Islamabad (Web Desk): Pakistan and a US-based firm on Tuesday signed an agreement in Islamabad for value addition of Himalayan Pink Salt to increase its export.
Managing Director of Pakistan Mineral Development Corporation (PMDC), Asad Ahmed and President of Miracle Saltworks Collective Incorporation, Ahmed Nadeem Khan signed the agreement that was witnessed by Caretaker Prime Minister Anwaar-ul-Haq Kakar, Energy Minister Muhamamd Ali and relevant senior authorities.
Addressing the signing ceremony of a joint venture agreement, PM Kakar said THAT the agreement not only paves the way for export of our pink rock salt, but also symbolizes a landmark achievement for our nation's investment climate.
“$200 million investment in this initiative is a resounding vote of confidence in our economic policies as well as the investment friendly environment,” the premier said.
He expressed the resolve to utilize the full potential of mining sector to become a new driver of Pakistan's economic growth.
Counting on different measures to increase Foreign direct investment (FDI) in Pakistan, PM Kakar said that Pakistan has introduced comprehensive reforms to create a level playing field for the investors with transparent regulations, streamlined procedures and robust legal frameworks.
He said that the Special Investment Facilitation Council (SIFC) plays a pivotal role to create an enabling environment and facilitate FDI.
“Established in June 2023 with a vision of whole of the government approach, the SIFC serves as one window operation to investors for their support,” he said.
“We stand committed to extend all possible support to investors to facilitate more foreign direct investment,” PM Kakar said.
Speaking on the occasion, Caretaker Minister for Energy Muhammad Ali said the state of the art crushing and packaging plant will pave the way for export and processing of pink salt rock in Pakistan.
He said Pakistan has over 50 billion tons reserves of pink rock salt, whereas only four million tons is being extracted.
The minister said minerals currently contribute to one percent of the GDP and the target is to take this figure to roughly five percent in next five years.
Highlighting the minerals potential of the country, he said Pakistan also has cooper and gold reserves and we are extracting cooper, silver, chromite, lead, zinc and graphite. He said we have unexplored reserves of nickel, lithium and cobalt.
