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Sunday, April 14, 2024

Pakistan Mineral Development Corporation signs deal to enhance mineral exports

The investment of $200 million by Miracle Saltworks Collective Inc. reflects a resounding vote of confidence in Pakistan's economic policies.

In a significant move towards harnessing Pakistan’s mineral resources for economic prosperity, a joint venture agreement has been signed between Pakistan Mineral Development Corporation (PMDC) and the US-based Miracle Saltworks Collective Inc. This agreement marks a pivotal step towards value addition and export enhancement, aligning with caretaker Prime Minister Anwaarul Haq Kakar’s vision of leveraging both human and mineral resources for a stable, prosperous, and rising Pakistan.

Embracing Value Addition

Prime Minister Kakar emphasized the importance of shifting away from raw material exports towards value-added products. By crushing and packaging pink salt for export purposes, Pakistan aims to enhance its global competitiveness and secure rightful branding for its products. This strategic shift not only adds value to the exports but also opens doors to further economic opportunities.

Read More: Govt to turn minerals, gems sector into export industry, PM

Boosting Investor Confidence

The investment of $200 million by Miracle Saltworks Collective Inc. reflects a resounding vote of confidence in Pakistan’s economic policies. This landmark agreement not only strengthens bilateral ties between Pakistan and the United States but also signifies the favorable investment climate in the country. Prime Minister Kakar highlighted the pivotal role of the Special Investment Facilitation Council (SIFC) in facilitating foreign direct investment across various sectors, ensuring a seamless process for investors.

Unlocking Pakistan’s Mineral Potential

Energy Minister Muhammad Ali highlighted Pakistan’s immense potential in the mineral sector and reiterated the government’s commitment to its exploration and development. With a vast reserve of mineral resources, including pink salt, Pakistan stands poised to capitalize on these assets for sustainable economic growth. The agreement signifies the beginning of a transformative journey that will not only boost investor confidence but also pave the way for further exploration and investment in the mineral sector.

Enabling Environment for Investment

The role of the SIFC in creating an enabling environment for foreign investment cannot be overstated. By serving as a one-window facility and streamlining bureaucratic processes, the SIFC has played a crucial role in attracting investment across various sectors, including mining, energy, IT, agriculture, livestock, industry, and tourism. This proactive approach towards investment facilitation is instrumental in realizing Pakistan’s economic potential and fostering growth.

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As Pakistan embarks on this journey towards economic prosperity through mineral resource utilization, there are challenges that must be addressed. Strengthening institutions such as the Geological Survey of Pakistan, ensuring security for miners, and streamlining regulatory processes are essential steps towards maximizing the benefits of mineral exploration and development. Additionally, continued collaboration between public and private entities, along with sustained investment in infrastructure and technology, will be key to unlocking Pakistan’s mineral potential.