Pink salt financing scheme launched

110-acre processing zone to have 200 units

Punjab Chief Minister Maryam Nawaz Sharif on Wednesday launched a financing scheme aimed at promoting exports through value addition to the province's pink salt reserves.

She digitally inaugurated the scheme and announced the establishment of a 110-acre Pink Salt Mineral Processing Zone near Quaidabad.

During a briefing at the ceremony, she was informed that more than 200 processing units would be established in the zone, attracting an investment of Rs150 million and creating 10,000 direct employment opportunities. A business facilitation centre and a model retail outlet would also be established to facilitate investors.

Under the financing scheme, new investors will be eligible for interest-free loans of up to Rs50 million for salt processing, grinding, refining, cleaning and packaging.

Loans ranging from Rs5 million to Rs50 million will also be available for the purchase of machinery and export-standard technology, with repayment in instalments over five years.

Officials informed the chief minister that value addition and increased export of pink salt could generate $300 million in annual foreign exchange earnings.

They said bids worth Rs471 million had been received in the first phase and Rs2.5 billion in second phase. The official said digitalisation of lease and licence auctions by the mines and minerals department had led to significant increase in revenue.

The CM said the financing scheme would create employment opportunities and enhance government revenue by promoting industrialisation and exports based on Punjab's pink salt reserves.

She said pink salt products would now carry the label 'Made in Pakistan', adding that the country's natural resources would be protected with honesty and responsibility.

The chief minister said the value addition initiative would help increase the export of processed, packaged and decorative pink salt products.

She added that Punjab had been blessed with some of the world's finest pink salt reserves. Pakistan's pink salt was internationally recognised for its quality and unique mineral composition, she added.