ISLAMABAD, JULY17: Iftikhar Ali Malik, the former president of the SAARC Chamber of Commerce and Industry, stated on Tuesday that Pakistan can easily earn billions of dollars in foreign exchange by properly utilising its estimated $6 trillion dollar natural riches.
Speaking to a group of businessmen headed by Taimur Ali here, he claimed that this enormous wealth has the power to completely change the nation’s economic structure if it were properly managed. The mining industry in Pakistan is still underdeveloped and makes up a very minor portion of the country’s GDP. It will take the implementation of numerous strategic actions to fully realize this potential. He stated that funding for exploration and geological studies is essential.
Thorough mapping of mineral resources has the potential to draw in both foreign and indigenous investment. Collaborations with nations like Australia and Canada, which possess cutting-edge mining technologies and knowledge, can be advantageous for Pakistan. He continued, “The government can incentivize international corporations to engage in mineral exploration and extraction by fostering an investment-friendly environment.”
Building infrastructure, he claimed, is essential to the expansion of the mining industry. For minerals to be transported from remote mining locations to processing centers and export hubs, effective transportation networks including highways and railroads are required. Because mining activities require a lot of energy, it is also essential to invest in the infrastructure for power generation and delivery. Establishing public-private partnerships can be crucial to building this infrastructure.
It is crucial to have a skilled workforce, according to Iftikhar Ali Malik. The establishment of training facilities and vocational schools with an emphasis on mining-related skills can provide the local populace with the required knowledge and skills. This lessens reliance on foreign labor while also creating job opportunities. According to him, the government needs to make sure that the advantages of mining are shared fairly. The money made from mining should be spent back into the area to raise living conditions, healthcare, and educational opportunities. By using these tactics, Pakistan may fully capitalize on its mineral resources, fostering economic expansion and raising the standard of living for its people.
Taimur Malik, the delegation’s leader, believed that regulatory improvements were crucial. To ensure efficiency and transparency, the current legislative and regulatory framework governing the mining industry has to be streamlined. Streamlining the mining license application procedure and guaranteeing unambiguous property rights can greatly minimize administrative obstacles. Furthermore, he said, enforcing strict labor and environmental regulations will guarantee ethical and sustainable mining methods, increasing the industry’s appeal to conscientious investors.
