In a strategic effort to attract foreign investment in mining following the out-of-court settlement of the Reko Diq project, Pakistan is partnering with Kuwait to establish a $1 billion mining fund.
A Pakistani state-owned company has been chosen to lead the collaboration with Kuwait for this fund. Initial discussions between the two countries have been positive, with a Kuwaiti company expressing interest in mining metals and minerals for renewable energy use.
A detailed plan, including timelines, is expected to be presented to a joint working group to advance the fund’s development.
The Pakistani government has already established a Mineral Cell under the Petroleum Division and is actively revising the National Mineral Policy to encourage foreign investment, particularly in Balochistan’s mineral-rich areas.
Efforts are underway to draft the second version of the National Mineral Policy and update the Mines Act of 1923.
The government is also working on modifying the Provincial Mineral Concession Rules and considering amendments to the Regulation of Mines and Oilfields and Mineral Development (Government Control) Act, 1948, to make the sector more attractive to foreign investors.
Past inconsistencies in policies and regulatory challenges have been identified as major obstacles to foreign investment in Pakistan. For instance, issues surrounding the Reko Diq copper and gold mining project led to international arbitration, prompting the government to introduce the Foreign Investment Act to safeguard investors’ interests.
Pakistan is also seeking investment from other Gulf countries, including the UAE and Saudi Arabia, for its mining sector.
The recent memorandum of understanding with Kuwait, signed during the caretaker prime minister’s visit last year, includes investment cooperation and water supply projects essential for mining in Balochistan’s Chagai district.
Additionally, Pakistan’s government is in ongoing discussions with the UAE for similar collaborations in mining. A recent conference in Saudi Arabia also indicates potential investment interests in Pakistan’s mining sector.
A Pakistani delegation attended recent Future Minerals Forum in KSA. Saudi Arabia has signed MoU with 4 countries, but Pakistan is not one of them. On what basis does this article claim that FMF indicates potential investment interest in Pakistan’s Mining Sector?
The statement that the “second” version of National Mineral Policy (NMP) is being drafted is factually incorrect. First NMP was promulgated in 1995. It was revised in 2013 as second version but Petroleum Division has not implemented key improvements of second i.e. 2013 version, such as taking into account International Standards. Now we are told a “second” version is again in the making? I appears, more and more paperwork is being planned to give a false impression of progress.
Pakistan govt should assign honest officers nd honest. ine engineers on the mining site nd should put some honest peoples to look after may b pak earn un blevelbe amount of money
During the 75 years of Pakistan, all corrupt leaders looted the country and still powerful people have seized the whole country and turned into a jail, tarnishing human rights, putting people behind bars, shutting their voices to be heard How can one expect this country would do any better. Unless people have the right to choose their representatives, this country will remain under seige by only a few power hungry politicians.
May Allah guide us in the right path
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Finally we are now seeing foreign investments in Pakistan for extracting our natural resources.