Pakistan seeks billions in investment as it promotes its minerals sector

ISLAMABAD (AP) — Pakistan pitched investments in its mines and minerals sector to delegations from the United States, Saudi Arabia, China and elsewhere as it opened a summit Tuesday that authorities hope will bring billions of dollars in investments.

The Pakistan Minerals Investment Forum aims to spotlight Pakistan’s reserves of copper, gold, lithium and other minerals while promoting opportunities in the long-overlooked sector.

In a speech to delegates, Prime Minister Shehbaz Sharif claimed that Pakistan possesses mineral reserves worth trillions of dollars, and foreign investment in the mineral sector could help the country overcome its prolonged financial crisis and free itself from the burden of massive foreign loans.

However, he said Pakistan will not permit the export of raw minerals, as the country expects foreign companies to process the extracted materials locally and export the finished products.

Several companies signed agreements with Pakistan in the mining sector. They included the Canadian firm Barrick Gold, which already owns a 50% stake in the Reko Diq gold mine in southwestern Balochistan province.

Earlier, Deputy Prime Minister Ishaq Dar said Pakistan is offering incentives to potential investors. He gave few details but noted “aligning our regulatory frameworks with competitive fiscal terms.”

Pakistan's powerful army chief Gen. Asim Munir in his speech told foreign companies and investors that the military would “ensure a robust security framework and proactive measures to safeguard the interests and confidence of our partners and investors.”

Pakistan has one of the world's largest copper and gold deposits in Reko Diq, a district in restive Balochistan, which has witnessed a surge in attacks by Baloch separatists in recent years.

Mineral-rich Balochistan is Pakistan’s largest and least populated province. It is a hub for the country’s ethnic Baloch minority, whose members say they face discrimination and exploitation by the central government.

Pakistan says it has quelled the insurgency, but the outlawed Baloch Liberation Army has mounted attacks as recently as last month. It mostly targets security forces and foreigners, especially Chinese nationals who are in Pakistan as part of Beijing’s multi-billion-dollar Belt and Road Initiative. The BLA wants a halt to all Chinese-funded projects and for Chinese workers to leave Pakistan.