Mineral wealth may fetch billions of dollars

Saarc Chamber of Commerce and Industry’s former president Iftikhar Ali Malik has said Pakistan can comfortably fetch billions of dollars by fully exploiting its minerals wealth estimated at $6 trillion.

Talking to a delegation of industrialists, led by Taimoor Ali, on Tuesday, Malik said that the immense wealth, if effectively harnessed, had 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 its potential, several strategic measures ought to be taken.

He underscored the critical need for investment in geological surveys and exploration activities, adding that comprehensive mapping of mineral resources could woo both domestic and international investors.

“Pakistan can benefit from collaboration with countries that have advanced mining technologies and expertise, such as Australia and Canada,” he said.

Malik emphasised that infrastructure development was vital for growth of the mining sector. Investment 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.