Pakistan military has been given a key role in the body and will be involved in all projects under the new framework.
“Our vision for the mining industry goes beyond financial gains,” the army chief said, assuring foreign investors that the federal and provincial governments and the country’s security forces were on the “same page” to provide secure investment opportunities.
“Foreign investors will be an integral part of the mines and mineral projects and their investment will be secure under the Special Investment Facilitation Council. We will establish an investor-friendly system that avoids unnecessary complications and provides favorable conditions.”
“There are vast opportunities for exploration in our country, and we will make sure that these opportunities are realized through joint efforts,” the army chief added.
In the past, a joint venture was blocked by Pakistan’s Supreme Court from developing Reko Diq — one of the world’s biggest untapped deposits of copper and gold — following a court case over how the contract was awarded. Islamabad was later ordered by a global arbitration body to pay $5.8 billion in damages after Tethyan Copper took it to court. The dispute was only resolved after Barrick Gold ended the conflict last year and said it would start developing gold and copper mining projects under a new agreement.
Let us unite our efforts to harness the full potential of Pakistan, Saudi Arabia, and the region’s mineral sector.
Khalid bin Saleh Al-Mudaifer
Saudi Arabia’s vice minister for mining affairs
Addressing the ceremony, the prime minister said Pakistan should learn from its “bitter experiences” of the past and follow the example of Middle Eastern states who had built and strengthened their economies by tapping their mineral wealth.
Countries like Saudi Arabia and the UAE had set an example for other countries, including Pakistan, by building on oil and gas resources, Sharif said.
“If sand dunes could be converted into great models of progress and prosperity by our brothers, why can’t we convert our dust into gold,” he asked.
Khalid bin Saleh Al-Mudaifer, Saudi Arabia’s vice minister for mining affairs at the Ministry of Industry and Mineral Resources, who was also present at the summit, said the Kingdom wants to enable the development of a responsible mineral value chain in Pakistan.
“Let us unite our efforts to harness the full potential of Pakistan, Saudi Arabia, and the region’s mineral sector,” the top official said.
“Together, we can pave the way from dust to development, transforming our nations into thriving hubs of mineral resources, economic prosperity, and sustainable growth. I look forward to celebrating soon the eminent success of Pakistan’s mining sector.”
