Federal Minister for Energy Ali Pervaiz Malik called on US companies and firms to tap into Pakistan’s mineral deposits in a bid to increase foreign direct investment (FDI) inflows. According to reports, the aim is to encourage investors to enter into joint ventures and public-private partnerships during the Opportunities in Pakistan’s Mining Sector – Unlocking Mineral Potential webinar.

 

Key officials from the Ministry of Energy, SIFC representatives and US diplomats attended the webinar, which was reportedly broadcast from the head office of Oil and Gas Development Company Ltd (OGDCL). The event was held jointly by the US Embassy in Pakistan and the Ministry of Energy. Both parties organised the webinar to boost bilateral economic ties and investment opportunities in the mining sector.

 

The Energy Minister outlined Pakistan's vast deposits of coal, copper, gold, and other rare elements, highlighting the country’s commitment to facilitating investment by international parties seeking to tap into its mineral resources. He outlined how the Special Investment Facilitation Council (SIFC) and the Government of Pakistan would seek to ease the process of investing in the country.

 

According to the minister, Pakistan possesses a vast amount of key minerals which can be used to facilitate a green transition. Moreover, he highlighted the federal government’s renewable energy goals as central to both its climate objectives and economic future, adding that the shift toward a green economy will be supported by the mining of essential minerals.

 

However, it is unclear how the extraction of non-renewable fuels, such as coal, will be used for a green transition. Nevertheless, leveraging Pakistan’s mineral deposits could bring in much-needed foreign exchange for cash-strapped Pakistan. 

 

Reports suggest that the Energy Minister shed light on mineral discoveries in Khyber Pakhtunkhwa’s Waziristan region and Balochistan’s Chaghi district.

 

US Chargé d’Affaires Natalie Baker stated it is “the right time for US investors to explore and engage” in Pakistan’s undeveloped mineral deposits. Speaking about the outlook of Pakistan’s mining sector, she remarked that the US sees “great promise in this sector.”

 

According to reports, Chargé d’Affaires also pledged the US Embassy’s support in helping American businesses in the region, assuring that the US intend to establish “win-win partnerships.”