Pakistan launched a high-stakes bid to attract billions in foreign investment for its mining sector at the Pakistan Minerals Investment Forum in Islamabad, with Prime Minister Shehbaz Sharif declaring the country’s mineral reserves are worth “trillions of dollars”.
The event, attended by delegates from the US, Saudi Arabia, China, and Canada, aims to revitalise a sector long overshadowed by geopolitical instability and underinvestment. Sharif framed the push as pivotal to escaping Pakistan’s debt crisis, which includes $130 billion in external loans, but imposed a condition: raw minerals must be processed domestically before export.
The strategy aligns with Saudi Vision 2030-style economic diversification, though analysts note Pakistan’s energy shortages and regulatory hurdles pose significant barriers. Canadian firm Barrick Gold, already invested in Balochistan’s Reko Diq mine–home to the world’s fifth-largest gold deposit–inked new agreements, signalling cautious optimism.
Deputy PM Ishaq Dar unveiled unspecified fiscal incentives and regulatory reforms to sweeten deals, pledging “competitive terms” to rival resource-rich nations like Chile and Zambia. The military, a dominant force in Pakistan’s economy, offered assurances of stability.
Army Chief Gen. Asim Munir vowed to “safeguard investor interests” through a “robust security framework,” a critical pledge given Balochistan’s insurgency risks.
The project may encounter difficulties as the Baloch Liberation Army is pushing for the cessation of all Chinese-funded projects and the departure of Chinese workers from Pakistan.
