Interim Prime Minister Anwaarul Haq Kakar expressed optimism in concluding a deal for Saudi Arabia’s involvement in the Reko Diq gold and copper mining project by December.
In an interview with Arab News, PM Kakar emphasized the importance of Saudi Arabia’s participation not only in this project but in other ventures as well. The ongoing negotiations between the three parties will determine the eventual outcome.
In August, Pakistan hosted Saudi officials during its inaugural mining conference in Islamabad, where Barrick Gold representatives were also present.
It’s worth noting that Barrick and Saudi Arabia’s state-owned mining company Maaden jointly manage a copper project in Jeddah.
Mr. Kakar also discussed the potential of the Special Investment Facilitation Council (SIFC) in attracting investments to Pakistan. He said that the SIFC could bring in more than the reported $60 billion in foreign investments over the next five years.
He said the SIFC is designed to streamline the investment process and address the concerns of foreign investors, including issues such as fund repatriation and bureaucratic hurdles.
Furthermore, the SIFC offers a one-window operation to handle foreign investors’ concerns efficiently. Already, several key areas have been addressed, including ensuring the repatriation of funds and simplifying bureaucratic procedures. The aim is to accelerate the process of granting permissions to foreign investments from outside sources, completing it within just 15 days.
Additionally, a dispute resolution mechanism has been established under the SIFC platform, which has garnered favorable feedback and support from external parties.
The development of the SIFC aims to create a more favorable environment for foreign investment in Pakistan, further strengthening the nation’s economic prospects.
as usual… Pakistan is out of dollars and since no body is investing it has only option to sell its natural wealth for peanuts.